Inventory Control Model
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The document discusses inventory control model and concepts for effective supply chain management. It describes the types of materials needed in an industrial unit and importance of materials for plant operations. It then explains the inventory control model which operates based on minimum, maximum, reorder and average stock levels calculated using formulas. Factors influencing inventory control like consumption rate, order quantity, and lead time are also covered.
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This document discusses inventory management. It defines inventory as materials obtained in advance of need that are held until used or sold. There are different types of inventories like raw materials, work in progress, spare parts, and finished goods. Inventory valuation involves determining inventory quantities and assigning values. Holding inventory incurs costs like storage, ordering, shortages. The objectives of inventory control are to ensure smooth operations while minimizing costs and risks through techniques like determining economic order quantities and stock levels.
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Companies that make the best use of the basic principles of planning and managing warehouse operations and inventory management have a competitive advantage. Organizations that lack warehouse strategic planning and inventory operational excellence lose profits, market share, cost advantages, and market leadership.
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Businesses today must understand that they are competing on the basis of time more than on any other factor. The rigors of supply chain management require that you take action to meet your customers’ demand for faster, more frequent, and more reliable deliveries. Your suppliers need to meet increasingly precise inbound schedules. Tomorrow’s customers are more likely to be in another country or continent than they are likely to be from across town, in another state, or in another province.
With a proven inventory management system and an A-B-C Analysis, you can transform your inventory into a proactive force that lowers your inventory investment, reduces carrying costs, boosts confidence in physical supply and distribution service levels, and increases customer and user satisfaction. From a storage and distribution perspective, you, as overseer of the supply management process, should also know how the warehousing layout design criteria and the space and storage schemes affect your material flow, service levels, computerization, and technology options.
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Companies that make the best use of the basic principles of planning and managing warehouse operations and inventory management have a competitive advantage. Organizations that lack warehouse strategic planning and inventory operational excellence lose profits, market share, cost advantages, and market leadership.
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For more such innovative content on management studies, join WeSchool PGDM-DLP Program: http://bit.ly/DistMang
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The document describes an inventory control model for managing supply chains effectively. It explains key aspects of the model including types of materials needed, importance of materials, and how the inventory control model operates. The model uses minimum and maximum inventory levels, a reorder point, lead time, and safety stock. It aims to ensure adequate materials are available without overstocking by replenishing inventory as it reaches the reorder point. Factors like consumption rates, order quantities, lead times, and supplier reliability impact the model and may require adjustments.
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This document discusses various inventory management techniques. It begins by defining inventory and inventory management. It then lists the objectives of inventory management and describes several tools used, including fixing maximum, minimum, re-order, and danger levels. Additional tools discussed include ABC analysis, EOQ, perpetual inventory systems, VED analysis, FSN analysis, and periodic inventory evaluation. The document also outlines various costs associated with inventory like financial, storage, price fluctuation, and obsolescence costs. Finally, it briefly describes several inventory management methods such as min-max, automatic order systems, just-in-time, ordering cycle, inventory turnover ratio, and input-output ratio analysis.
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The document provides an overview of inventory management. It discusses the types of inventories including raw materials, work in progress, and finished goods. It describes the functions of inventory including meeting demand, smoothing production, and protecting against stock-outs. It also discusses inventory performance measures, counting systems, key terms, classification systems, and inventory models including economic order quantity, reorder point, and periodic review systems. The document provides insights into effective inventory management.
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Join us on Facebook: http://www.facebook.com/welearnindia
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Inventory control
This document provides an overview of inventory control. It defines inventory as physical stock of goods or materials kept by an organization. Inventory control aims to manage inventory movement from procurement to finished goods in an efficient manner. The objectives of inventory control are to meet demand and smooth production fluctuations at minimum cost. Inventories are classified as direct materials, work-in-process, finished goods, spare parts, and indirect materials. Common inventory control systems discussed include periodic review systems, fixed order quantity systems, ABC analysis, and economic order quantity models.
inventory control seminar FOR MANAGEMENT STUDENT.pptx
This document summarizes a seminar on inventory control presented by Apurva Dwivedi. It defines inventory and describes the different types including raw materials, work in progress, and finished goods. It then discusses official and unofficial inventory in hospitals. Key concepts of inventory control are explained like periodic review systems, two bin systems, lead time, minimum stock levels, maximum order levels, and reorder levels. Inventory costs including ordering, carrying, and shortage costs are also summarized. The document concludes with selective inventory control methods and condemnation and disposal of inventory.
