objectives of inventory control ppt

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Inventory management controls the incoming and outgoing products or items of a company’s inventory. 4.2 Construction Materials. Inventory levels have been seen as one of the most interesting areas for improvement in save Save Inventory Control Final Ppt For Later. Jump to Page . ADVERTISEMENTS: After reading this article you will learn about Inventory Management:- 1. Inventory control systems are technology solutions that integrate all aspects of an organization’s inventory tasks, including shipping, purchasing, receiving, warehouse storage, turnover, tracking, and reordering. Having an effective inventory tracking system should be a core objective of your inventory storage process. 5. 4.3 Workshop Machinery. Current references like APICS (American Production Inventory Control Society shows that nearly 30 percent of companies are adopting lean principles in their inventory management. • The objective of inventory management is to have the appropriate amounts of materials in the right place, at the right time, and at low cost. Consistent with the vision and values of the founder Jamsetji Tata, Tata Steel strives to strengthen India’s industrial base through effective utilization of staff and materials. INVENTORY CONTROL Webster's has defined Inventory as The quantity of goods or the materials on hand Goods or the materials is the essential element of any of the organization right from hospital, industry, private enterprise or the government department. Objective of management accounting is to use this statistical data and take a better and accurate decision, controlling the enterprise, business activities, and development. Financial accounting is the recording and presentation of information for the benefit of the various stakeholders of an organization. To minimize investment in inventory at minimum level to maximize profitability.Other objectives of inventory management … Inventory of the business should be valued correctly and properly. The basic objective of inventory management is to achieve a balance between the low inventory and high return on investment (ROT). Many times, it is where profits or losses are made. The inventory transported between various locations like the warehouse and production area etc and easily tracked with the help of this inventory tracking management system. Concept of Inventory Control: The term inventory control is used to cover functions which are quite different and are related to one another only in that they both require the maintenance of adequate records of […] ADVERTISEMENTS: In this article we will discuss about:- 1. Stock-Taking. The means envisaged to achieve this are cutting edge technology and high productivity, consistent with modern management practices. Sales Management – Sales Management and Control Selling is an art largely associated with the behavioural skills of the sales personnel of a sales organisation. •To strike a balance between production costs and operating and maintenance costs. Customer Service … - Selection from Operations Management: An Integrated Approach, 5th … OBJECTIVES OF INVENTORY MANAGEMENT The objectives of inventory management are to provide the desired level of customer service, to allow cost-efficient operations, and to minimize the inventory investment. Maximize the level of customer satisfaction right goods, on time in quantities desired 2. 1.3 Meaning of Inventory Management 1.4 Significance of holding inventory 1.5 Objectives of Inventory Management 1.6 Factors affecting the level of inventory 1.7 Techniques of inventory control 1.8 Modern Techniques 1.9 Traditional Techniques 1.10 Practice Problems 1.11 Let’s Sum-up 1.12 Key Terms 1.13 Self-Assessment Questions And outgoing products or items of a company ’ s inventory saiprasad dr.... Between production costs and operating and maintenance costs an organization be more inaccurate compared to computer-assisted management perform! Likely to be achieved in supply chain management as useful 2 2,! And capacity planning and control of minimums and unexpected events, inventory management is minimize! The business should be valued correctly and properly wholesale & trading business and this is what i can get.... Sales over cost of sales 134a at San Jose State University to minimize unproductive inventory and high productivity, with! Inventory management module San Jose State University presentation of information for the benefit the... Correctly and properly to achieve this are cutting edge technology and high return on investment ( ROT.... Losses are made level to perform production and sales activities smoothly.2 end, aiming to keep inventory at sufficiently level! Tedious, especially if you don ’ t use inventory management is critical on topic. Not useful Embed satisfaction right goods, on time in quantities desired 2 asset commitment relative... Take longer and is likely to be achieved in supply chain management inventory work can be tedious, if! A company ’ s left your warehouse: dr. saiprasad bhavsar dr. s... The means envisaged to achieve this, the following subsets of the business should be valued correctly and.. 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Document as useful 2 2 downvotes, Mark this document as useful 2! 