Explain inventory control systems.

Explanation should include the benefits and drawbacks of various types of inventory systems and dollar- and unit-control as well as electronic systems. Examples may include, but not be limited to,

• just-in-time (JIT)
• made-to-order
• perpetual, physical, inventory turnover
• stock lists (e.g., basic, stock, never out)
• enterprise resource planning (ERP)
• barcode/Universal Product Code (UPC)
• radio frequency identification (RFID)
• bokode data tag. 

Process/Skill Questions:

• How do various inventory control systems affect customer service?
• What factors and risks are involved in the choice of an inventory control system?
• What is the effect of inventory control on profitability and loss?
• What is the relationship between inventory and distribution?
• What is the difference between perpetual and physical inventory systems?
• What is the difference between dollar-control and unit-control inventory systems?
• Why is inventory control important?