This document discusses inventory issues for library managers. It defines inventory as a normative procedure and survey of tangible and semi-tangible materials. Accurate inventory is important to ensure the accuracy of a library's holdings records. Various inventory control methods are discussed, including specific identification, first-in first-out, last-in first-out, and weighted average. Lower of cost or market is also explained. The document outlines the inventory control process and issues involving human resources, costs, statistical representation using the (Q,R) model, and potential problems with low product turnover, excess inventory, and inability to track stock. Data inventory control is also examined in terms of optimizing data distribution and balancing storage requests across data stores.

1. INFRASTRUCTURAL
UNDERPINNINGS AND
INVENTORY ISSUES FOR
LIBRARY MANAGERS
S.GHOSH, UNIVERSITY OF NORTH BENGAL
NEVER LEND BOOKS, FOR NO ONE EVER RETURNS THEM; THE ONLY BOOKS I HAVE IN MY LIBRARY ARE THE ONES
THAT OTHER FOLKS HAVE LENT ME.
ANATOLE FRANCE (1844-1924)

2. WHAT I DO
UNDERSTAN
D AS
INVENTORY
…
My understanding of inventory is, A normative
procedure; and A survey of tangible and semi-
tangible materials in stock.
In a library this primarily involves checking the library
collection on the shelves against the catalogue
records, but it could also involve an equipment and
supplies inventory. This includes database, data
storage and data management too at present
context.

3. WHY DO I
FAVOUR
INVENTORY
CONTROL
…
To ensure the accuracy of holdings of
library/information systems.
Over time missing books, replacements, withdrawals,
human error and changes in technical practices
contribute to inconsistencies between a library's actual
holdings and its official records.
Inventory control enhances searching and retrieving of
information for pertinent to its clientale.

4. ISSUES OF
INVENTOR
Y
CONTROL
1. Inventory Control Methods
2. Inventory Control Process
3. Human Resources Involvement
4. Cost of Inventory Control
5. Statistical Result of Inventory Control
6. Problems Relating to Inventory Control

5. INVENTOR
Y
CONTROL
METHODS
ASSUMPTIONS:
Because of fluctuations in financial uncertainties
of the inventory, library must make
assumptions about which items have USED
and which remain UNUSED. Thus Inventory
management in library involves following
issues
 SPECIFIC IDENTIFICATION
 FIRST IN FIRST OUT
 LAST IN LAST OUT
 WEIGHTED AVERAGE

6. SPECIFIC IDENTIFICATION
The actual cost of
each information is
assigned to the item.
01
Libraries that have
bigger infrastructural
setup may use
specific identification.
02
This method is rarely
used in practice
today.
03

7. FIRST IN
FIRST
OUT
Based on the assumption
that the first items
purchased are the first
items to be used
Assumes the newest
acquired items remain in
inventory for maximum use
During periods of
unchanging state of affairs,
FIFO will result in the lowest
cost of documents procured
and the highest intangible
benefits ripped.

8. LAST IN
FIRST
OUT
Based on the assumption
that the last items procured
are the first items used
Assumes the oldest
acquired items remain in
inventory and need weeding
out.
During periods of
unchanging state of affairs,
the use of lifo results in the
highest cost of documents
and the lowest benefit
ripped.

9. WEIGHTED
AVERAGE
Assigns an average
cost to each unit in
inventory
This average unit price
is calculated prior to
each demand.
This method results in
a cost of document
procured amount that
is between the fifo and
lifo amounts.

10. LOWER OF
COST OR
MARKET
• Lower of cost or market is not an inventory method, it
is an application of the GAAP principle of
conservatism.
• Per GAPP, inventory is valued at historical cost.
• Sometimes, the original cost of the ending inventory
is more than its replacement cost.
• If inventory has decreased significantly below
historical cost, the lower of cost or market is used.

11. LOWER
OF COST
OR
MARKET
(CONT’D)
First, inventory is calculated by one of
the inventory control methods.
Next, inventory value is compared to
market value to determine if an
adjustment should be made.
The difference is charged to the cost of
goods sold account or to a special loss
account if material.

12. INVENTORY
CONTROL
PROCESS

13. • Human resource inventory, also known as the
skills inventory comprehensively lists down the basic information
on all the employees, like their education, experience, skills, age,
gender, salary related data, job preference and special
achievements. It is a vital tool used in HR planning and policy
making.
HUMAN RESOURCE
INVOLVEMENT

14. COST
ASSOCIATION
WITH
INVENTORY
CONTROL

15. STATISTICAL
REPRESENTATI
ON
THE (Q, R) MODEL
Consider the situation where inventory is monitored
continuously and demands occur randomly, possibly in
batches. When the inventory level reaches (or goes
below) r, an order of size Q is placed. After a lead-time
of ℓ, during which a stockout might occur, the order is
received. The problem is to determine appropriate
values of Q and r. The model that is used to address this
problem is known as the (Q, r) model.

16. PROBLEMS
OF
INVENTOR
Y
CONTROL
LOW PRODUCT
TURNOVER
EXCESS INVENTORY FAILURE TO KEEP
TRACK OF STOCK
POOR SERVICE
LEVELS
DIFFICULTY
IDENTIFYING
DEMAND PATTERNS
LACK OF VISIBILITY

17. As the product inventory control focuses on how much stock of items
should be maintained at hand as well as when it should be
replenished, data inventory management should answer the
following questions:
1. Optimum data that a data store can have for its storage requests
from the users.
2. How much and what data has to be distributed or moved among
different data stores based on the change in the storage requests.
DATA INVENTORY CONTROL

18. DOES DATA INVENTORY CONTROL
TEND TO DATA VOLUME LOAD
BALANCING?
Data inventory control is not trying to balance the data in terms of
volume which a particular storage server is possessing but in
principle it tries to distribute the data among themselves so that it
leads to maintain the reposition of optimized data for the users’
requests.
But at situations of types of storage requests the data stores
receive and the impacting parameters at that moment, it may lead
to a balance among the data stores in terms of volume of data.
The data inventory control should consider and evaluate the
various impacting parameters which can be equated to economic
parameters of product inventory management.

19. RELEVANCY OF DATA INVENTORY CONTROL
1
It maximises the
performance of data
retrieval much faster
by placing
appropriate data at
appropriate place.
2
Leads to better
utilization of storage
resources instead of
investing on them.
3
Scale up will be a
costlier affair but it
can be efficiently
managed by scale
out strategies. Data
inventory control
lead to scale out
strategy when
parameters are
properly plotted.
4
Big data
management at
lower storage costs is
possible to achieve.
5
Scalability and
virtualization of
resources are the
basic objectives of
the booming business
models like cloud
computing.

20. THANK YOU FOR YOUR
PATIENCE