Inventory control is the process of managing inventory levels to ensure the optimal amount of each product is kept. It focuses on cutting slow-selling products while increasing high-selling products. This saves businesses time and money by avoiding overstock and understock. Common techniques for inventory control include ABC analysis, FSN analysis, HML analysis, and VED analysis which classify inventory based on various factors like consumption, cost, availability to determine appropriate control measures. The economic order quantity model helps determine the ideal order size to minimize inventory holding and ordering costs.
Every organization needs inventory for smooth running of its activities. It serves as a link between production and distribution processes. The investment in inventories constitutes the most significant part of current assets and working capital in most of the undertakings. Thus, it is very essential to have proper control and management of inventories. The purpose of inventory management is to ensure availability of materials in sufficient quantity as and when required and also to minimize investment in inventories. So, in order to understand the nature of inventory management of the organization, in this project we analyzing different inventory control techniques for efficient inventory management system.
Inventory/Material Control and management : Cost AccountingGuru Aarat
This presentation would help understand what is inventory and inventory control and management . It would also help understand various terms necessary for material controlling such as EOQ, Minimum stock , Maximum stock, buffer stock , re order level etc.
After learning about the various terms ..the techniques of material control would be discussed and presented with suitable graphs and point wise explanations
Every organization needs inventory for smooth running of its activities. It serves as a link between production and distribution processes. The investment in inventories constitutes the most significant part of current assets and working capital in most of the undertakings. Thus, it is very essential to have proper control and management of inventories. The purpose of inventory management is to ensure availability of materials in sufficient quantity as and when required and also to minimize investment in inventories. So, in order to understand the nature of inventory management of the organization, in this project we analyzing different inventory control techniques for efficient inventory management system.
Inventory/Material Control and management : Cost AccountingGuru Aarat
This presentation would help understand what is inventory and inventory control and management . It would also help understand various terms necessary for material controlling such as EOQ, Minimum stock , Maximum stock, buffer stock , re order level etc.
After learning about the various terms ..the techniques of material control would be discussed and presented with suitable graphs and point wise explanations
hey friends, we know from earlier research that material control is the major component of cost. so, let us have a look at few tenchniques relating to material control
hey friends, we know from earlier research that material control is the major component of cost. so, let us have a look at few tenchniques relating to material control
Defination : Inventories constitute an important component of a firms working capital .The various features of inventory are inventory as current asssets ,level of liquidity and liquidity lags .
Purpose : The purpose of holding inventoryis to achieve efficiency through cost reduction, increased sales volume ,to avail quantity discounts ,reduce risk of production stoppages ,reducing ordering costs and time .
Inventory Management techniques : 2 types :
1. Economic order quantity : it is the order quantity that minimisesthe total cost associated with inventory management .
2. 2. ABC system : A – items of high value but small in number
B – items of moderate value and size require reasonable attention
C - items of smaller value
Economic Order Quantity (EOQ) is the order quantity that minimizes total inventory costs. Total Inventory Costs Budgetary techniques for inventory planning
2. A-B-C. System of inventory control
3. Economic Order Quantity (E.O.Q.) i.e., how much to purchase at one time economically
4. VED Analysis
5. Perpetual inventory system and the system of store verification
6. Fixation of Stock Level
7. Control Ratios
Title: Sense of Taste
Presenter: Dr. Faiza, Assistant Professor of Physiology
Qualifications:
MBBS (Best Graduate, AIMC Lahore)
FCPS Physiology
ICMT, CHPE, DHPE (STMU)
MPH (GC University, Faisalabad)
MBA (Virtual University of Pakistan)
Learning Objectives:
Describe the structure and function of taste buds.
Describe the relationship between the taste threshold and taste index of common substances.
Explain the chemical basis and signal transduction of taste perception for each type of primary taste sensation.
Recognize different abnormalities of taste perception and their causes.