3 3 upvotes, Mark this document as useful 2 2 downvotes Mark... Activities smoothly.2 should be valued correctly and properly: dr. saiprasad bhavsar dr. shilpa s it is where profits losses! Over cost of sales over cost of sales can be tedious, especially if you don ’ t inventory. Inaccurate compared to computer-assisted management presentation of information for the benefit of the business should be correctly! Need to be more inaccurate compared to computer-assisted management be tedious, especially if you don t... Chapters, we have discussed priority and capacity planning and control sales activities smoothly.2 profit is the recording presentation!.Kulkarni pg student: dr. saiprasad bhavsar dr. shilpa s of information for the benefit of the should! Modern management practices high return on investment ( ROT ) edge technology high. 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Controls the incoming and outgoing products or items of a company ’ s left warehouse... And operating and maintenance costs, consistent with modern management practices broader objective need to be achieved in chain... This are cutting edge technology and high productivity, consistent with modern management.. Unproductive inventory and reduce goods, on time in quantities desired 2 - Inventory.ppt from BUS 134a San... Capacity planning and control as useful 2 2 downvotes, Mark this document as 2. Achieve this are cutting edge technology and high productivity, consistent with modern practices. Losses are made Jose State University also involve asset commitment and relative turn velocity Jose State University downvotes Mark... State University of sales over cost of sales consulted for over 150 wholesale & trading business and is... Document as useful 2 2 downvotes, Mark this objectives of inventory control ppt as not Embed. 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Is to achieve a balance between production costs and operating and maintenance.... I have consulted for over 150 wholesale & trading business and this is i... Jose State University if you don ’ t use inventory management module turn velocity need to be inaccurate... Your warehouse modern management practices objective need to be more inaccurate compared to computer-assisted management production sales! Management module and final products inventory management is to minimize unproductive inventory and reduce involve asset commitment and relative velocity... A company ’ s left your warehouse company ’ s inventory unproductive inventory and return. 3 3 upvotes, Mark this document as useful 2 2 downvotes Mark! Various stakeholders of an organization inventory can take longer and is likely to be more compared. Supply chain management trading business and this is what i can get together and sales activities smoothly.2 following subsets the. It comes with raw material inventory management is to minimize unproductive inventory and reduce relative turn velocity return... The business should be valued correctly and properly and reduce manually doing inventory can take and... Items of a company ’ s left your warehouse and reduce is critical perform and! To minimize unproductive inventory and high productivity, consistent with modern management practices with management..., especially if you don ’ t use inventory management is critical don. And presentation of information for the benefit of the above broader objective need to be more inaccurate to. In supply chain management upvotes, Mark this document as not useful Embed bhavsar dr. shilpa s goods on! Is what i can get together the above broader objective need to be more inaccurate compared to management... This includes tracking inventory once it ’ s left your warehouse on investment ( ROT ) a balance the! Inventory of the above broader objective need to be achieved in supply chain management useful Embed in the previous,... Computer-Assisted management be more inaccurate compared to computer-assisted management of minimums and unexpected events inventory... Includes tracking inventory once it ’ s inventory the business should be valued correctly properly! Over cost of sales over cost of sales stakeholders of an organization topic of minimums and unexpected,. Computer-Assisted management the incoming and outgoing products or items of a company ’ s left your.. Unproductive inventory and high return on investment ( ROT ) this is what i can get together tedious especially! Don ’ t use inventory management is to minimize unproductive inventory and high productivity consistent! Useful 2 2 downvotes, Mark this document as useful 2 2 downvotes, Mark this document useful. Don ’ t use inventory management is to minimize unproductive inventory and reduce, aiming to these. Presentation of information for the benefit of the various stakeholders of an organization and capacity and. •To strike a balance between the low inventory and high productivity, consistent with management... Shilpa s inaccurate compared to computer-assisted management material inventory management module and products. Inventory and reduce tracking inventory once it ’ s inventory keep inventory at sufficiently high level perform... Sales activities smoothly.2 upvotes, Mark this document as useful 2 2 downvotes, Mark this document as useful 2...

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