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Inventory Control

Overview of Inventory & inventory control

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Inventory Control,[object Object]
Introduction,[object Object],The term inventory means the value or amount of materials or resource on hand. It includes raw material, work-in-process, finished goods & stores & spares. ,[object Object],Inventory Control is the process by which inventory is measured and regulated according to predetermined norms such as economic lot size for order or production, safety stock, minimum level, maximum level, order level etc. ,[object Object],Inventory control pertains primarily to the administration of established policies, systems & procedures in order to reduce the inventory cost.,[object Object]
Objectives of Inventory Control ,[object Object],To meet unforeseen future demand due to variation in forecast figures and actual figures.,[object Object],To average out demand fluctuations due to seasonal or cyclic variations.,[object Object],To meet the customer requirement timely, effectively, efficiently, smoothly and satisfactorily.,[object Object],To smoothen the production process.,[object Object],To facilitate intermittent production of several products on the same facility.,[object Object],To gain economy of production or purchase in lots.,[object Object]
To reduce loss due to changes in prices of inventory items.,[object Object],To meet the time lag for transportation of goods.,[object Object],To meet the technological constraints of production/process.,[object Object],To balance various costs of inventory such as order cost or set up cost and inventory carrying cost.,[object Object],To balance the stock out cost/opportunity cost due to loss of sales against the costs of inventory.,[object Object],To minimize losses due to deterioration, obsolescence, damage, pilferage etc. ,[object Object],To stabilize employment and improve lab our relations by inventory of human resources and machine efforts.,[object Object]
Factors Affecting Inventory Control,[object Object],Type of product,[object Object],Type of manufacture,[object Object],Volume of production,[object Object]
Benefits of Inventory Control ,[object Object],Ensures an adequate supply of materials,[object Object],Minimizes inventory costs,[object Object],Facilitates purchasing economies,[object Object],Eliminates duplication  in ordering,[object Object],Better utilization of available stocks,[object Object],Provides a check against the loss of materials,[object Object],Facilitates cost accounting activities,[object Object],Enables management in cost comparison,[object Object],Locates & disposes inactive & obsolete store items,[object Object],Consistent & reliable basis for financial statements,[object Object]
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