(Optional) Explain inventory control systems.

Explanation should include

• types of inventory systems (e.g., just-in-time, perpetual, physical and inventory turnover, stock lists, dollar- and unit-control)
• types of electronic systems (e.g., real-time inventory management for e-commerce)
• the benefits and drawbacks of each.

Process/Skill Questions:

• How do various inventory control systems affect customer service?
• What are the risks involved in each of the systems?
• What factors are involved in the choice of an inventory control system? Why is each factor important?
• Why is inventory part of distribution?
• What is the difference between perpetual and physical inventory systems?
• What is the difference between dollar-control and unit-control inventory systems?
• What costs are involved with technology updates?
• What effect has technology had on inventory control?
• How can point-of-sale systems aid in inventory control?
• Why is it important to keep hard-copy files for some stages of the inventory control system?