This document discusses the history and evolution of inventory management. It begins with early merchants keeping handwritten records of products before the Industrial Revolution. Herman Hollerith then invented punch cards in 1889, allowing data to be recorded and read by machines. In the 1930s, Harvard University created a punch card system for businesses to track inventory and orders. However, this was too expensive and slow. In the 1960s, retailers developed barcodes to more efficiently track inventory, which were later standardized in 1974. As computers advanced, inventory management software in warehouses became popular in the 1990s and 2000s. The document then discusses definitions of inventory, types of inventory, purposes for holding inventory, costs associated with inventory, and inventory control and management.
This document provides an overview of the existing systems for incoming raw materials and liquid materials at Henkel Teroson India Ltd. It describes the multi-step process for accepting imported and domestic raw materials which involves unloading, sampling, quality testing, approval and storage. It also outlines the specific process for unloading liquid plasticizers delivered by tankers, which involves physical checks, sampling, quality testing, weighing and storage. The document notes that liquid materials are issued directly to production without store control, representing a potential area for waste.
The document discusses inventory management at Apex Auto Ltd. It describes the company's objectives to study inventory management techniques and their impact on working capital. The document outlines the methodology used, including analyzing ratios and inventory statements. It also provides an overview of the metal fabrication industry and Apex Auto Ltd's profile.
Project report on inventory managementAyesha Hamid
This document discusses inventory management. It defines inventory as items or goods that a company uses or will sell. Effective inventory management is important to minimize costs and ensure adequate supply. The document outlines different types of inventory like raw materials and finished goods. It also discusses inventory costs and metrics like turnover ratios that measure how quickly inventory is sold. The goal of inventory management is to provide good customer service while minimizing inventory levels and related costs.
The document discusses inventory management. It defines inventory as goods held for production or sale. Maintaining optimal inventory levels is important for meeting production needs and customer demand while minimizing costs associated with excess inventory. Effective inventory management requires tracking inventory levels, maintaining accurate records, and controlling the supply/demand balance. The goals of inventory management are to have the right level of inventory at the lowest possible cost.
1) The document discusses inventory control systems and techniques. It introduces concepts like inventory planning and control, inventory levels, and objectives of inventory management.
2) Key points covered include defining inventories, historical perspectives on inventory management, classification of inventories, and techniques for inventory control like setting control levels and applying relevant methods.
3) The objectives of inventory management are also summarized as maintaining adequate stock levels, minimizing costs, and facilitating production planning.
Study on inventory management conducted at reid&taylor(india)ltdProjects Kart
The document provides an introduction and overview of inventory management. It discusses key topics such as:
1) The objectives of inventory management are to specify optimal stock levels to balance product availability with minimizing costs. This involves determining replenishment times and carrying costs.
2) Inventories are typically divided into raw materials, work in process, and finished goods. Effective management of all three is important for production and sales operations.
3) Maintaining inventories involves costs, but they are necessary to facilitate smooth production and meet customer demand given uncertainties in supply and demand. The goal is to determine optimal inventory levels to avoid excess or shortage.
This document discusses inventory management. It defines inventory and describes the variables involved in inventory problems including controlled variables like order quantity and timing, and uncontrolled variables like costs. It describes the objectives of inventory management as maintaining optimal inventory levels to maximize profitability. Different types of inventories like raw materials, work in progress, and finished goods are explained. The functions and importance of inventory management are provided along with methods like periodic review and fixed order quantity systems. The economic order quantity model and assumptions are outlined.
The document discusses the fertilizer industry in India, noting that it plays a pivotal role in agriculture and food production in the country. It outlines the growth of the fertilizer industry from its beginnings in the early 20th century to the present day, where India is now the third largest producer and consumer of fertilizers globally. The importance of the fertilizer industry to India's economy and agriculture is highlighted, as fertilizers have been a major factor in India achieving self-sufficiency in food grain production.
This document provides an overview of the existing systems for incoming raw materials and liquid materials at Henkel Teroson India Ltd. It describes the multi-step process for accepting imported and domestic raw materials which involves unloading, sampling, quality testing, approval and storage. It also outlines the specific process for unloading liquid plasticizers delivered by tankers, which involves physical checks, sampling, quality testing, weighing and storage. The document notes that liquid materials are issued directly to production without store control, representing a potential area for waste.
The document discusses inventory management at Apex Auto Ltd. It describes the company's objectives to study inventory management techniques and their impact on working capital. The document outlines the methodology used, including analyzing ratios and inventory statements. It also provides an overview of the metal fabrication industry and Apex Auto Ltd's profile.
Project report on inventory managementAyesha Hamid
This document discusses inventory management. It defines inventory as items or goods that a company uses or will sell. Effective inventory management is important to minimize costs and ensure adequate supply. The document outlines different types of inventory like raw materials and finished goods. It also discusses inventory costs and metrics like turnover ratios that measure how quickly inventory is sold. The goal of inventory management is to provide good customer service while minimizing inventory levels and related costs.
The document discusses inventory management. It defines inventory as goods held for production or sale. Maintaining optimal inventory levels is important for meeting production needs and customer demand while minimizing costs associated with excess inventory. Effective inventory management requires tracking inventory levels, maintaining accurate records, and controlling the supply/demand balance. The goals of inventory management are to have the right level of inventory at the lowest possible cost.
1) The document discusses inventory control systems and techniques. It introduces concepts like inventory planning and control, inventory levels, and objectives of inventory management.
2) Key points covered include defining inventories, historical perspectives on inventory management, classification of inventories, and techniques for inventory control like setting control levels and applying relevant methods.
3) The objectives of inventory management are also summarized as maintaining adequate stock levels, minimizing costs, and facilitating production planning.
Study on inventory management conducted at reid&taylor(india)ltdProjects Kart
The document provides an introduction and overview of inventory management. It discusses key topics such as:
1) The objectives of inventory management are to specify optimal stock levels to balance product availability with minimizing costs. This involves determining replenishment times and carrying costs.
2) Inventories are typically divided into raw materials, work in process, and finished goods. Effective management of all three is important for production and sales operations.
3) Maintaining inventories involves costs, but they are necessary to facilitate smooth production and meet customer demand given uncertainties in supply and demand. The goal is to determine optimal inventory levels to avoid excess or shortage.
This document discusses inventory management. It defines inventory and describes the variables involved in inventory problems including controlled variables like order quantity and timing, and uncontrolled variables like costs. It describes the objectives of inventory management as maintaining optimal inventory levels to maximize profitability. Different types of inventories like raw materials, work in progress, and finished goods are explained. The functions and importance of inventory management are provided along with methods like periodic review and fixed order quantity systems. The economic order quantity model and assumptions are outlined.
The document discusses the fertilizer industry in India, noting that it plays a pivotal role in agriculture and food production in the country. It outlines the growth of the fertilizer industry from its beginnings in the early 20th century to the present day, where India is now the third largest producer and consumer of fertilizers globally. The importance of the fertilizer industry to India's economy and agriculture is highlighted, as fertilizers have been a major factor in India achieving self-sufficiency in food grain production.
An analysis on inventory management at whirlpool of india limitedjaspreetharpreet
This document is a summer project report submitted by R. Gopal in partial fulfillment of an MBA degree from Sri Manakula Vinayagar Engineering College in Puducherry, India. The report analyzes inventory management practices at Whirlpool of India Limited in Puducherry. It includes an introduction to the topic, a literature review, research methodology, data analysis using inventory management tools like EOQ, safety stock, ABC analysis, and inventory turnover ratio. The report makes recommendations to improve Whirlpool's inventory management.
A study on Inventory Management WIPRO MBA projectSuhail Shaik
This document provides details about a study on inventory management conducted at Wipro Infrastructure Engineering in Hindupur. It includes an introduction to inventory management and the company. The study was submitted by S. Suhel Basha in partial fulfillment of an MBA degree. It discusses the objectives, methodology and limitations of the study. It also includes sections on data analysis and interpretation, findings, suggestions and conclusions from the study.
A project report on the inventory management at ranna sugar ltdBabasab Patil
This document provides an overview of inventory management practices at Ranna Sugar Ltd, a sugar manufacturing company in India. It discusses the company profile, objectives, products, and departments. Key points include:
1) Ranna Sugar Ltd is located in Bagalkot district of Karnataka and has over 500 employees. It produces sugar, bagasse-based power, and utilizes byproducts.
