Neco 2022 store management questions and answers
No2:
(3a)
An agency is a group of people that performs some specific task, or that helps others in some way. A business that takes care of all the details for a person planning a trip is an example of a travel agency.
(3b)
(i)Compensation
(ii)Indemnification
(iii)Good faith and fair dealing
(iv)Acting according to contract
(3c)
(i)following health and safety instructions provided by the employer.
(ii)correctly using personal protective equipment and clothing.
(iii)taking care to use equipment safely and for its intended purpose.
(iv)reporting hazards and potential problems without delay.
More coming.
(8)
(i)Inventory Control
(ii)Economic Benefit
(iii)Effective utilization of warehouse space
(iv)Centralization of Goods
(i)Inventory Control
A warehouse helps in seamless and efficient management of large-sized inventories. It assists in synchronizing the supply with demand in the dynamic market set-up. With a warehouse management system in place, firms can manage their inventory in real time, with data regarding latest order, shipment, or receipt and any movement in between. In the long run, this can play a key role in leveraging available resources and expanding the business.
(ii)Economic Benefit
Through efficient operations, warehousing can cut down various expenditures including outbound delivery costs, shipping costs, transportation costs etc. Through warehouse management, a business can boost its competitive advantage by improving inventory accuracy, curtailing labor expenses, increasing flexibility and enhancing customer service plus responsiveness.
(iii)Effective utilization of warehouse space
An effective warehouse management also improves the available warehouse space on a continuous basis by locating the products in relation to receiving, packaging, and shipping areas systematically and effectively. This improved efficiency can greatly enhance productivity and cut inventory holding expenses, all of which can pay rich long-term dividends to the firm
(iv)Centralization of Goods
Warehousing makes it easier to receive, store and distribute the goods as all the goods are stored in a central location. This helps in reducing transportation costs and increasing the value of goods as products are available at the right place, at the right time. Various other operations such as order consolidation, assembling, mixing and cross-docking of products etc. can take place under one roof, thereby adding value to the overall logistics system.
(v)coming.