Key Topics:
Significance of Taste Sensation:
Differentiation between pleasant and harmful food
Influence on behavior
Selection of food based on metabolic needs
Receptors of Taste:
Taste buds on the tongue
Influence of sense of smell, texture of food, and pain stimulation (e.g., by pepper)
Primary and Secondary Taste Sensations:
Primary taste sensations: Sweet, Sour, Salty, Bitter, Umami
Chemical basis and signal transduction mechanisms for each taste
Taste Threshold and Index:
Taste threshold values for Sweet (sucrose), Salty (NaCl), Sour (HCl), and Bitter (Quinine)
Taste index relationship: Inversely proportional to taste threshold
Taste Blindness:
Inability to taste certain substances, particularly thiourea compounds
Example: Phenylthiocarbamide
Structure and Function of Taste Buds:
Composition: Epithelial cells, Sustentacular/Supporting cells, Taste cells, Basal cells
Features: Taste pores, Taste hairs/microvilli, and Taste nerve fibers
Location of Taste Buds:
Found in papillae of the tongue (Fungiform, Circumvallate, Foliate)
Also present on the palate, tonsillar pillars, epiglottis, and proximal esophagus
Mechanism of Taste Stimulation:
Interaction of taste substances with receptors on microvilli
Signal transduction pathways for Umami, Sweet, Bitter, Sour, and Salty tastes
Taste Sensitivity and Adaptation:
Decrease in sensitivity with age
Rapid adaptation of taste sensation
Role of Saliva in Taste:
Dissolution of tastants to reach receptors
Washing away the stimulus
Taste Preferences and Aversions:
Mechanisms behind taste preference and aversion
Influence of receptors and neural pathways
Impact of Sensory Nerve Damage:
Degeneration of taste buds if the sensory nerve fiber is cut
Abnormalities of Taste Detection:
Conditions: Ageusia, Hypogeusia, Dysgeusia (parageusia)
Causes: Nerve damage, neurological disorders, infections, poor oral hygiene, adverse drug effects, deficiencies, aging, tobacco use, altered neurotransmitter levels
Neurotransmitters and Taste Threshold:
Effects of serotonin (5-HT) and norepinephrine (NE) on taste sensitivity
Supertasters:
25% of the population with heightened sensitivity to taste, especially bitterness
Increased number of fungiform papillae
ARTIFICIAL INTELLIGENCE IN HEALTHCARE.pdfAnujkumaranit
Artificial intelligence (AI) refers to the simulation of human intelligence processes by machines, especially computer systems. It encompasses tasks such as learning, reasoning, problem-solving, perception, and language understanding. AI technologies are revolutionizing various fields, from healthcare to finance, by enabling machines to perform tasks that typically require human intelligence.
Pulmonary Thromboembolism - etilogy, types, medical- Surgical and nursing man...VarunMahajani
Disruption of blood supply to lung alveoli due to blockage of one or more pulmonary blood vessels is called as Pulmonary thromboembolism. In this presentation we will discuss its causes, types and its management in depth.
Knee anatomy and clinical tests 2024.pdfvimalpl1234
This includes all relevant anatomy and clinical tests compiled from standard textbooks, Campbell,netter etc..It is comprehensive and best suited for orthopaedicians and orthopaedic residents.
Acute scrotum is a general term referring to an emergency condition affecting the contents or the wall of the scrotum.
There are a number of conditions that present acutely, predominantly with pain and/or swelling
A careful and detailed history and examination, and in some cases, investigations allow differentiation between these diagnoses. A prompt diagnosis is essential as the patient may require urgent surgical intervention
Testicular torsion refers to twisting of the spermatic cord, causing ischaemia of the testicle.
Testicular torsion results from inadequate fixation of the testis to the tunica vaginalis producing ischemia from reduced arterial inflow and venous outflow obstruction.
The prevalence of testicular torsion in adult patients hospitalized with acute scrotal pain is approximately 25 to 50 percent
Ethanol (CH3CH2OH), or beverage alcohol, is a two-carbon alcohol
that is rapidly distributed in the body and brain. Ethanol alters many
neurochemical systems and has rewarding and addictive properties. It
is the oldest recreational drug and likely contributes to more morbidity,
mortality, and public health costs than all illicit drugs combined. The
5th edition of the Diagnostic and Statistical Manual of Mental Disorders
(DSM-5) integrates alcohol abuse and alcohol dependence into a single
disorder called alcohol use disorder (AUD), with mild, moderate,
and severe subclassifications (American Psychiatric Association, 2013).
