WRITTEN WORK

1. What are the types model of inventory system?

 Depending on the type of business or product being analyzed, a company will
use various inventory management methods. Some of these management
methods include just-in-time (JIT) manufacturing, materials requirement
planning (MRP), economic order quantity (EOQ), and days sales of inventory
(DSI). There are others, but these are the four most common methods used to
analyze inventory.
2. What is the impact of inventory in businesses?
 Inventory plays an important role in business as it is the one the owner need in
order for the business to run. This are the goods to sell in order to gain profit.
Having a good inventory management system in place is crucial for any
organization, regardless of its size. It can assist you in maintaining an accurate
inventory of all your supplies and setting prices. It can also assist you in
managing sudden variations in demand without compromising client satisfaction
or the quality of your products. A corporation can fulfill its promises to customers
and maintain expectations by maintaining appropriate inventory. A low inventory
level, on the other hand, makes it impossible for the company to produce its goods
on time and ultimately causes shipping orders to be late.

3. How can inventory system help advance the economy in general?

 A stable manufacturing environment is maintained through effective inventory
management and control, which also helps to facilitate purchase economies.
Businesses can determine which goods to order when and in what quantities using
inventory management. Reduced storage costs are a result of inventory planning
and management. Revenues come from high inventory turnover. Warehouse
space can be used more effectively. Cost accounting processes are made simpler
by inventory control. Inventory control is consistent with safety and economic
advantage.