Inventory Management.pptx
This document discusses inventory management and control. It defines key terms like inventory, materials, components, work-in-process, and finished goods. It describes the roles of sales forecasting, production forecasting, and material requirements planning in inventory management. It also discusses inventory control methods, objectives of inventory control, advantages of inventory control, costs of inventory, and important techniques for inventory management like ABC analysis and VED analysis. The overall purpose of inventory management and control is to ensure the right inventory levels are maintained to meet production needs and customer demand.
Inventory Management-M.pharm (Pharmaceutics )
Inventory management involves planning production and ordering materials to maintain appropriate stock levels. It aims to balance holding costs and stockouts. Key aspects include sales forecasting, production planning, ABC analysis to classify items, and techniques like economic order quantity to determine optimal order sizes. Inventory control then monitors stock levels and fulfills orders. The objectives are to meet demand while minimizing costs and capital tied up in inventory.
Ch161 inv1
The document discusses inventory management concepts including definitions of inventory and inventory systems. It describes different types of inventory like raw materials, work in process, and finished goods. It also discusses reasons for holding inventory, costs associated with inventory like holding and ordering costs, and models for determining optimal order quantities and reorder points. The document provides an overview of key issues in inventory management systems.
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Inventory management and budgetary control system.
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ABC Analysis and Inventory Control Entrepreneurship Class 12 CBSE
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inventory control seminar FOR MANAGEMENT STUDENT.pptx
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The document summarizes the ITC eChoupal initiative, which uses internet-enabled computers located in rural village meeting places called choupals to provide farmers with valuable market and agricultural information. By accessing a customized website, farmers can view localized weather forecasts, best farming practices, crop and market prices, and ask questions. This helps farmers make better-informed decisions to increase their incomes. The initiative aims to reduce inefficiencies in the soybean supply chain by eliminating middlemen and empowering farmers through knowledge.
Inventory Control ABC Analysis
ABC analysis is a technique used to categorize inventory items based on their value of annual consumption. It divides items into three categories: A, B, and C. Category A items account for 10% of inventory items but 70% of total annual consumption. Category B items are 20% of inventory and account for 20% of consumption. The remaining 70% of items are Category C and account for only 10% of total annual consumption. The document provides steps to perform ABC analysis which includes determining annual usage of each item, ranking them based on dollar value, and categorizing into A, B, or C groups. Tables show an example of 10 items categorized using this analysis.
Vendor Selection And Interaction
A vendor should only be added to an approved vendor list after careful consideration so that materials are received on time, at competitive prices, and without issues. It is important to have cooperative relationships with vendors as they provide needed materials and services at reasonable costs and can help in emergencies. When selecting vendors, factors like product range, location, financial stability, technical competence, market reputation, and pricing should be evaluated. Maintaining an approved vendor list helps ensure satisfactory performance and increases competition during the bidding process.
Supply Chain Management
Logistics involves the flow of materials from suppliers to an organization and then out to customers. It includes planning, implementing, and controlling the efficient movement of goods and services. Materials can be both tangible items like raw materials as well as intangible things like information. A supply chain consists of the activities and materials that move through organizations from initial suppliers to final customers.
Sales Promotional Strategies In Rural Market
Dabur uses a training program called Astra to educate its rural shopkeepers on sales and marketing techniques through role-plays performed by actors. The program is conducted in local languages to reach 75% of Dabur's customer base in rural areas. Other companies like Brooke Bond Lipton use magic shows and skits, while Reckitt Benckiser partners with NGOs to educate rural customers. Rural marketing strategies include van campaigns with product demonstrations and samples, as well as targeting opinion leaders.
