In practice,managers of small businesses tend to use which of these when it comes to inventory?
A)Heuristic
B)EOQ
C)Statistical analysis
D)JIT analysis

Question

Quizplus · Accepted Answer

Managers of small businesses often use heuristic techniques, which rely on experience and intuition rather than formal analysis. This is because statistical analysis and EOQ methods may be too complicated or resource-intensive for smaller businesses with limited resources. Additionally, small businesses may not have the consistent demand or economies of scale necessary to benefit from using a JIT analysis. Thus, heuristic methods that rely on managers' knowledge of their business and industry may be the most practical approach for inventory management in small businesses.

In Practice,managers of Small Businesses Tend to Use Which of These