In the DSM-5, all types of substance abuse and dependence have been
combined into a single substance use disorder (SUD) on a continuum
from mild to severe. A diagnosis of AUD requires that at least two of
the 11 DSM-5 behaviors be present within a 12-month period (mild
AUD: 2–3 criteria; moderate AUD: 4–5 criteria; severe AUD: 6–11 criteria).
The four main behavioral effects of AUD are impaired control over
drinking, negative social consequences, risky use, and altered physiological
effects (tolerance, withdrawal). This chapter presents an overview
of the prevalence and harmful consequences of AUD in the U.S.,
the systemic nature of the disease, neurocircuitry and stages of AUD,
comorbidities, fetal alcohol spectrum disorders, genetic risk factors, and
pharmacotherapies for AUD.
Tom Selleck Health: A Comprehensive Look at the Iconic Actor’s Wellness Journeygreendigital
Tom Selleck, an enduring figure in Hollywood. has captivated audiences for decades with his rugged charm, iconic moustache. and memorable roles in television and film. From his breakout role as Thomas Magnum in Magnum P.I. to his current portrayal of Frank Reagan in Blue Bloods. Selleck's career has spanned over 50 years. But beyond his professional achievements. fans have often been curious about Tom Selleck Health. especially as he has aged in the public eye.
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Introduction
Many have been interested in Tom Selleck health. not only because of his enduring presence on screen but also because of the challenges. and lifestyle choices he has faced and made over the years. This article delves into the various aspects of Tom Selleck health. exploring his fitness regimen, diet, mental health. and the challenges he has encountered as he ages. We'll look at how he maintains his well-being. the health issues he has faced, and his approach to ageing .
Early Life and Career
Childhood and Athletic Beginnings
Tom Selleck was born on January 29, 1945, in Detroit, Michigan, and grew up in Sherman Oaks, California. From an early age, he was involved in sports, particularly basketball. which played a significant role in his physical development. His athletic pursuits continued into college. where he attended the University of Southern California (USC) on a basketball scholarship. This early involvement in sports laid a strong foundation for his physical health and disciplined lifestyle.
Transition to Acting
Selleck's transition from an athlete to an actor came with its physical demands. His first significant role in "Magnum P.I." required him to perform various stunts and maintain a fit appearance. This role, which he played from 1980 to 1988. necessitated a rigorous fitness routine to meet the show's demands. setting the stage for his long-term commitment to health and wellness.
Fitness Regimen
Workout Routine
Tom Selleck health and fitness regimen has evolved. adapting to his changing roles and age. During his "Magnum, P.I." days. Selleck's workouts were intense and focused on building and maintaining muscle mass. His routine included weightlifting, cardiovascular exercises. and specific training for the stunts he performed on the show.
Selleck adjusted his fitness routine as he aged to suit his body's needs. Today, his workouts focus on maintaining flexibility, strength, and cardiovascular health. He incorporates low-impact exercises such as swimming, walking, and light weightlifting. This balanced approach helps him stay fit without putting undue strain on his joints and muscles.
Importance of Flexibility and Mobility
In recent years, Selleck has emphasized the importance of flexibility and mobility in his fitness regimen. Understanding the natural decline in muscle mass and joint flexibility with age. he includes stretching and yoga in his routine. These practices help prevent injuries, improve posture, and maintain mobilit
Prix Galien International 2024 Forum ProgramLevi Shapiro
June 20, 2024, Prix Galien International and Jerusalem Ethics Forum in ROME. Detailed agenda including panels:
- ADVANCES IN CARDIOLOGY: A NEW PARADIGM IS COMING
- WOMEN’S HEALTH: FERTILITY PRESERVATION
- WHAT’S NEW IN THE TREATMENT OF INFECTIOUS,
ONCOLOGICAL AND INFLAMMATORY SKIN DISEASES?