2) The objectives include sugar, alcohol, and byproduct manufacturing and utilization. It aims to train people in sugar technology.
3) Inventory management is studied to control costs and eliminate waste. ABC analysis classifies items into A, B, C based on value and control required.
3) Findings show A
Inventoryor stock is the main item in which a business organization deals in and managing it efficiently is required to be done with full care and expertise. Inventory management can give the best possible advantages in terms of storage cost, logistics and time management.
Here we are showing how a departmental giant like Big Bazaar is maintaining its day to day Inventory using the latest available technologies.
Inventory Management system at big bazaarAshish Pandey
1. The document discusses the inventory management system used by Big Bazaar, a large retail chain in India. It describes the key components of Big Bazaar's inventory management, including their use of an ERP system from JDA and SAP to manage inventory, ordering, and other business processes.
2. Big Bazaar uses different inventory management approaches for different types of goods, including cycle inventory for fast-moving consumer goods and seasonal inventory for seasonal products. Their supply chain involves transportation of goods to stores via trucks and rail.
3. Big Bazaar's management information system collects transaction data from over 15 counters daily and stores it on main and backup servers to monitor inventory levels, sales, and business performance. Their ERP system
This document provides an overview of materials requirement planning (MRP). It discusses that MRP has three phases - planning, action, and control. MRP determines the quantity and timing for acquiring dependent demand items to satisfy production schedules. MRP is a production planning and inventory control system used to manage manufacturing processes. The document then discusses the history, objectives, inputs/outputs, types of MRP users, and advantages and disadvantages of MRP.
Flipkart is India's largest e-commerce retailer. The document analyzes Flipkart's inventory and supply chain management. It discusses how Flipkart maintained high stock levels in its 300+ warehouses to avoid shortages. However, this led to issues like excess storage and expired goods. Flipkart addressed this using just-in-time delivery and partnerships with 15+ couriers for timely order fulfillment. It also uses sales data to predict inventory levels and reduce waste.
Project report on just in time productionProjects Kart
This document provides background information on Cipla Ltd., an Indian pharmaceutical company. It details the company's history, including being founded in 1935 by Khwaja Abdul Hamied in Mumbai. Cipla aided India during World War 2 by providing essential medicines when supplies were low. The company has grown to be a global leader in generic drugs and exports to many countries. It operates manufacturing facilities approved by regulatory bodies in the US, UK, Australia, South Africa and other nations. Cipla continues to grow and develop new drugs, helping address healthcare needs around the world.
COMPARATIVE STUDY OF FINANCIAL STATEMENTS OF INFOSYS FOR THE YEAR 2013-2014Vivek Mahajan
This document is a project report submitted by a student analyzing the comparative financial statements of Infosys for the years 2013-2014. It includes an introduction to the subject of comparative financial statements and Infosys Ltd. It then provides definitions and comparative analyses of Infosys' balance sheet, income statement, and cash flow statement for the given years. The report concludes with comments on Infosys' prospects and an overall conclusion.
An inventory management system was developed for a global manufacturing company to help track parts for products across worldwide suppliers more efficiently. The custom database solution provides a centralized place for multiple buyers to view real-time inventory and delivery status updates. This helps reduce costs and informs decision-making by eliminating the use of spreadsheets and manual tracking processes.
The document provides an overview of multi-item joint replenishment. It discusses that jointly coordinating replenishments of correlated inventory items can minimize total costs through tradeoffs between setup, holding, procurement, and transportation costs. The document also describes an association clustering algorithm that groups inventory items with close demand correlations to improve replenishment efficiency for a large number of items. Simulation results show the proposed method outperforms other replenishment models by capturing demand relationships between items.
Inventory includes raw materials, work in progress, and finished goods. The objectives of inventory management are to ensure sufficient supply while avoiding overstocking or understocking. It aims to meet production needs and customer demand with optimal investment levels. Inventory is classified into raw materials, work in progress, consumables, finished goods, and spares. The goals are to control costs, minimize losses, and properly organize inventory management.
1. The document discusses ratio analysis and financial analysis. Ratio analysis is a tool that evaluates the financial position and performance of a firm by establishing relationships between financial statement items.
2. Financial analysis identifies the financial strengths and weaknesses of a firm. It is done by analyzing ratios calculated from a firm's balance sheet and income statement. Key ratios include liquidity ratios, profitability ratios, and leverage ratios.
3. Ratio analysis involves comparing a firm's ratios to standards like its own past ratios, competitor ratios, industry averages, and projected ratios. This allows users to evaluate the firm's financial stability, profitability, and efficiency over time.
The document discusses inventory management and control techniques. It defines inventory as including raw materials, work-in-progress, and finished goods. It outlines the objectives of inventory management as ensuring availability of materials when needed while minimizing investment costs. The document also describes different types of inventories and factors that influence inventory levels. It discusses various inventory control techniques used by organizations.
This document provides details about a material requirement planning (MRP) report submitted by a group of students. The 3-page report includes an introduction to MRP, describing it as a computer-based production planning and inventory control system. It discusses dependent and independent demand. The report also outlines the functions of MRP including forecasting, reducing waste, and floor control/scheduling. It provides an example to illustrate how MRP works by taking inputs, processing them, and producing outputs. Overall, the report examines how MRP can help manufacturing organizations better control inventories and plan production to meet customer demand.
This document provides an overview of stores and materials management. It defines what a storehouse is and discusses the key functions and objectives of stores management, including efficient materials planning, purchasing, inventory control, quality assurance and maintaining good supplier relationships. It outlines the responsibilities of stores managers, such as maintaining low inventory levels while providing good service, identification and inspection of materials, issuing materials to users, and stock control. The duties of storekeepers are also summarized, like receiving, storing and issuing materials, and maintaining records. Finally, some common store documents like bin cards and store ledgers are described.
This document appears to be an internship report submitted by Sudharshan G to Visvesvaraya Technological University in partial fulfillment of the requirements for a Master of Business Administration degree. The report focuses on studying the brand image of Nandini products at KOMUL, Kolar. It begins with an acknowledgment section thanking those who supported and guided the internship. The contents section provides an outline of the report, which includes chapters on the industry and company profile, a theoretical background of the study, data analysis and interpretation, findings, suggestions, and conclusion. Methodologies used include a literature review, collection of primary data through questionnaires, and secondary research. The objectives are to measure Nandini's brand image
This report analyzes inventory management at Gujarat Narmada Valley Fertilizers Company Limited (GNFC) over a 5-year period from 2006-2011. It finds that total inventory levels increased over this period, peaking in 2010-2011 at Rs. 463.53 crores. Various inventory ratios are calculated and analyzed, showing generally good turnover rates except for higher work-in-process and finished goods conversion periods some years. The report also describes GNFC's classification of inventory and the techniques used for inventory management and control, concluding with recommendations to further improve inventory performance.
Flipkart | Inventory Management | Supply chain and distributionAishwarya Saraf
This Presentation will take you to an educational tour of Flipkart's Inventory management and how it supplies its products and shipments to the end consumer.
Inventory management involves determining optimal inventory levels to balance costs and meet demand. There are three main types of inventory - raw materials, work in progress, and finished goods. The economic order quantity model helps determine how much to order by balancing ordering costs, carrying costs, and shortage costs. Maintaining appropriate inventory levels decouples processes, provides product variety for customers, and allows for quantity discounts.
Experimental Analysis Of On Demand Routing Protocolsmita gupta
The document discusses experimental analysis of on-demand routing protocols for mobile ad hoc networks. It provides an outline and introduces key terminologies for multi-hop networks, protocols, routers, hubs, switches, and network topologies. The literature review summarizes several research papers that analyze routing protocols like AODV, DSR, and DSDV using simulation tools to evaluate metrics such as packet delivery ratio, end-to-end delay, and network throughput under different mobility conditions. The problem statement indicates the document will experimentally analyze and compare the performance of on-demand routing protocols.
An analysis on inventory management at whirlpool of india limitedjaspreetharpreet
This document is a summer project report submitted by R. Gopal in partial fulfillment of an MBA degree from Sri Manakula Vinayagar Engineering College in Puducherry, India. The report analyzes inventory management practices at Whirlpool of India Limited in Puducherry. It includes an introduction to the topic, a literature review, research methodology, data analysis using inventory management tools like EOQ, safety stock, ABC analysis, and inventory turnover ratio. The report makes recommendations to improve Whirlpool's inventory management.
