Literature review on inventory management and control

These techniques are very helpful in rationalization of inventory control approach and assist in formulation of inventory control policies. This can bring looses of good will profit loss of incur back order cost and delay in the customer service.

There are four basic type of inventories I. Inventory is essential for every thing to get their resources efficiently and effectively. Inventory soft ware 2. They represent the materials waiting fur there processing. There are a number of techniques which play an important role in the inventory control program.

Inventories are thus stated in terms of earliest cost. C SharmaP There is aims for every thing to do some thing. EOQ is the size of order which gives maximum economy in purchasing any material and ultimately contributed as to wards maintaining the material the optimum level and at minimum cost.

The relative importance of inventory management to an organization can b arrange by the over all investment in inventory and the magnitude of materials costs for all products. Stocktaking is also sometimes called internal audit of stores usually external activity is a must for any organization for conducting check on the account.

The greater the level of inventory overtime. Weighted average method Is a method based an the assumption that goods should be charged out at an average cost such average being influenced by the number of unites acquired at the price.

Inventories are stated at the same weighted average cost. Inventory so late one part of the system from the next to allow each work independently absorb the stock of for cost errors, and permit the effective utilization of inventory management to control the lot sizes to that the over all costs associated with the purchase or manufacture are at a minimum Terisine, R.

The store received at any time should Shaw the exact potential quantity of raw materials and parts which are available for use. It takes physical counts periodically. This level is determined for each item by compromising between the cost of maintaining these stocks and the disservice to the customer if this demand is not met in time.

If materials is held for future use in an idle or unproductive sate waiting its intended purpose. A firm uses this system must have physical count at least once a year or to confirm the balance in the inventory account. This cost directly with the number of order or setups placed and not at all weigh the size of the order.

Relevant inventory costs The objective of materials management are to minimize inventory investments. It is very important to classify inventory in to different type and classification so as to help or to make easy in managing or control of inventory at every stage levels.

It records the purchase of each item of inventory. SharmaP. Completed products that are still in the production process. Inventory are thus stated in terms of recent costs. That are not part of the final product. Stock taking which enables to know whether there are any discrepancies between actual count and record i.

ABC — analysis 3. Material management and physical distribution management together constitute logistics management, the process of management both he movement and storage of materials and materials from their source to the point of ultimate consumtionysons b. Radio frequency identification RFID 4.

This system is essential if adequate management planning and control over inventory are to be maintained and stock outs avoided.

There fore the aims of inventory management are: Last — in first — our Llfo Is a method based on the assumption that goods should be charged our the latest cost be the latest cost be the first that are charge out.

Finished goods Are final product available for sale distribution or storage III. There are four tools of inventory management these are 1.PRODUCTION AND INVENTORY MANAGEMENT JOURNAL VOLUME 49, NO. 1 distortions, mainly to stock control of very low and low consumption items.

Literature Review Choosing the most adequate inventory management model is essentially an. Literature Review On Inventory Control Management Finance Essay. Print Reference this. Disclaimer: This work has been submitted by a student.

This is not an example of the work written by our professional academic writers. mint-body.comture Review What is inventory. Review of Literature.

posits that the major objective of inventory management and control is to inform managers how much of a good to mint-body.comtion against the random disturbance of running out of materials or goods. Documents Similar To Literature Review Inventory. Real Review of Related.

Uploaded by. Jesse David. Inventory is the stock of any item or resource in campus where as inventory management is the process of reducing inventory cost, keeping inventory from under or over stocking and determining order and recorder points in order to achieve organizational goals.

Inventory Management: Information, Coordination and Rationality 1 centralized and decentralized inventory management literature.

The emphasis will be on the use of inventory control managers and the economics of contracting. In § 4, we provide a discussion on. A Review on Inventory Management Control Techniques: ABC-XYZ Analysis Bijal Pandya¹, Hemant Thakkar² Vallabh Vidyanagar, Gujarat, India.² Abstract This paper provides the review of the inventory management and its control techniques of various articles in different This literature review is focuses on.

Literature review on inventory management and control
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