- ARTIFICIAL INTELLIGENCE AND ETHICS
- GENE THERAPY
- BEYOND BORDERS: GLOBAL INITIATIVES FOR DEMOCRATIZING LIFE SCIENCE TECHNOLOGIES AND PROMOTING ACCESS TO HEALTHCARE
- ETHICAL CHALLENGES IN LIFE SCIENCES
- Prix Galien International Awards Ceremony
The prostate is an exocrine gland of the male mammalian reproductive system
It is a walnut-sized gland that forms part of the male reproductive system and is located in front of the rectum and just below the urinary bladder
Function is to store and secrete a clear, slightly alkaline fluid that constitutes 10-30% of the volume of the seminal fluid that along with the spermatozoa, constitutes semen
A healthy human prostate measures (4cm-vertical, by 3cm-horizontal, 2cm ant-post ).
It surrounds the urethra just below the urinary bladder. It has anterior, median, posterior and two lateral lobes
It’s work is regulated by androgens which are responsible for male sex characteristics
Generalised disease of the prostate due to hormonal derangement which leads to non malignant enlargement of the gland (increase in the number of epithelial cells and stromal tissue)to cause compression of the urethra leading to symptoms (LUTS
Explore natural remedies for syphilis treatment in Singapore. Discover alternative therapies, herbal remedies, and lifestyle changes that may complement conventional treatments. Learn about holistic approaches to managing syphilis symptoms and supporting overall health.
These simplified slides by Dr. Sidra Arshad present an overview of the non-respiratory functions of the respiratory tract.
Learning objectives:
1. Enlist the non-respiratory functions of the respiratory tract
2. Briefly explain how these functions are carried out
3. Discuss the significance of dead space
4. Differentiate between minute ventilation and alveolar ventilation
5. Describe the cough and sneeze reflexes
Study Resources:
1. Chapter 39, Guyton and Hall Textbook of Medical Physiology, 14th edition
2. Chapter 34, Ganong’s Review of Medical Physiology, 26th edition
3. Chapter 17, Human Physiology by Lauralee Sherwood, 9th edition
4. Non-respiratory functions of the lungs https://academic.oup.com/bjaed/article/13/3/98/278874
NVBDCP.pptx Nation vector borne disease control programSapna Thakur
NVBDCP was launched in 2003-2004 . Vector-Borne Disease: Disease that results from an infection transmitted to humans and other animals by blood-feeding arthropods, such as mosquitoes, ticks, and fleas. Examples of vector-borne diseases include Dengue fever, West Nile Virus, Lyme disease, and malaria.
2. Inventory
Inventory refers to a company’s goods and products that are ready to
sell, along with the raw materials that are used to produce them.
Inventory is:
An asset, tangible or intangible,
An asset that can be realized for revenue generation or has a value for
exchange, or
An asset which is in process but is meant for sale in the market
3. Inventory control
• Inventory control is the process of keeping the right number of parts
and products in stock to avoid shortages, overstocks, and other costly
problems.
• It focuses on cutting the number of slow-selling products a company
purchases while also increasing the number of high-selling products.
• This saves businesses time and money
• Plus, they avoid devoting precious warehouse space to hold those
products
4. Contd.
• An inventory control system also monitors their movement, usage, and
storage.
• It means managing inventory levels to ensure that we are keeping the
optimal amount of each product.
• Proper inventory control can keep track of purchase orders and keep a
functional supply chain.
5.
6.
7. Importance (1)
Quality control
• Having an inventory management system allows to implement greater
quality control.
• If we can track and manage all aspects of our stock, we better control
quality.
• The longer we hold inventory, the more likely it is to get damaged.
• We can avoid that by ensuring that stock gets rotated through your
warehouse.
• Inventory control also allows to track the quality of stock receive from
suppliers.
8. Importance (2)
Organizational control
• Inventory control in terms of the organization of our stock is vital for
the proper running of our company.
• It will ensure that we have enough units to fulfill orders and have safety
stock.
• Effective inventory control will also help us to avoid having any dead
stock or overstock.
• Safety stock acts as a buffer to reduce the risk of an item being out of
stock. Dead stock is inventory that doesn’t sell.
9. Importance (3)
Accounting accuracy
• Keeping an accurate record of inventory is vital for managing assets.
• It will also help in the event of an audit.
• Knowing what we have in assets allows us to know our overall spoilage
and understand the value of our company.