Rural Marketing Mix
The document discusses the 4 Ps of the rural marketing mix - product, price, place, and promotion. It provides examples of how companies have tailored each element of the marketing mix to suit rural markets. For instance, products are made more utility-focused and available in smaller packaging. Pricing involves low costs and volume to be affordable to villagers. Distribution reaches remote villages using various transport methods. Promotion faces challenges of low population density but utilizes media like TV, radio, and print.
Projects Working In Rural India
The document discusses several projects that provide services and opportunities to rural communities in India. It describes Drishtee, an organization that operates computer-based kiosks staffed by rural entrepreneurs to deliver services like computer education, digital photography, and selling products. It also discusses SKS Microfinance, one of the largest microfinance institutions in India, which provides small loans to help empower poor women and support their small businesses through a group-lending model. The document shares stories of individuals who have benefited from these programs.
HUL Project Shakti
Project Shakti is HUL's rural development initiative that aims to empower underprivileged rural women through income generation and education. It started in 2001 and has expanded to over 80,000 villages across 15 states, providing over 25,000 women entrepreneurs a sustainable monthly income of Rs. 700-1,000. The program trains women to become sales agents for HUL's products and educates communities on health and hygiene through the Shakti Vani program.
Pricing Strategy for Rural Market
The document discusses pricing strategies for rural markets in India. It notes that affordability is determined by income and price. It then outlines various internal and external factors that influence pricing, including costs, objectives, customers, suppliers and competitors. It describes several pricing strategies used by companies to attract rural consumers with lower incomes, such as low price points, no-frills products, refill/reusable packaging, credit facilities, discounts and value engineering.
Rural Marketing
The document discusses various companies' initiatives to target and expand into rural Indian markets between June and August 2008. It mentions that Tata Motors, Airtel, Maruti Suzuki, Himalaya, LG Electronics, FMCG companies, Nokia, Bajaj Auto, and insurance companies launched new rural marketing schemes, products, and initiatives during this period, such as smaller dealerships and showrooms, customizing services for farmers, expanding distribution networks, and offering affordable insurance policies tailored for rural customers.
Rural Market
The document provides a brief profile of rural India, highlighting that around 75% of India's population lives in rural villages. It notes that rural India is heterogeneous with many ethnic groups and languages. Around 55% of rural income comes from agriculture. Infrastructure in rural areas lags urban areas, with only around half of rural households having access to electricity. Literacy rates have risen in rural areas but education levels remain lower than in urban centers on average.
Akashganga Case Study
Rural marketing involves planning and implementing marketing functions tailored to rural areas. It differs from urban marketing in several key ways, including infrastructure availability, income patterns, lifestyle and culture, accessibility, and media habits. The case study describes Akashganga, a computerized dairy management system that helps farmers increase efficiency and transparency in milk collection and payment. By offering trials, responsive service, and hiring local people, the company was able to gain farmers' trust and succeed in the rural market.
Tqm Slides
The document discusses concepts related to Total Quality Management (TQM) including its philosophy, focus elements, history, and key principles. It describes TQM as a continuous improvement philosophy that aims to satisfy customers and mobilize the entire organization. The document outlines criteria for evaluating organizations, including leadership, strategic planning, customer focus, information analysis, human resource development, process management, and business results. It provides examples of how TQM principles can be applied to areas like strategic planning, customer satisfaction, process management, and human resource development.
Security Analysis
This document discusses key concepts related to security analysis and investment. It outlines the objectives of investment such as safety, regular income, capital gains, and tax savings. It also examines the types of risk associated with investment like systematic and unsystematic risk. Finally, it makes a distinction between expected return (ex-ante) and actual realized return (ex-post).
Risk Analysis & Capital Budgeting
The document discusses two approaches to evaluating risky projects in capital budgeting: the risk adjusted discount rate approach and the certainty equivalent approach. It provides examples of how to apply each approach, including a table of cash flows for two proposals being evaluated with the risk adjusted discount rate approach and a table of expected cash flows and certainty equivalent quotients for a project being evaluated with the certainty equivalent approach. It asks which proposal should be acceptable to the company using the risk adjusted approach and whether the project should be accepted using the certainty equivalent approach.