A study on Inventory Management WIPRO MBA projectSuhail Shaik
This document provides details about a study on inventory management conducted at Wipro Infrastructure Engineering in Hindupur. It includes an introduction to inventory management and the company. The study was submitted by S. Suhel Basha in partial fulfillment of an MBA degree. It discusses the objectives, methodology and limitations of the study. It also includes sections on data analysis and interpretation, findings, suggestions and conclusions from the study.
A project report on the inventory management at ranna sugar ltdBabasab Patil
This document provides an overview of inventory management practices at Ranna Sugar Ltd, a sugar manufacturing company in India. It discusses the company profile, objectives, products, and departments. Key points include:
1) Ranna Sugar Ltd is located in Bagalkot district of Karnataka and has over 500 employees. It produces sugar, bagasse-based power, and utilizes byproducts.
2) The objectives include sugar, alcohol, and byproduct manufacturing and utilization. It aims to train people in sugar technology.
3) Inventory management is studied to control costs and eliminate waste. ABC analysis classifies items into A, B, C based on value and control required.
3) Findings show A
Inventoryor stock is the main item in which a business organization deals in and managing it efficiently is required to be done with full care and expertise. Inventory management can give the best possible advantages in terms of storage cost, logistics and time management.
Here we are showing how a departmental giant like Big Bazaar is maintaining its day to day Inventory using the latest available technologies.
Inventory Management system at big bazaarAshish Pandey
1. The document discusses the inventory management system used by Big Bazaar, a large retail chain in India. It describes the key components of Big Bazaar's inventory management, including their use of an ERP system from JDA and SAP to manage inventory, ordering, and other business processes.
2. Big Bazaar uses different inventory management approaches for different types of goods, including cycle inventory for fast-moving consumer goods and seasonal inventory for seasonal products. Their supply chain involves transportation of goods to stores via trucks and rail.
3. Big Bazaar's management information system collects transaction data from over 15 counters daily and stores it on main and backup servers to monitor inventory levels, sales, and business performance. Their ERP system
This document provides an overview of materials requirement planning (MRP). It discusses that MRP has three phases - planning, action, and control. MRP determines the quantity and timing for acquiring dependent demand items to satisfy production schedules. MRP is a production planning and inventory control system used to manage manufacturing processes. The document then discusses the history, objectives, inputs/outputs, types of MRP users, and advantages and disadvantages of MRP.
Flipkart is India's largest e-commerce retailer. The document analyzes Flipkart's inventory and supply chain management. It discusses how Flipkart maintained high stock levels in its 300+ warehouses to avoid shortages. However, this led to issues like excess storage and expired goods. Flipkart addressed this using just-in-time delivery and partnerships with 15+ couriers for timely order fulfillment. It also uses sales data to predict inventory levels and reduce waste.
Project report on just in time productionProjects Kart
This document provides background information on Cipla Ltd., an Indian pharmaceutical company. It details the company's history, including being founded in 1935 by Khwaja Abdul Hamied in Mumbai. Cipla aided India during World War 2 by providing essential medicines when supplies were low. The company has grown to be a global leader in generic drugs and exports to many countries. It operates manufacturing facilities approved by regulatory bodies in the US, UK, Australia, South Africa and other nations. Cipla continues to grow and develop new drugs, helping address healthcare needs around the world.
COMPARATIVE STUDY OF FINANCIAL STATEMENTS OF INFOSYS FOR THE YEAR 2013-2014Vivek Mahajan
This document is a project report submitted by a student analyzing the comparative financial statements of Infosys for the years 2013-2014. It includes an introduction to the subject of comparative financial statements and Infosys Ltd. It then provides definitions and comparative analyses of Infosys' balance sheet, income statement, and cash flow statement for the given years. The report concludes with comments on Infosys' prospects and an overall conclusion.
An inventory management system was developed for a global manufacturing company to help track parts for products across worldwide suppliers more efficiently. The custom database solution provides a centralized place for multiple buyers to view real-time inventory and delivery status updates. This helps reduce costs and informs decision-making by eliminating the use of spreadsheets and manual tracking processes.
The document provides an overview of multi-item joint replenishment. It discusses that jointly coordinating replenishments of correlated inventory items can minimize total costs through tradeoffs between setup, holding, procurement, and transportation costs. The document also describes an association clustering algorithm that groups inventory items with close demand correlations to improve replenishment efficiency for a large number of items. Simulation results show the proposed method outperforms other replenishment models by capturing demand relationships between items.
Inventory includes raw materials, work in progress, and finished goods. The objectives of inventory management are to ensure sufficient supply while avoiding overstocking or understocking. It aims to meet production needs and customer demand with optimal investment levels. Inventory is classified into raw materials, work in progress, consumables, finished goods, and spares. The goals are to control costs, minimize losses, and properly organize inventory management.
1. The document discusses ratio analysis and financial analysis. Ratio analysis is a tool that evaluates the financial position and performance of a firm by establishing relationships between financial statement items.
2. Financial analysis identifies the financial strengths and weaknesses of a firm. It is done by analyzing ratios calculated from a firm's balance sheet and income statement. Key ratios include liquidity ratios, profitability ratios, and leverage ratios.
3. Ratio analysis involves comparing a firm's ratios to standards like its own past ratios, competitor ratios, industry averages, and projected ratios. This allows users to evaluate the firm's financial stability, profitability, and efficiency over time.
The document discusses inventory management and control techniques. It defines inventory as including raw materials, work-in-progress, and finished goods. It outlines the objectives of inventory management as ensuring availability of materials when needed while minimizing investment costs. The document also describes different types of inventories and factors that influence inventory levels. It discusses various inventory control techniques used by organizations.
This document provides details about a material requirement planning (MRP) report submitted by a group of students. The 3-page report includes an introduction to MRP, describing it as a computer-based production planning and inventory control system. It discusses dependent and independent demand. The report also outlines the functions of MRP including forecasting, reducing waste, and floor control/scheduling. It provides an example to illustrate how MRP works by taking inputs, processing them, and producing outputs. Overall, the report examines how MRP can help manufacturing organizations better control inventories and plan production to meet customer demand.
This document provides an overview of stores and materials management. It defines what a storehouse is and discusses the key functions and objectives of stores management, including efficient materials planning, purchasing, inventory control, quality assurance and maintaining good supplier relationships. It outlines the responsibilities of stores managers, such as maintaining low inventory levels while providing good service, identification and inspection of materials, issuing materials to users, and stock control. The duties of storekeepers are also summarized, like receiving, storing and issuing materials, and maintaining records. Finally, some common store documents like bin cards and store ledgers are described.
This document appears to be an internship report submitted by Sudharshan G to Visvesvaraya Technological University in partial fulfillment of the requirements for a Master of Business Administration degree. The report focuses on studying the brand image of Nandini products at KOMUL, Kolar. It begins with an acknowledgment section thanking those who supported and guided the internship. The contents section provides an outline of the report, which includes chapters on the industry and company profile, a theoretical background of the study, data analysis and interpretation, findings, suggestions, and conclusion. Methodologies used include a literature review, collection of primary data through questionnaires, and secondary research. The objectives are to measure Nandini's brand image
This report analyzes inventory management at Gujarat Narmada Valley Fertilizers Company Limited (GNFC) over a 5-year period from 2006-2011. It finds that total inventory levels increased over this period, peaking in 2010-2011 at Rs. 463.53 crores. Various inventory ratios are calculated and analyzed, showing generally good turnover rates except for higher work-in-process and finished goods conversion periods some years. The report also describes GNFC's classification of inventory and the techniques used for inventory management and control, concluding with recommendations to further improve inventory performance.
Flipkart | Inventory Management | Supply chain and distributionAishwarya Saraf
This Presentation will take you to an educational tour of Flipkart's Inventory management and how it supplies its products and shipments to the end consumer.
Inventory management involves determining optimal inventory levels to balance costs and meet demand. There are three main types of inventory - raw materials, work in progress, and finished goods. The economic order quantity model helps determine how much to order by balancing ordering costs, carrying costs, and shortage costs. Maintaining appropriate inventory levels decouples processes, provides product variety for customers, and allows for quantity discounts.
