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FLORENCE - Inventory Data

FLORENCE - Inventory Data

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Published by zulfi24
Describes the method a store called 'Florence' uses to keep track of the goods in storage and the goods sold. An introduction to inventory management system
Describes the method a store called 'Florence' uses to keep track of the goods in storage and the goods sold. An introduction to inventory management system

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Published by: zulfi24 on Nov 23, 2008
Copyright:Attribution Non-commercial

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04/12/2011

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Inventory Management Systems analysisof
 
THE FLORENCE STORE
 
Submitted by:
 iZulfiquar HadA3906407G50Semester ‐ III
 
1
 Acknowledgement
I
 
thank
 
my
 
project
 
supervisor,
 
Ma'am
 
Puja
 
Aggarwal,
 
for
 
providing
 
me
 
this
 
research
 
opportunity.
 
I
 
acknowledge
 
the
 
continuous
 
support
 
provided
 
by
 
her
 
throughout
 
the
 
study.
 
I
 
would
 
like
 
to
 
express
 
my
 
deep
 
sincere
 
gratitude
 
to
 
Prof.
 
Alka
 
Munjal
 
who
 
has
 
always
 
been
 
a
 
source
 
of 
 
inspiration
 
for
 
me.
 
I
 
also
 
owe
 
many
 
thanks
 
to
 
my
 
senior
 
secondary
 
school
 
teacher
 
Mr.
 
G.S.
 
Mongia
 
who
 
has
 
influenced
 
my
 
professional
 
career
 
as
 
much
 
as
 
my
 
family.
 
Finally,
 
many
 
thanks
 
to
 
my
 
great
 
family,
 
especially
 
to
 
my
 
parents.
 
I
 
would
 
like
 
to
 
thank
 
all
 
my
 
dear
 
friends
 
for
 
their
 
support
 
and
 
presence
 
in
 
my
 
life.
 
2
 Abstract
Inventories
 
constitute
 
the
 
most
 
significant
 
part
 
of 
 
current
 
assets
 
of 
 
a
 
large
 
majority
 
of 
 
companies
 
in
 
India.
 
On
 
an
 
average,
 
inventories
 
are
 
approximately
 
60%
 
of 
 
current
 
assets
 
in
 
public
 
limited
 
companies
 
in
 
India.
 
Because
 
of 
 
the
 
large
 
size
 
of 
 
inventories
 
maintained
 
by
 
firms,
 
a
 
considerable
 
amount
 
of 
 
funds
 
is
 
required
 
to
 
be
 
committed
 
to
 
them.
 
It
 
is,
 
therefore,
 
absolute
 
imperative
 
to
 
manage
 
inventories
 
efficiently
 
and
 
effectively
 
in
 
order
 
to
 
avoid
 
unnecessary
 
investment.
 
A
 
firm
 
neglecting
 
the
 
management
 
of 
 
inventories
 
will
 
be
 
 jeopardizing
 
its
 
long
run
 
profitability
 
and
 
may
 
fail
 
ultimately.
 
It
 
is
 
possible
 
for
 
a
 
company
 
to
 
reduce
 
its
 
levels
 
of 
 
inventories
 
to
 
a
 
considerable
 
degree,
 
say
 
10
 
to
 
20%,
 
without
 
any
 
adverse
 
effect
 
on
 
production
 
and
 
sales,
 
by
 
using
 
simple
 
inventory
 
planning
 
and
 
control
 
techniques.
 
The
 
reduction
 
in
 
‘excessive’
 
inventories
 
carries
 
a
 
favorable
 
impact
 
on
 
a
 
company’s
 
profitability.
 
The
 
FLORENCE
 
store
 
effectively
 
and
 
efficiently
 
uses
 
computerized
 
inventory
 
management
 
system
,
 
which
 
enables
 
it
 
to
 
easily
 
track
 
large
 
items
 
of 
 
inventories.
 
It
 
is
 
an
 
automatic
 
system
 
of 
 
counting
 
inventories,
 
recording
 
withdrawals
 
and
 
revising
 
the
 
balance.
 
There
 
is
 
an
 
in
built
 
system
 
of 
 
placing
 
order
 
as
 
the
 
computer
 
notices
 
that
 
the
 
reorder
 
point
 
has
 
been
 
reached.
 
The
 
computerized
 
inventory
 
system
 
is
 
inevitable
 
for
 
large
 
retail
 
stores,
 
which
 
carry
 
thousands
 
of 
 
items.
 
The
 
computer
 
information
 
systems
 
of 
 
the
 
buyers
 
and
 
suppliers
 
are
 
linked
 
to
 
each
 
other.
 
As
 
soon
 
as
 
the
 
supplier’s
 
computer
 
receives
 
an
 
order
 
from
 
the
 
buyer’s
 
system,
 
the
 
supply
 
process
 
is
 
activated.
 

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