Meaning Of Business Finance
Financial management deals with acquiring and allocating capital funds to meet a business' financial needs and objectives. It involves making decisions around how large and fast a firm should grow, what assets it should hold, and how it should structure its financing. The traditional approach to financial management focused on raising and administering funds, while the modern approach views it as integral to overall management, involving investment, financing, dividend, and funds requirement decisions aimed at profit maximization, wealth maximization, or stakeholder value.
Demand Forecasting
Demand forecasting involves determining what products are needed, where, when, and in what quantities. It is a customer-focused activity that supports logistics planning like capacity, inventory, and business planning. Demand forecasting techniques can be qualitative like surveys or quantitative like time series analysis and regression models. The choice of technique depends on factors like the time period, data availability, and purpose of the forecast. Effective demand forecasting provides benefits like reduced uncertainties and improved operations.
Meaning Of Business Finance
Financial management deals with acquiring and allocating capital funds to meet a business' financial needs and objectives. It involves making decisions around how large and fast a firm should grow, what assets it should hold, and how it should structure its financing. The traditional approach to financial management focused on raising and administering funds, while the modern approach views it as integral to overall management, involving investment, financing, dividend, and funds requirement decisions aimed at profit maximization, wealth maximization, or stakeholder value.
Cost Of Capital
Cost of capital is the minimum rate of return that a firm must earn on its investments to maintain its market value. It includes the explicit costs like interest on debt and the implicit opportunity costs of foregoing alternative investments. The cost of capital is calculated separately for different sources of capital like debt, preference shares, equity, and retained earnings using various models and weighted averaged to obtain the overall cost based on the firm's capital structure.
Capital Structure
The document discusses various aspects of capital structure including:
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- Approaches to determine the appropriate capital structure such as EBIT-EPS, valuation, and cash flow approaches
- The concept of optimal capital structure which maximizes share price value and minimizes cost of capital
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Inventory Control Model
- 1. ORDER PROCESSING & INVENTORY CONTROL MODEL FOR EFFECTIVE SUPPLY CHAIN MANAGEMENT
- 5. INVENTORY CONTROL MODEL Lead time Receipt of materials Safety-stock Reorder point Working quantity Minimum-level Maximum-level Inventory Level Time
- 15. S CURVE – PATH OF SAFETY STOCK Level of Inventory Degree of safety
- 18. CALCULATION OF MAXIMUM, MINIMUM, REORDER AND AVERAGE STOCK LEVELS The formulae used for fixing various levels are: Maximum level = Reordering level Expected minimum consumption in - units during least time to obtain delivery + Reorder quantity Maximum level = Reorder level - Average usage per period x Average time to obtain delivery Reorder level = Maximum reorder period x Maximum usage Maximum level + Minimum level Average stock level = 2 Reorder Point = Average daily usage x Lead time in days + Safety Stock
- 20. EFFECT OF HIGHER RATE OF CONSUMPTION Lead time Receipt of materials Safety-stock Reorder point Working quantity Minimum-level Maximum-level Time Normal rate of consumption Higher rate of consumption Need for early replenishment of materials Inventory Level The effect of higher rate of consumption of material call for replenishment of inventory earlier than schedule
- 21. EFFECT OF LOWER RATE OF CONSUMPTION Scheduled Lead time Planned receipt of materials Safety-stock Reorder point Working quantity Minimum-level Maximum-level Time Normal rate of consumption Lower rate of consumption Need for delayed replenishment of lead time Inventory Level The lower rate of consumption on inventory would generate high inventory in the stock and therefore call for delay in replenishment of materials
- 22. INCREASE IN INVENTORY LEVEL DUE TO SHORTER LEAD TIME THAN THE SCHEDULED LEAD TIME Scheduled Lead time Planned receipt of materials Safety-stock Reorder point Working quantity Minimum-level Maximum-level Time Normal rate of consumption Inventory Level Maximum inventory level is higher than the normal level Shorter lead time Actual receipt of material
- 23. SHORTAGE OF INVENTORY DUE TO LONGER LEAD TIME THAN THE SCHEDULED LEAD TIME Scheduled Lead time Planned receipt of materials Safety-stock Reorder point Working quantity Minimum-level Maximum-level Time Inventory Level Longer lead time Actual receipt of material Order quantity Shortage of inventory