Experimental Analysis Of On Demand Routing Protocolsmita gupta
The document discusses experimental analysis of on-demand routing protocols for mobile ad hoc networks. It provides an outline and introduces key terminologies for multi-hop networks, protocols, routers, hubs, switches, and network topologies. The literature review summarizes several research papers that analyze routing protocols like AODV, DSR, and DSDV using simulation tools to evaluate metrics such as packet delivery ratio, end-to-end delay, and network throughput under different mobility conditions. The problem statement indicates the document will experimentally analyze and compare the performance of on-demand routing protocols.
This document discusses planning and conducting a systematic literature review. It begins by explaining that systematic reviews aim to aggregate all relevant evidence on a topic in a fair and repeatable manner. The document then outlines the key steps in planning a review, including specifying the research question, developing a review protocol, and evaluating the protocol. It also covers conducting the review, such as identifying relevant research, selecting primary studies, assessing study quality, and extracting and synthesizing data. The importance of transparency and replicability in the review process is emphasized.
This document provides guidelines for BBA students at Sikkim Manipal University regarding their final year project, which is divided into two phases. Phase 1 involves submitting a project synopsis for approval, which must be no more than 500 words and include the project title, objectives, literature review, and research methodology. It must be approved by the student's project guide. Phase 2 is the project work, which involves conducting research and writing a project report following specified sections and formatting. The report will be evaluated and students must complete a project viva voce presentation. Project topics can be selected from the provided sample list or related to the student's specialization.
This document is a project report submitted by Gagan Dharwal to fulfill the requirements for a Master of Business Administration degree. The project focuses on inventory control and management at Bharat Heavy Electricals Limited (BHEL) in Haridwar, India. BHEL is India's largest engineering company, manufacturing power generation equipment, systems, and other industrial products. The report provides background information on BHEL, including its establishment, vision, products, areas of operation, and competitors. It also includes an executive summary that outlines the report's structure and findings regarding BHEL's inventory system and working capital performance.
This Presentation consists of basic concepts of ABC analysis (which is an Inventory categorization technique for effective management of Inventory) & a case study on it.
ABC analysis is a method for inventory management that categorizes inventory items into three classes - A, B, and C - based on their value and consumption. Class A items account for the highest monetary value or consumption but represent a small percentage of total items. These require the most attention and tight controls. Class B items are intermediate in value and consumption, while Class C items have low value or consumption but represent the largest percentage of total items, requiring the least amount of management attention. ABC analysis helps businesses prioritize their resources for optimal inventory management.
The document provides a research project summary on Apple Inc. It includes sections on the history of Apple, vision and mission statements, literature review on the company's products and competitors, industry and SWOT analyses, financial performance, strategies and recommendations. The key points are that Apple was founded in 1976 and introduced revolutionary products like the iPod, iPhone and iPad which led to major commercial success in the 2000s and 2010s. It analyzes Apple's position in industries like personal computers, online music and future strategies around strategic alliances and transitioning to Intel processors.
This document describes a student project for an online voting system. It includes a declaration by the student that the work is their own, an approval from their supervisor, and dedications and acknowledgements. It also provides an abstract, definitions of terms, an executive summary and literature review on online voting systems and security issues. The methodology, system design, specifications, implementation, modules, testing and conclusions are described over 6 chapters. The project aims to address problems with existing voting systems and justify the need for an online system.
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.
Hindustan Unilever Limited (HUL) is India's largest consumer goods company. It offers many household brands like Dove, Lifebuoy, Lipton, Lux, and Pond's. The document analyzes HUL's product lines, market share compared to competitors, financial performance from 1998-2007, and future opportunities in India's growing consumer goods market. It finds that while HUL faces competition, opportunities for growth exist as India's per capita income and population rise, driving demand for consumer packaged goods. To strengthen rural distribution, HUL launched Project Shakti to empower women entrepreneurs.
This document discusses MARDI's development of modified virgin coconut oil (MVCO) with antimicrobial properties and its pre-commercialization efforts. Key points:
- MARDI received funding through MOSTI's IRPA program to research MVCO beginning in 2004, leading to a patented production method and early product.
- Upscaling production and licensing the technology posed challenges as MARDI lacked infrastructure, skills, and partners for further development.
- Success factors included funding from MOSTI's TechnoFund program, selecting committed private partners, a dedicated inventor, and MARDI's IP and business support.
- MARDI licensed the technology to two local companies and continues R&D into new applications,
A descriptive presentation about Apple Inc. Covering the History, company profile, Product line, competitors and SWOT analysis. Mostly all aspects are covered in it.
The document is a project report on inventory management at Coca-Cola Bottling Company in Ilorin, Nigeria. It analyzes the company's inventory procedures and policies. The key findings are:
1) Inventory management is important for optimizing resources and minimizing costs like storage, spoilage, and obsolescence.
2) Coca-Cola's inventory policy aims to maintain quality, increase market share and profits by ensuring adequate supplies for continuous production.
3) Analysis of the company's raw material usage found its ordering quantities did not match what the economic order quantity model predicted, indicating excess inventory investment at times.
This document discusses inventory management. It defines inventory as goods or materials used for production and sale. Inventory management is the process of overseeing the flow of units into and out of existing inventory through purchasing planning and tracking. Key considerations for inventory management include warehousing space, costs, delivery times, and turnaround. The main types of inventory are raw materials, work-in-process, and finished goods. Effective inventory management helps maintain adequate supply while minimizing costs and avoids stock-out issues.
Inventory Management (Intro, types, spares mgmt) & Role of stores managerSrishti Bhardwaj
Introduction to Inventory management :
Definition of inventory,
scope and importance,
Classification of Materials;
Consumable,
Non consumable,
Impact on profitability of the organization and stake holder,
different types of hospital inventories,
hospital maintenance items,
spare parts stocking policies for capital items.
Functions of Store Manager.
Stores and Inventory management Unit 1 (BVUCHMSR)
Self made PPTs.. only for educational reference.
The Impact of Inventory Management on Manufacuring Industryinventionjournals
Inventory is generally considered to comprise in three main areas which are raw materials, work in progress and finished goods. Where these are held and in what quantities, and how they are managed will vary significantly from one organization to another. The activities of inventory management involves are identifying inventory requirements, setting targets, providing replenishment techniques and options, monitoring item usages, reconciling the inventory balances, and reporting inventory status. In order to have clear inventory management, a company should not only focus on logistic management but also on sales and purchase management. Inventory management and control is not only the responsibility of the accounting department and the warehouse, but also the responsibility of the entire organization. Actually, there are many departments involved in the inventory management and control process, such as sales, purchasing, production, logistics and accounting. All these departments must work together in order to achieve effective inventory controls. Inventory includes raw material in progress, finished products, general Suppliers and equipment etc. inventory control may defined as systematic location, storage and Recording of goods in such a way that desired degree of service can be made to the operating shops at minimum ultimate cost. The need for inventory control is to maintain stock of goods and ensure Manufacturing according to the production schedule based on sale requirement and the lowest possible ultimate cost to the customer. Every enterprise needs inventory for smooth running of activities, it serves as link between production and distribution process and there is general time lag between the recognition of a need and its fulfillment. The greater time lag, the higher the requirement for inventory. The unforeseen fluctuation in demand and supply of goods also necessitate the need for inventory as it provides cushion for future price fluctuation. This paper includes the concept of inventory management, nature of inventory management, materials management techniques and inventory accounting
This document discusses effective inventory management practices and their impact on firm performance. It begins by defining key inventory management terms and outlining the importance of effective inventory practices. It then presents statements of the problem addressed, research questions, and study objectives and hypotheses.
The literature review discusses concepts of inventory management, the need for effective practices, and how inventory levels impact various costs and firm performance measures like return on capital employed and return on investment. The document aims to examine the relationship between inventory management practices and performance for selected consumable goods firms in Nigeria over 10 years.
Inventory Management and Control, Production Planning and ControlSimranDhiman12
This document provides an overview of inventory management, production planning, and control. It discusses key objectives like minimizing costs and ensuring adequate supply. Inventory management techniques include ABC analysis, VED analysis, EOQ, lead time, and buffer stock. Production planning determines facility requirements and layout, while production control monitors plan execution and addresses deviations. The perpetual inventory system uses bin cards, store ledgers, and continuous stock taking to regularly check and prevent stockouts.
