 Inventory is all the reserved resources to meet current or future needs.

 Inventory management is a crucial part of supply chain management,

primarily aiming to ensure the right quantity of products available for sale
at all times.
 Inventory management involves controlling all products, from fast-selling
items to slow-moving or difficult-to sell stock, in order to devise timely
solutions, free up warehouse space, save costs, and ensure the best possible
efficiency.
 There are simple inventory management techniques help to minimize costs
associated with warehouse management and streamline the process of
monitoring remaining stock quantities.
 In any enterprises, inventory is always one of the most valuable assets in
terms of total asset value.
 The phenomenon of goods loss occurs due to various reasons, including
employee fraud, losses in the warehouse, or losses due to price markdowns.
Regularly checking and cross-referencing the quantity of goods sold and
the inventory will help the store avoid substantial losses and plan
appropriate restocking strategies. Goods/materials have stored for a long
time may become damaged, deteriorated, or expired, forcing disposal as
they cannot meet business demands.
 Warehousing costs are typically variable, depending on the quantity and
size of the stored goods.
 Working capital is the cash flow that sustains the short-term business
operations and reinvestment of stores
 Tourist satisfaction of the following best describes the overall goal of a
tourism supply chain According to the passage, Complexity of the
following is a key characteristic of tourism products
 Tactical decisions of the following involves medium-term decisions in a
tourism supply chain
 Decision variables component of the theoretical framework identified key
TSCM issues
 Profit maximization of the following is mentioned as a driver behind
tourism supply chain linkages According to the passage, SCM philosophy
approach views the supply chain as a whole system
 Demand experienced by intermediaries of the following best describes
derived demand in a tourism supply chain
 Customer satisfaction is considered one of the most important performance
measures for a tourism supply chain
 Case-oriented empirical studies methodology involves analyzing specific
firms using data collected by researchers
 Objectives component of the theoretical framework identified critical
TSCM issues
 Coordinating derived demand flows through suppliers in the tourism
supply chain of the following best describes tourism demand planning
 Independent forecasts predict overall tourism demand while derived
forecasts predict demand for individual suppliers is the key difference
between independent forecasts and derived forecasts
 Collaborative tourism demand forecasting approach facilities information
sharing and communication amongst tourism supply chain members
 Product design isn't a core function of channel intermediaries
 Number of intermediary levels is considered the length of a tourism
distribution channel
 A direct distribution channel would have No intermediaries
 The term used to describe the number of players offering similar products
at the same channel level is horizontal dimension
 Exclusive distribution channel gives exclusive rights to distribute products
to one intermediary Packaged tours sold by tour operators consist of
accommodation, transport and activities
 Developing distribution channels aims to achieve minimize costs,
maximize market share, increase profits
 Set channel objectives and constraints stage in channel development
involves setting objectives and considering constraints Narrowing the gap
between supply and demand is a core function of channel intermediaries
 Shorter distribution channels are more common in tourism industry
 The goal of a supply chain is to maximize the total value the chain creates
by satisfying customer requirements through efficient use of resources.
Supply chain management is the management of supply and demand for
the entire system of an enterprise Supply chain management needs to
ensure that the set goals are carried out smoothly, without interruption.
SCM requires coordination between partners in a comprehensive supply
chain to deliver customer satisfaction
 If businesses manage anticipate risks in the supply chain, they can reduce
inventory costs as well as reduce inventory
 The fierce global competition in the twenty-first century is focused on
supply chains rather than on individual companies
 Outsourcing belongs to one of the supply chain problems encountered in
strategic level
 One of the tactical problems which involve medium-term decisions is
inventory control
 Workforce alloction is one of the problems which fall into the opertional
level concern weekly or daily events
 With a good supply chain management within the hospitality industry,
every hotel's revenue will increase by at least 20%.
 Measuring and evaluating what supply chain management activities bring
to customers is indispensable to help businesses make reasonable
adjustments to further increase customer value in the supply chain.
 Flights and accommodation for the distribution belong to the tourism
supply chain
 Uncertainty demand is one of the tourism supply chain characteristics
 Two-party relationships are toursim supply chain management issues
 Passive demand forecasting relies on available information from external
sources such as market trends, economic data, statistics, and information
from competitors.
 Active demand forecasting is based on efforts to collect data either
internally or through external forecasting methods. OTAs are intermediary
channels that allow travelers to browse accommodation services at a
destination and charge a commission for each booking, usually ranging
from 12% to 30% of the room rate.
 Global distribution systems like Amadeus and Sabre are used by travel
companies to view information and book hotels, flights, cruises, etc.
 When hotels sell rooms through this airline channels, airlines will integrate
hotel booking into their airline booking websites.
 information Mice is a type of tourism that many countries are vigorously
promoting as its value far exceeds to individual or group tourism.
 The statistical method relies on using statistical techniques and tools to
analyze historical data and determine trends, typically used when historical
data is available. This market research method is based on collecting
information from customers, the market, and other data sources to assess
current demands and predict future demands. Perfect competition occurs
when a very large number of tourism businesses provide a homogeneous
product or service. Monopolistic competition occurs when a very large
number of tourism businesses provide a substitutive product or service.
 Oligopoly occurs when a very small number of tourism businesses make up
a sector of the tourism industry
 Monopoly occurs when a single tourism business dominates the market and
has absolute control over a particular product or service.
 Direct selling involves distributing products directly from the hospitality
companies to customers and this channel works well for products with mid-
range prices, affordable to a wide audience and with a long shelf life.
 Brokers act as intermediaries between hospitality businesses and retailers,
and are often used in the hospitality industry to sell services to agencies.
Wholesalers purchase products or services in large quantities from
hospitality businesses to resell at higher prices. Direct channels allow
travelers to book directly with the hotels, such as the hotel's website
booking tool, at the front desk, and booking through phone, email, or
messages.
 It can incorporate expert judgment is the main advantage of qualitative
forecasting over quantitative forecasting
 Exponential smoothing model of the following is an example of a
univariate time series model
 System-of-equations demand models approach models the
interdependencies between budget allocations to different tourism products
 Almost ideal demand system model type of model is most commonly used
as a system-of- equations demand model
 Background information, iterative questionnaires, forecast consensus are
the three main stages of the Delphi approach for generating qualitative
forecasts
 It produces more accurate results, allows contributions from geographically
dispersed experts, provides anonymity to respondents of the following is an
advantage of the Delphi approach over traditional group meetings
 Forecasting models component of a collaborative tourism demand
forecasting system is responsible for generating baseline forecasts
 Competition between businesses that provide identical tourism products
and services of the following best describes direct competition
 A hotel chain merging with another hotel chain of the following is an
example of horizontal integration
 According to the reading, market penetration of the following is NOT one
of Porter's three generic competitive strategies
 Barriers to entry refers to the height of barriers that prevent new firms from
entering an industry
 Stackelberg game is solved through backward induction
 In monopoly market structure, one firm is in the industry
 Intra-sector, cross-sector, chain competition are the three levels of
competition within a tourism supply chain according to the reading
 It increases total demand in market size affect total demand in the tourism
supply chain game model
 Direct competition is the narrowest form of competition according to the
reading?
 Substitute competition type of competition involves businesses that provide
close but differentiated products