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Inventory Control

Inventory Control

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Published by Shalini
This is an overview of inventory & inventory control.
This is an overview of inventory & inventory control.

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Categories:Types, Business/Law
Published by: Shalini on Feb 13, 2010
Copyright:Attribution Non-commercial


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Inventory Control
The term inventory means the value or amount of materials or resource on hand. It includes rawmaterial, work-in-process, finished goods & stores& spares.
Inventory Control is the process by which inventoryis measured and regulated according topredetermined norms such as economic lot sizefor order or production, safety stock, minimumlevel, maximum level, order level etc.
Inventory control pertains primarily to theadministration of established policies, systems &procedures in order to reduce the inventory cost.
Objectives of Inventory Control
To meet unforeseen future demand due to variationin forecast figures and actual figures.
To average out demand fluctuations due to seasonalor cyclic variations.
To meet the customer requirement timely,effectively, efficiently, smoothly andsatisfactorily.
To smoothen the production process.
To facilitate intermittent production of severalproducts on the same facility.
To gain economy of production or purchase in lots.

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