This document provides information on inventory and inventory management. It defines inventory as items, parts, and materials that companies use in production or sell. The document then discusses different types of inventory like raw materials, work in progress, finished goods, and safety stock. It explains that inventory management aims to ensure sufficient stock while avoiding excess inventory that can become a liability. The document outlines objectives of inventory management like preventing waste and optimizing costs. It also discusses the importance of inventory management in enabling ERP systems and efficient supply chain management.
The role of raw material management in production operationsijmvsc
Experience had shown that there is critical operational problem regarding raw material management in
manufacturing organisations. This has prompted the desire to embark on a conceptual analysis that will
examine the problem and strive to proffer useful suggestions. This paper intends to bring to the fore, the
salient issue of inefficiency in the practice of raw material management and its effects on production
operations of manufacturing concerns by theoretical review. The paper concludes that, should
practitioners become proactive by applying proffered solutions, efficiency will be achieved in management
of raw materials and production operations.
Industrial management 5 7 8 units [pls visit our blog sres11meches.blogspot.in]Sres IImeches
Materials management involves planning, directing, controlling, and coordinating activities related to material and inventory requirements. It aims to ensure the right materials are available at the right time and in the right quantities, while minimizing costs. Key aspects of materials management include material selection, procurement, inventory control techniques like EOQ and ABC analysis, and storekeeping functions like receiving, storage, and issue of materials. The objectives are to obtain materials at low cost, maintain continuous supply, and control inventory levels.
This document discusses inventory management in the textile industry. It begins by defining inventory and explaining that proper inventory management is important for business success. The document then reviews several key aspects of inventory management, including demand forecasting, economic order quantity, lead times, safety stocks, and the various costs associated with holding inventory. It also discusses several common inventory management techniques used in the textile industry like ABC analysis to classify inventory items based on their value and usage. The overall aim is to study how textiles companies globally manage their inventories.
This document discusses inventory control and management. It defines inventory as the stock of any item or resource used in an organization, including raw materials, finished products, and work-in-process items. Inventory is necessary to meet demand, smooth production requirements, decouple production stages, protect against stock-outs, and take advantage of economic order quantities. The document outlines different inventory control techniques, such as ABC classification, FSN classification, and VED classification to effectively manage inventory levels. It also discusses reorder points, order quantities, and costs associated with ordering inventory.
Contrast The Significance Of The Term Lead Time In The...Kimberly Jones
The current CRM and ERP systems at the company are facing performance issues due to a custom module that is causing failed registration orders, requiring re-entry of data and extra work. Eliminating this custom module will relieve these issues and allow registration orders to be processed more effectively within a new system, improving the overall order processing. Removing the previous third-party application that was used for registrations, but caused data problems, will further streamline systems and processes.
Purchasing functions and mrp in foodservice firmsAlexander Decker
This document discusses purchasing functions and material requirements planning (MRP) in the foodservice industry. It provides an overview of key purchasing functions for foodservice firms and how MRP can be used to effectively manage materials. The document reviews different approaches in the literature to address uncertainty in MRP systems, such as using safety stock, safety lead times, and adjusting master production schedules. It then provides more details on how MRP works, including the use of bills of materials, and provides an example of how MRP can be applied in a foodservice firm.
Inventory management involves ordering, storing, and using a company's raw materials, components, and finished products. The objective is to provide production and sales at minimum cost. Methods include just-in-time, which minimizes inventory, and materials requirement planning, which calculates needed materials. Economic order quantity and minimum order quantity determine order sizes to minimize total inventory costs like holding and shortage costs. Inventory control aims to have the right materials in the right quantity at the lowest overall cost.
The document discusses store management. It defines a store as a place where excess materials are kept for future use. Store management aims to receive, protect, issue, and track materials efficiently and at low cost. The objectives of store management are to ensure uninterrupted supply of materials without delays, prevent overstocking and understocking, protect materials from damage, minimize storage costs, and maintain proper control of materials. Key functions of store management include receipt, storage, retrieval, issue, record keeping, housekeeping, control, surplus disposal, verification, packaging, and coordination with other departments.
This document discusses material management and inventory control. It defines material management as planning, procuring, storing, and providing materials to support production activities. Key functions of material management include material requirements planning, purchasing, inventory planning and control, and quality control. Maintaining the proper level and placement of inventory is important to protect production from disruptions and ensure customer demand is met. The objectives of inventory control are to balance adequate supply with minimizing costs through techniques like ABC analysis.
Inventory management refers to the process of ordering, storing, using, and selling a company's inventory, including raw materials, components, and finished products. It aims to have the right amount of inventory to meet customer needs without overinvesting, and involves demand planning, determining optimal inventory levels, inventory tracking and control, and periodic counting.
Inventory management involves balancing the costs of holding inventory with the benefits. It refers to controlling and tracking materials, work in process, and finished goods. The goals are to maintain optimal inventory levels to meet demand while minimizing costs. Effective inventory management requires specifying order quantities, reorder points, and controlling inventory across all stages and locations.
The document discusses the benefits of exercise for mental health. Regular physical activity can help reduce anxiety and depression and improve mood and cognitive functioning. Exercise causes chemical changes in the brain that may help boost feelings of calmness, happiness and focus.
The document discusses the benefits of exercise for mental health. Regular physical activity can help reduce anxiety and depression and improve mood and cognitive functioning. Exercise causes chemical changes in the brain that may help protect against mental illness and improve symptoms.
This document describes a standardized test method for determining the adhesion of paint, varnish or other coatings. The method involves applying the coating to a test panel, then bonding dollies to the coated surface using an adhesive. The bonded assemblies are placed in a tensile tester and subjected to a controlled tensile test to measure the force required to break the coating-substrate bond. Test parameters such as dolly size, adhesive selection, substrate material, and coating application and drying are specified to standardize the test method. The results indicate the minimum tensile stress needed to detach the coating from the substrate.
This document provides standards for evaluating the performance of coal cleaning equipment. It defines key performance criteria such as feed rate, reference density of separation, and accuracy of separation. Standard test procedures and analytical methods are outlined to determine performance parameters like partition density, separation sharpness, distribution of correctly and incorrectly placed material, ash error, and yield error. The document also provides recommendations for presenting coal cleaning test data in a uniform manner to allow for comparison of performance levels.
This document provides an overview of an inventory control course. The course will cover deterministic and stochastic inventory models, including lot sizing models and extensions, reorder point determination, quantity discounts, and the Wagner-Whitin algorithm. It will also cover newsvendor models, period review models, multi-echelon models, and forecasting. The course content will analyze optimality of various inventory policies and production smoothing. It will provide an introduction to inventory management concepts and frameworks for modeling inventory systems.
The document discusses various aspects of product design and service operations management. It covers topics such as concept development, quality function deployment, concurrent engineering, process flow design, types of processes and facilities, service strategy and classifications, service system design, service recovery, service failsafing, and designing service systems. The document provides information on frameworks, tools, and considerations for product design and managing service operations effectively.
Operations management involves designing, operating, and improving systems that produce and deliver a firm's products and services. Studying operations management provides a systematic approach to organizational processes and can increase competitive advantage. Current trends include increasing exports, focus on productivity, and outsourcing of manufacturing and services. Key concepts are efficiency, effectiveness, and value. Operations management decisions must consider tradeoffs between factors like cost, quality, delivery, and flexibility.
This document provides an overview of strategic management concepts including:
- Defining a strategy as a business approach to generate successful competitive moves.
- The key questions in strategy of where the organization is, where it wants to go, and how it will get there.
- The tasks involved in strategic management like defining mission/objectives, crafting/implementing/evaluating strategy.
- Types of objectives including financial and strategic examples.
- Components of a strategic plan and examples of external/internal analysis tools like SWOT, Five Forces, and competitor analysis.
This document summarizes key concepts from Chapter 3 of Slack, Chambers and Johnston's Operations Management textbook. It discusses operations strategy, comparing it to operations management. Operations strategy involves longer timescales, higher levels of analysis and aggregation, and more abstract and philosophical decisions compared to operations management. The chapter also outlines different perspectives on operations strategy, including top-down, bottom-up, market requirements, and operations resources views. Finally, it discusses how competitive factors relate to different performance objectives.
