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inventory management
inventory management
inventory management
inventory management
inventory management
inventory management
inventory management
inventory management
inventory management
inventory management
inventory management
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inventory management

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inventory management

inventory management

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  • 1. Nishant singh (128938)
  • 2.  Process of flow of units Controlling the transfer of units
  • 3. Raw material Work in process Finished goods Basic input converted into finished product Semi manufactured product Complementary product
  • 4.  Three general motives for holding inventories Transaction motive •Maintain inventories to facilitate production Precautionary motive •Holding of inventories Speculative motive •Increase or reduce inventory
  • 5. Maintain a large size of inventory of raw material Maintain a minimum investment in inventories. Ensure continous supply of raw material
  • 6.  To manage inventories efficiency,owner should be sought to the following two questions. How much should be ordered When should it to be ordered Relates to EOQ Relates to uncertainity
  • 7. Major inventory management problem : how much inventory should be added when inventory is replenished. These problems are called Order quality problem
  • 8. Determining an optimum inventory level involves two types of costs: • Include cost of raw materials like : • transporting • Inspecting • receiving Ordering cost • Include cost of maintaing level of inventory like : insurance • taxes • storage cost Carrying cost
  • 9. (annual requirement x per order cost) order size Total carrying cost= average inventory x per unit carrying cost Total cost= total carrying cost + total order costs
  • 10. ABC control Just In Time control  Maintain several types of inventories delivery of material is  Not possible to keep uniform control synchronised  Classify inventories according to lot eliminate carrying of large  Classify as GROUP A,GROUP B, GROUP C inventories

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