• Discuss three (3) inventory factors that you believe could present problems for a business. Next, create a strategy that would help mitigate these challenges.
• Outline a strategic plan for hiring and retaining competent, motivated employees within a business.

Answer preview

Management of inventory encompasses many on-going activities and processes. Inventory management is therefore considered to be among the most complex operations in an organization. Consumer demand may be a challenging factor for businesses when managing inventory. Demand and supply fluctuate in different seasons, keeping track of the inflow and outflow of products can prove to be a challenging task (Booth, 2016). Financial management is also a challenging area as inventory management has many financial risks that are not always predictable. Overspending or underspending on inventory can be damaging to the financial…