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Assystem in which the inventory level is continually monitored; when it decreases to a certain level, which of the followingis
correct when the order is placed in such situation?
EXPLANATION
Agribusiness Micro & Macro Environment, PESTL
- Continuous Inventory System (Fixed-Order-Quantity System):
- In a Continuous Inventory System (or perpetual inventory system, $Q$-system), the inventory level is tracked on an ongoing real-time basis after every transaction.
- Whenever the physical inventory drops to a predetermined Reorder Point ($ROP$), a fixed order quantity (typically the Economic Order Quantity - EOQ) is automatically placed.
- Distractors:
- Periodic Inventory System ($P$-system): Reviews inventory at fixed regular calendar intervals (e.g., weekly or monthly) and places orders of varying size to restore stock to a target level.
Correct option: (3) Continuous Inventory System
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