This document contains practice problems related to productivity measurement. It provides the calculations to measure total factor productivity, multi-factor productivity, partial productivity, and labor productivity. It examines these measures for a clay pigeon corporation and car manufacturer. It also calculates labor productivity, multi-factor productivity, and the maximum labor rate that does not reduce productivity, given information on production units, labor hours, material costs, and selling prices.
The document discusses dynamic design for anchors subjected to fatigue loads. It defines fatigue loads as loads that occur in a large number of cycles, producing changes in stress that can decrease material strength over time. Fatigue relevant loads from multiple load cases must be considered together. Materials experience reduced strength under fatigue loading compared to static loads. Concrete and steel strengths both decrease after millions of cycles. Anchors subjected to frequent loading cycles may fail due to steel fatigue. Pretensioning anchors improves their behavior under dynamic loads by reducing the fatigue-relevant load in the anchor.
This document outlines requirements for fuel-oil piping and storage systems in New York City. It covers general provisions, material standards, joints/connections, piping supports, and fuel-oil system installation. Key points include:
- Systems must comply with chapter requirements and NFPA 31. Storage over 1,100 gallons also requires compliance with NY environmental regulations.
- Appliances must be designed for the type of fuel connected. Conversions require approval.
- Piping material standards include brass, copper, steel, and listed nonmetallic pipe. Joints must be approved for the application.
- Installation must include provisions for expansion/contraction, protection of piping/equipment, and requirements for supply/
Scheidt & Bachmann is a global solutions provider founded in 1872. It has grown from a mechanical engineering company into an international system integrator through continuous innovation and investment in technology and employee training. The company provides solutions for petrol stations, parking facilities, railways, and other industries. It offers a complete petrol station management package including dispensers, payment systems, and a central management system to control entire networks from a remote location.
বাংলাদেশের অর্থনৈতিক সমীক্ষা ২০২৪ [Bangladesh Economic Review 2024 Bangla.pdf] কম্পিউটার , ট্যাব ও স্মার্ট ফোন ভার্সন সহ সম্পূর্ণ বাংলা ই-বুক বা pdf বই " সুচিপত্র ...বুকমার্ক মেনু 🔖 ও হাইপার লিংক মেনু 📝👆 যুক্ত ..
আমাদের সবার জন্য খুব খুব গুরুত্বপূর্ণ একটি বই ..বিসিএস, ব্যাংক, ইউনিভার্সিটি ভর্তি ও যে কোন প্রতিযোগিতা মূলক পরীক্ষার জন্য এর খুব ইম্পরট্যান্ট একটি বিষয় ...তাছাড়া বাংলাদেশের সাম্প্রতিক যে কোন ডাটা বা তথ্য এই বইতে পাবেন ...
তাই একজন নাগরিক হিসাবে এই তথ্য গুলো আপনার জানা প্রয়োজন ...।
বিসিএস ও ব্যাংক এর লিখিত পরীক্ষা ...+এছাড়া মাধ্যমিক ও উচ্চমাধ্যমিকের স্টুডেন্টদের জন্য অনেক কাজে আসবে ...
How to Manage Your Lost Opportunities in Odoo 17 CRMCeline George
Odoo 17 CRM allows us to track why we lose sales opportunities with "Lost Reasons." This helps analyze our sales process and identify areas for improvement. Here's how to configure lost reasons in Odoo 17 CRM
A Strategic Approach: GenAI in EducationPeter Windle
Artificial Intelligence (AI) technologies such as Generative AI, Image Generators and Large Language Models have had a dramatic impact on teaching, learning and assessment over the past 18 months. The most immediate threat AI posed was to Academic Integrity with Higher Education Institutes (HEIs) focusing their efforts on combating the use of GenAI in assessment. Guidelines were developed for staff and students, policies put in place too. Innovative educators have forged paths in the use of Generative AI for teaching, learning and assessments leading to pockets of transformation springing up across HEIs, often with little or no top-down guidance, support or direction.
This Gasta posits a strategic approach to integrating AI into HEIs to prepare staff, students and the curriculum for an evolving world and workplace. We will highlight the advantages of working with these technologies beyond the realm of teaching, learning and assessment by considering prompt engineering skills, industry impact, curriculum changes, and the need for staff upskilling. In contrast, not engaging strategically with Generative AI poses risks, including falling behind peers, missed opportunities and failing to ensure our graduates remain employable. The rapid evolution of AI technologies necessitates a proactive and strategic approach if we are to remain relevant.
This slide is special for master students (MIBS & MIFB) in UUM. Also useful for readers who are interested in the topic of contemporary Islamic banking.
Assessment and Planning in Educational technology.pptxKavitha Krishnan
In an education system, it is understood that assessment is only for the students, but on the other hand, the Assessment of teachers is also an important aspect of the education system that ensures teachers are providing high-quality instruction to students. The assessment process can be used to provide feedback and support for professional development, to inform decisions about teacher retention or promotion, or to evaluate teacher effectiveness for accountability purposes.
ISO/IEC 27001, ISO/IEC 42001, and GDPR: Best Practices for Implementation and...PECB
Denis is a dynamic and results-driven Chief Information Officer (CIO) with a distinguished career spanning information systems analysis and technical project management. With a proven track record of spearheading the design and delivery of cutting-edge Information Management solutions, he has consistently elevated business operations, streamlined reporting functions, and maximized process efficiency.
Certified as an ISO/IEC 27001: Information Security Management Systems (ISMS) Lead Implementer, Data Protection Officer, and Cyber Risks Analyst, Denis brings a heightened focus on data security, privacy, and cyber resilience to every endeavor.
His expertise extends across a diverse spectrum of reporting, database, and web development applications, underpinned by an exceptional grasp of data storage and virtualization technologies. His proficiency in application testing, database administration, and data cleansing ensures seamless execution of complex projects.
What sets Denis apart is his comprehensive understanding of Business and Systems Analysis technologies, honed through involvement in all phases of the Software Development Lifecycle (SDLC). From meticulous requirements gathering to precise analysis, innovative design, rigorous development, thorough testing, and successful implementation, he has consistently delivered exceptional results.
Throughout his career, he has taken on multifaceted roles, from leading technical project management teams to owning solutions that drive operational excellence. His conscientious and proactive approach is unwavering, whether he is working independently or collaboratively within a team. His ability to connect with colleagues on a personal level underscores his commitment to fostering a harmonious and productive workplace environment.
Date: May 29, 2024
Tags: Information Security, ISO/IEC 27001, ISO/IEC 42001, Artificial Intelligence, GDPR
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A workshop hosted by the South African Journal of Science aimed at postgraduate students and early career researchers with little or no experience in writing and publishing journal articles.
Exploiting Artificial Intelligence for Empowering Researchers and Faculty, In...Dr. Vinod Kumar Kanvaria
Exploiting Artificial Intelligence for Empowering Researchers and Faculty,
International FDP on Fundamentals of Research in Social Sciences
at Integral University, Lucknow, 06.06.2024
By Dr. Vinod Kumar Kanvaria
1. Literature Review
Inventory management was first invented by Adam when he named all the animals or
Noah when he counted the clean and unclean beasts for the Ark. But for the sake of brevity, we
will jump ahead to modern times.
Before the Industrial Revolution, merchants basically had to write down all of the
products they sold every day. Then they had to order more products based on their hand-written
notes and their gut feelings. This was an incredibly inefficient and inaccurate way of doing
business.
Merchants couldn’t really account for stolen goods unless they did time-consuming
physical counts on a regular basis. They also had trouble making sure they got the right number
of products when orders came in because of sparse recordkeeping. But it was the best they could
do.
In 1889 a man named Herman Hollerith invented the first punch card that could be read
by machines. By feeding sheets of paper that have little holes in specific places; people could
record complex data for a variety of purposes from census taking to clocking in and out of work.
This was basically the precursor to computers that can read data in tiny microchips.
Harvard University took Hollerith’s idea in the 1930s and created a punch card system
for businesses. Companies could tell which products were being ordered and also record some
inventory and sales data based on punch cards customers would fill out for catalog items.
Unfortunately, Harvard’s order management system cost too much and was too slow to keep up
with rising business challenges.
