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Inventory Management B(Pscm 331) Question Paper

Inventory Management B(Pscm 331)

Course:Accounting, Finance& Investments

Institution: Kenya Methodist University question papers

Exam Year:2013

TIME: 2 HOURS
Instructions:
Answer question ONE and any other two.
Question One
Define inventory and list various types of inventories.
(5mks)
Discuss how inventory contribute to the value adding activities of a firm.
(10mks)
Write short notes on the following
Lead time
Standardization
Obsolete goods
Safety stock
FIFO and LIFO.
(15mks)

Question Two
Standardization means uniformity and reduction in variety. Discuss.
(10mks)
Suggest various situations where standardization is not preferred. (10mks)

Question Three
Discuss the role of information technology in inventory management. (5mks)
Write short notes in any two of the following:
Vendor managed inventory
Inventory turnover and productivity
Logistic management.
(15mks)

Question Four
Explain the advantages of adopting a coding system in inventory management.
(10mks)
State the advantages of MRP over conventional methods of inventory control.
(10mks)

Question Five
Discuss the various elements of a basic inventory model. (10mks)
What are the various advantages of classification of inventory? (10mks)

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