RMD Unit2

Explain types of inventory

• Raw material inventory

• Work-in-progress inventory

• Finished goods inventory

• Maintenance, repair and operations (MRO) goods

Explain inventory management and the purpose of good inventory management

• Better inventory accuracy

• Cost saving

• Minimisation of human workforce

• Improved data visibility and planning

Explain inventory database and types of inventory databases

• Spreadsheets (Microsoft Excel, Google Spreadsheet)

• Custom inventory database software

Explain the types of inventory system and how technology is used to support the system

• Periodic inventory system

• Perpetual inventory system

What is the purpose of good inventory management?

• Better inventory accuracy

• Cost saving

• Minimisation of human workforce

• Improved data visibility and planning

What is an inventory database?

What are the advantages of using warehouse management software?

What is the role of technologies in inventory management?