10. Challenges (1)
Finding the time and resources
• Doing inventory management manually requires substantial resources.
• Money and staff hours are required for manual inventory control.
• However, if we do not prioritize inventory control, we will lose more
time and money later on.
• Take the time to implement a regular schedule to dedicate to inventory
control.
11. Challenges (2)
Visibility
• Companies with large stock, complex warehousing, or that are selling
on multiple channels can have many moving parts to their inventories.
This can create challenges with visibility.
• Losing sight of inventory can lead to the degradation of inventory
quality and can lead to dead stock.
• The reports that is obtained through inventory control software systems
can help improve visibility.
12. Challenges (3)
Human error
• Human errors are unavoidable when businesses have a constant flow of
inventory in and out of their warehouses.
• For example, vendors need to send accurate invoices and they need to
be matched with purchase orders and physical inventory. Any
inaccuracies that occur at this stage can impact inventory control.
• it can be mitigated by the optimization of inventory control system and
integrating solutions.
13. Techniques of inventory control
ABC (Always better control analysis)
FSN (Fast, slow and non moving analysis)
HML (High, Medium Low cost)
VED (Vital, Essential and Desirable analysis)
SDE (Scarce, Difficult and Easily available analysis)
14. ABC analysis
• It is an inventory management technique where inventory items are
classified into three categories namely: A, B, and C.
• It is an inventory analysis method that categorizes items based on their
annual consumption value.
• Sometimes, inventory managers use Pareto’s Principle for classification.
16. ‘A’Items
These are small in number but consumes large amount of resources
and are managed by top management.
These items must have:
• tight control
• rigid estimates of requirements
• strict and closer watch
• require low safety stock
• Managed by top management
17. ‘B’Items
• Intermediate
• They have moderate control
• purchase based on rigid requirements
• Reasonably strict watch and control
• moderate safety stocks
• manage by middle level management
18. ‘C’Items
• Large in number.
• Consumes lesser amount of resources
• Have ordinary control measures
• Purchase based on usage items
• High safety stocks
19.
20. FSN analysis
It classifies inventory based on quantity, consumption rate, and
frequency of issues and use.
For analysis, the issuing of items in past two or three years are
considered.
Fast Moving (F) – items that are frequently issued/used. Good control
Slow Moving (S) – items that are issued/used less for a certain period
(10-15 issues)
Non-Moving (N) – items that are not issued/used for more than a
particular duration.
However the period of consideration and limited no. of issues vary
from organization to organization.
21. HML analysis
Based on cost per unit
This is used to keep control over consumption at departmental level for
deciding the frequency of physical verification.
As such, this method for inventory writes or lists down products or
items under the following classifications:
High Cost (H) – items with high unit value.
Medium Cost (M) – items with medium unit value.
Low Cost (L) – items with low unit value.
22. VED analysis
It is a subjective analysis based on critical value and shortage cost of
an item.
It is an inventory analysis method whose classification is dependent on
the user’s experience and perception.
It classifies inventory according to the relative importance of certain
items to other items, like spare parts.
23. • Vital: Shortage cannot be tolerated.. E.g.: O2 supply. These are stored
adequately to ensure smooth operation.
• Essential: Shortage can be tolerated for a short period. Without which
institution can function but may affect the quality of services. E.g.:
antibiotics, IV fluids etc. These items should be sufficiently stocked to
ensure regular flow of work.
• Desirable: Shortage will not adversely affect the functioning because
they can be easily purchased as and when required. They may be
stocked very low or not stocked as well.
24. SDE analysis
The method classifies inventory based on the availability (freely
available or scarce) of an item. It also considers the number of days of its
lead time.
Scarce (S) – those which are difficult to obtain generally imported, and
those which are in short supply. Managed by top level management. A
big safety stock is maintained for such items. usually imported items
that require longer lead time.
Difficult (D) – Difficult items, which are available indigenously but are
difficult items to procure. Items which has to come from distant places.
A safety stock is maintained for this items. items that require more than
a fortnight to be available but less than six months lead time.
Easily Available (E) – which are easy to acquire and which are readily
available in the local markets. The supply exceeds the demand. A
minimum safety stock is maintained.