In the 1960s, a group of retailers (mostly grocery stores, at first) got together and came up
with a new method for tracking inventory: the modern barcode. There were several competing
types of barcodes before they were standardized with the Universal Product Code (UPC) in
1974. It’s still the most-used barcode in the United States today.
As computers become more efficient and cheaper, UPCs grew in popularity. In the mid-
1990s, companies started experimenting with inventory management software that would record
data as products were scanned in and out of warehouses. The technology evolved into a
comprehensive inventory management solution by the early 2000s. (Rebort Lockard, 2012)
Nowadays, the implementation of inventory management applications has become a
valuable tool for organizations looking to more efficiently manage stock. While the capabilities
of applications vary, most inventory management applications give organizations a structured
method of accounting for all incoming and outgoing inventory within their facilities.
Organizations save a significant amount in costs associated with manual inventory counts,
administrative errors and reductions in inventory stock-outs.
2. - Definition of inventory:
Inventory refers to the goods and materials that a business holds for the ultimate purpose of
resale (or repair). Inventory management is a science primarily about specifying the shape and
percentage of stocked goods. It is required at different locations within a facility or within many
locations of a supply network to precede the regular and planned course of production and stock
of materials. (Wikipedia).
Many scholars have come up with several definitions of inventory and how to manage the
inventory. Therefore, different definitions can be found in different references.
Inventory is the stock of any item or resource used in an organization. An inventory system is the
set of policies and controls that monitors levels of inventory and determines what levels should
be maintained, when stock should be replenished, and how large orders should be, (Chase and
Aquilano, 2013). Inventory is a vital asset, necessary for effective operation of any business
organization. (Olowolaju, 2013)
3. Inventory management is defined as the continuing process of planning, organizing and
controlling of inventory that aims at minimizing the investment in inventory while balancing
supply and demand. (West. 2009).
Inventory Management refers to all the activities involved in developing and managing
the inventory levels of raw materials, work-in progress materials and finished goods so that
adequate supplies are available and the costs of over or under stocks are low, (Kotler. 2002).
Material and inventory management is a key of the project or firm management which is
defined as the process to provide right material at right place at right time in right quantity so as
to minimize the cost. Material Management is concerned with planning, identification,
procuring, storage, receiving and distribution of material. (Ashwini & Smita, 2013).
Inventory management is the art and science of maintaining stock levels of a given group
of items incurring the least cost consistent with other relevant targets and objectives set by
management (Jessop,1999). It is important that managers organizations that deals with inventory,
to have in mind, the objective of satisfying customer needs and keeping inventory costs at a
minimum level.
Morris (1995) stressed that inventory management in its broadest perspective is to keep
the most economical amount of one kind of asset in order to facilitate an increase in the total
value of all assets of the organization – human and material resources.
Keth et al. (1994) in their text also stated that the major objective of inventory
management and control is to inform managers how much of a good to re-order, when to re-
order the good, how frequently orders should be placed and what the appropriate safety stock is,
for minimizing stock-outs. Thus, the overall goal of inventory is to have what is needed, and to
minimize the number of times one is out of stock.
- Types of inventory:
4. 1- Raw materials Inventory:
These are raw material, parts and components that enter the firm’s product during the
production process. This includes all items purchased by an organization for processing. (Ile,
2002/ Anichebe & Agu,2013).
Raw materials are component parts of the stock of inventories carried by a manufacturing
firm at a given time. Every organization has inventories of some type and the economics and
techniques of inventory management are critical for efficient operation, profitability and
survival; especially in a highly competitive environment (Kros, Falasca & Nadler, 2006).
2- Work-in-progress Inventory:
This is also called goods-in-progress inventory. This is an intermediate stage of raw
material inventory that is yet to be finished by the plant to enter into another stage of processing.
These are materials that have been partly processed but are yet uncompleted. (Ile, 2002/
Anichebe & Agu,2013).
These items are not yet completed and are waiting in a queue for further processing or in
buffer storage. (Pandey 1999)
3- Finished Goods Inventory:
This is the stock of finished goods. These could be stock of goods awaiting shipment or
in the warehouse, the level of finished goods stock is a matter of co-ordination between the
production and sales departments of the organization. (Ile, 2002/ Anichebe & Agu, 2013).
Inventories of raw materials and work in progress facilitate production while that of
finished products is required for smooth marketing operations (Munene, 1999). The inventories
serve as a link between the production and consumption of goods.
- What are the purposes for holding inventory:
Agu and Anichebe (2013) argued according to Banjoko (2004:192), manufacturing
organizations carry inventories for a variety of reasons.
Inventories perform significant functions in the total production system and since “it is
physically impossible and economically impracticable for each stock of item to arrive exactly
where and when it is needed”, there is need to keep some amount of inventory at any point in
time. Banjoko outlined seven reasons for holding inventories, which include;
1. To enhance uninterrupted flow of production
2. To meet variations in product demand.
3. To allow flexibility in production scheduling
4. To decouple successive stages of operations
5. To level production activities
6. To provide a means of hedging against future prices and delivery uncertainties
7. To provide a means of obtaining economic lot size and gaining quantity discounts.
On their own part, Chase and Aquilano (1995:547) enumerated five reasons for holding
inventories. They are,
1. To maintain independence of operations
5. 2. To meet variations in product demand
3. To allow flexibility in production scheduling
4. To provide a safeguard for variation in raw material delivery time
5. To take advantage of economic purchase order size.
Due to uncertainty in future demand, and because of the unguaranteed availability of
supplies, stock is therefore held to ensure an availability of goods to minimize the overall costs
associated with the management of stock. The purpose of holding stock by a firm is for three
motives [Drury, 2000] that is the precautionary, transaction and speculative motives.
a) Precautionary Motives: According to Gittinger (1995), precautionary motive means that
stock held to guard against risk of unpredictable changes in demand and supply. In most
cases, the level of demand of goods and the time required for supply cannot be known
with certainty. Therefore, to ensure product availability, the organization maintains
additional amount of safety stock to meet regular production and market needs. Firms
should invest in stock control for precautionary motive to act as a buffer or link between
demand and supply so that production can be geared to a more constant output.
Precautionary motive necessitates holding of inventories to guard against the risk of
unpredictable changes in demand and supply forces and other factors. (Pandey: 2002)
b) Transaction Motive: Balloon (1987) stated that inventories should be held to improve
customer service and therefore goods should be spotted at a place where customers can
get them in the quantities they wish. The transaction motive is aimed at facilitating
smooth operations on daily basis. According to Pandey (2002) Transaction motive
emphasizes the need to maintain inventories to facilitate smooth production and sales
operation.
c) Speculative Motive: Firms should maintain back up inventory either in excess or low
levels to take advantage of current and future demands or price fluctuations. They should
therefore purchase goods and stock them in advance when they anticipate price increase
in future and also prepare for contingencies that may befall a company, for instance,
strikes, prices, goods among others (Kakuru: 2000).
Speculative motive influences the decision to increase or decrease inventory levels to
take advantage of price fluctuations (Pandey: 2002).The above reasons in addition to
encouraging production purchases and transportation economies will influence firms to
hold stock to allow smooth operations in the organization.
According to Kenneth and Brian (2006) argued that reason for keeping inventory
includes the following reason:
Reduce the risk of supplier failure or uncertainty. Safety and butter stocks are held to
provide some protection against such as strikes, transport breakdowns due to floods or snow,
crop failures, wars and similar factors, protect against lead time uncertainties, such as where
supplier’s replenishment and lead time are not known with certainty – in such case an investment
in safety stocks is necessary if customer services is to maintain at acceptable levels. Meet
unexpected demands or demands for customization of products as with agile production and
smooth seasonal or cyclical demand. Take advantage of lots or purchase quantities in excess of
what is required for immediate consumption to take advantage of price and quantity discounts.
Hedge against anticipated shortage and price increases, especially in times of high inflation or as
6. a deliberate policy of speculation and ensure repaid replenishment of items in constant demand,
such as maintenance supplies and office stationery.
