It is a terrific time to get started on our first discussion board! During this week we will talk about the inventory control processes, inventory management system types, and warehousing structure. Inventory is an asset. It is a bloodline of the company. At the same time, inventory has a carrying cost and could expose a company to a significant risk. Independent of your view on inventory, we can agree that it requires control. Inventory control is achieved by introducing an inventory system, a set of policies and procedures to monitor inventory levels, improve accuracy and tracking, and establish the right inventory size for every operational unit.
For your main post due on Friday, write a 400–600 word post that responds to the following questions with your thoughts, ideas, and comments. Research articles and journals (Please make sure to cite your sources! ) to find at least 2 different types of inventory process structures. Provide the following for each:
• A brief synopsis of the process (your choice of the system classification: Periodic vs. perpetual; manual vs. barcoding vs. RFID; FIFO vs LIFO vs FEFO)
• Your top 3 reasons why it works
• 2 areas that you see as deficient