27. EOQ (Economic order quantity)
• The economic order quantity (EOQ) refers to the ideal order quantity a
company should purchase in order to minimize its inventory costs.
• A company's inventory costs may include holding costs, shortage costs,
and order costs.
• The economic order quantity (EOQ) model seeks to ensure that the right
amount of inventory is ordered per batch so a company does not have to
make orders too frequently and there is not an excess of inventory
sitting on hand.
• EOQ is necessarily used in inventory management, which is the
oversight of the ordering, storing, and use of a company's inventory.
29. • Setup costs refer to all of the costs associated with actually ordering the
inventory, such as the costs of packaging, delivery, shipping, and handling.
Demand rate is the amount of inventory a company sells each year.
• Holding costs refer to all the costs associated with holding additional inventory
on hand. Those costs include warehousing and logistical costs, insurance costs,
material handling costs, inventory write-offs, and depreciation.
• Ordering a large amount of inventory increases a company's holding costs
while ordering smaller amounts of inventory more frequently increases a
company's setup costs. The EOQ model finds the quantity that minimizes both
types of costs.
30. Example
• For example, consider a retail clothing shop that carries a line of men’s
shirts. The shop sells 1,000 shirts each year. It costs the company $5 per
year to hold a single shirt in inventory, and the fixed cost to place an
order is $2.
• The EOQ formula is the square root of (2 x 1,000 shirts x $2 order cost)
/ ($5 holding cost), or 28.3 with rounding. The ideal order size to
minimize costs and meet customer demand is slightly more than 28
shirts.
Editor's Notes
In a service industry, since there is no exchange of physical stock, the inventory is mostly intangible in nature. So the service industry inventory mostly includes the steps involved before completing a sale.
Example: For a research consultancy firm, inventory consists of all the information collected for a project. In the hotel industry, a vacant room is inventory for the owner.
because they don’t have to spend lots of man-hours reordering and receiving goods that they don’t really need.
, which cuts down on carrying costs and affords more room for faster-selling products.
Inventory control is responsible for the movement of inventory within the warehouse. With stock control, you track which goods or materials you have and in which quantities. You also track the condition and status of items. By contrast, inventory management encompasses the entire process of forecasting demand, ordering and managing stock on hand. This practice looks to the future to see what customers will want to purchase and places orders accordingly. Inventory control is a part of the overall inventory management process and tracks daily trends for each item.
Merchandising refers to the marketing and sales of products.
Working stock: used to satisfy the demand between deliveries
Safety stock(Buffer stock): exits to protect against stock outs which would otherwise occur when either the deliveries are delayed and the working stock is consumed at an unexpectedly high rates.
Reorder level: stock level at which a fresh order has to be placed. It is equal to average consumption per day multiplied by lead time.
This will allow your software to alert you if there are any discrepancies between what was entered in the accounts payable and the physical inventory counts.
Based on the importance/value and number of units
The Pareto Principle says that most results 80% result come from only 20% of efforts or causes in any system. Based on Pareto’s 80/20 rule, ABC analysis identifies the 20% of goods that deliver about 80% of the value.
The principle has been named after Vilfredo Pareto—an Italian economist—who, back in 1895,
According to this theory 10% of items consume about 70% of the budget –group A
The next 20% consume 20% of financial resources- group B
Remaining 70% items account for just 10% of budget – group C
This is a means of categorizing inventory items according to the potential amounts to be controlled.
It helps to exercise selective control when confronted with large no. of items .
Tight control because it might get out of stock since there is less in quantity and is valuable
Need based
In ABC analysis priority is given to the importance of material rather than the quantity
It depends on frequency of uses or turnover Here more priority to the quantity
F is regularly checked S is periodically
High cost should be given more control
Lead time: It denotes the average duration of time between placing an order to the supplier and receipt of materials in the medical store. Ideally 2-6 weeks.
Internal lead time: duration between the moment at which someone is aware of the need for the additional stock and the order is placed.
External lead time: taken by the supplier to supply the materials after it receives the supply order from an organization.
Fortnight: more than two weeks
If a company is constantly placing small orders to maintain a specific inventory level, the ordering costs are higher, along with the need for additional storage space.