According to Bloomberg, Lemay and Hanna [2002:136-137] have identified five reasons for
holding stock, namely:
a. Economies of scale. A firm can realize economies of scale in manufacturing, purchasing and
transportation by holding inventory. If the business buys large amounts, it gets quantity
discounts. In turn, transportation can move larger volumes and get economies of scale through
better equipment utilization. Manufacturing can have loner production runs if more material is
inventoried, allowing per units fixed cost reductions.
b. Balancing supply and demand. Some firms must accumulate inventory in advantage of
seasonal demand. A toy manufacturer see some demand year – round, but 60 percent or more of
sales will come in the Christmas season. By manufacturing to stock, production can be kept
throughout the year. This reduces idle plant capacity and maintains a relatively stable workforce,
keeping costs down. If demand is relatively constant but input materials are seasonal, such as in
the production of demand fruits, then finished inventory helps meet demand when the materials
are no longer available.
c. Specialization. Inventory allows firms with subsidiaries to specialize. Instead of manufacturing
a variety of product and then ship the finished products directly to customers or to a warehouse
for storage. By specializing, each plant can again economies of scale through long production
runs.
d. Protection from uncertainties. A primary reason to hold inventory that is to say to offset
uncertainties in demand. If demand increases and raw material stocks run outs, the production
line shuts down until more material is delivered. Likewise, a shortage of work in process means
the product cannot be finished. Finally, if customer order outstrips finished goods supply, the
resulting stock outs could lead to the lost customers leading the poor services delivery to the
organization.
e. Buffer interface. Inventory can buffer key interfaces, creating time and places utility. Key
interfaces include [1] supplier and purchasing, [2] purchasing and production, [3] production and
marketing, [4] marketing and distribution, [5] distribution and intermediary, and [6] intermediary
and customer. Having inventory at these interfaces helps ensure that demand is met and stock
outs are minimized.
From the foregoing, we observe that the authors and researchers are saying virtually the
same thing, despite the fact that different points were listed from different of point of views.
We therefore subscribe to their views for holding inventories, and conclude that the
reasons for holding inventories are to minimize cost and consequently, maximize profit in an
organization.
- Costs associated with inventories:
According to Drury (2004) “as mentioned Liwiki,Ojera, Mugenda & Wachira 2013”,
Successful inventory management involves balancing the costs of inventory with the benefits of
7. inventory. Many small business owners fail to appreciate fully the true costs of carrying
inventory, which include not only direct costs of storage, insurance and taxes, but also the cost of
money tied up in inventory. Inventory cost categories into holding costs, ordering costs and
shortage costs. Holding costs related to costs of having physical items in stock. These include
insurance, obsolescence and opportunity costs associated with having funds which could be
elsewhere but are tied up in inventory.
Ordering costs are costs of placing an order and receiving inventory. These include determining
how much is needed, preparing invoices, transport costs and the cost of inspecting goods.
Shortage costs result when demand exceeds the supply of inventory on hand. The costs include
opportunity costs of making a sale, loss of customer goodwill, late charges and similar costs.
Debler and Burts (1996) argued that from the managerial point of view: two categories of
costs are associated with inventories (lyson and Farrington 2006) also state that the economies of
inventory management and stock control are maintained by the analysis of the costs incurred in
obtaining and carrying inventories under these categories.
1- Acquisition costs:
Julias kakuru (1998) asserts that many of the costs incurred in placing an order are incurred
irrispectible of the size for example, the cost of an order will be the same respectable of weather.
Preliminary costs-preparing the requisition vendor selecting negotiation, Placement cost-order
preparation stationary postage, Post placement cost-progressing receipts of goods material
handling inspection and payment of invoices.(Julias kakuru 1996).
2- Carrying costs
These are cost incurred for maintaining a given level of inventory. These costs are usually
expressed as a figure and as a percentage of the average inventory (Donnelly Gibson
1990).Carrying costs include storage costs, insurance costs, taxes, determination and
obsolescence. If a firm maintains high level, the carrying costs will be high which will lead to a
rise in the market. A high price will be attached to such goods which will lead to low sales and
eventually low profits (T.Lucy1996).
3- Cost of stock out
Pandey (1999) asserts that these are costs of being without inventory. Stock out costs are the
most important costs that the firm endeavor to avoid by maintaining a certain level of stock in
the stores for continuous production. Such costs include costs of production stoppages caused by
work in progress stock outs and raw material, loss of future sales because customers may go
elsewhere which will lead to loss of customer goodwill and hence loss of profits.(T Lucy 1996).
- Inventory Control and Management
8. Control is the activity which organizes the availability of items to the customers of the
organization. It co-ordinates the purchasing, manufacturing and distribution functions to meet the
marketing needs. Inventory management is defined as the system in a firm to control the firm’s
investment in inventory. It involves the recording and monitoring of stock level, fostering future
demand and deciding on when and how to order.
As mentioned by Agu & Augustine (2013) in his paper, the purpose of inventory control
throughout the inventory chain from raw material through to retail stocks, inventories are
planned and controlled item by item. For each item in every inventory, two questions must be
answered again and again:
1. How many of this item should be ordered?
2. When should it be ordered?
Inventory Control as highlighted by Patil & Pataskar (2013) refers to a system, which
ensures the supply of required quantity and quality of inventory at the required time and at the
same time prevent unnecessary investment in inventories.”
Moreover, the objectives of Inventory Control as following:
- Maintain sufficient stock of raw material in period of short supply and anticipate price
changes.
- Control investment in inventories and keep it at an optimum level.
- Protect inventory against deterioration, obsolescence and unauthorized use.
1. ABC Analysis:
The ABC Analysis is a business term used to define an inventory categorization
technique often used in materials management. It is also known as Selective Inventory Control.
(Wikipedia, the free encyclopedia)
The purpose of the ABC inventory classification is to be able to assess the status of every item
kept in inventory in addition to determining what specific attention is required by each group of
inventory (Banjoko, 2004:198).
As per analysis done by Ashwini &Pataskar, 2013 argued the ABC inventory control
technique is based on the principle that a small portion of the items may typically represent the
bulk of money value of the total inventory in construction process, while a relatively large
number of items may from a small part of the money value of stores. The money value is
ascertained by multiplying the quantity of material of each item by its unit price. The items “A”
Category – 5% to 10% of the items represent 70% to 75% of the money value. “B” Category –
15% to 20% of the items represent 15% to 20% of the money. “C” Category – The remaining
number of the items represent 5% to 10% of the money value. The relative position of these
items show that items of category A should be under the maximum control, items of category B
may not be given that much attention and item C may be under a loose control.
They came up with conclusion: In case of Big & small projects it is recommended to use
ABC analysis for inventory control in a year.
9. ABC analysis is a well-established categorization technique based on the Pareto
Principle for determining which items should get priority in the management of a company’s
inventory. (Ravinder &Misra, 2014). ABC analysis is a technique for prioritizing the
management of inventory. Inventories are categorized into three classes - A, B, and C. Most
management efforts and oversights are expended on managing A items. C items get the least
attention and B items are in-between.
They did a study of ABC analysis to understand and document how ABC analysis is discussed in today’s
business textbooks.
They come up with a conclusion: ABC analysis has been used to classify various inventory items
into three categories - A, B, and C. This has been done based on the criterion of dollar volume.
In the current globalized hyper-responsive business environment, a single criterion is no longer
an adequate guide to the management of inventories and multiple criteria have to be considered.
Researchers in operations and inventory management recognized this fact in the early 1980s and
since then have proposed numerous approaches to multi-criteria ABC classification. As a result,
companies will be able to manage their inventories better and be more competitive in the
marketplace.
10. Based on study was done by Arunprakash & Nandhini (2013), the ABC analysis is the
best way to classify the items. Almost every company keep the material access as centralized.
The 50% companies use the stock overflow in other activities. Almost all companies say that
maintaining stock will fetch them profit and they also do documentation work stock
maintenance.
A study suggested on Inventory management by Dwivedi, Kumar & Kothiyal (2012) by
applying ABC analysis and they come up with conclusion that Inventory management has
become highly developed to meet the rising challenges in most corporate organizations and this
is in response to the fact that inventory is an asset of distinct feature. Inventory management as
one of the key activities of business logistics has always been a major preoccupation for the
company’s survival and growth. It has been used to develop models to meet items assembling
and requirement under conditions of uncertain demand. In this, ABC analysis is a feasible and
efficient technique for inventory management. This will help in improved drug availability. This
identifies drugs requiring stringent control for the optimal use of resources.
2. The Economic Order Quantity:
There are raw materials and other supplies, parts and components, which enter into the product
during the production process and generally form part of the product.