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Inventory management or control stands for stock control and software management to help and streamline your processes. It is known that business, industry needs to be managed perfectly. They had many responsibilities of raw materials, work-in process, spares, finished groups and other items. Inventory management is also named as inventory control. This control or management system has some rules and regulations called models. Inventory management ensures company to provide uninterrupted production, sales, also helps to avoid haste purchase, it also helps to provide advantage of price and supply conditions. Provide guidance to stay loss conditions. The tutors and experts at our inventory control models assignment help service provides information about any type of query about inventory management.
The word inventory simply implies the stock of idle resources of any kind which have any economic value. Actually in other words inventory means a physical stock of goods, which is kept in hand for smooth and efficient running of future affairs of an organization. This stock of goods may contain finished goods, human resources like labour or raw-materials and sometimes financial resources like working capital etc. It is not important that an industry have all inventory classes but whatever be the inventory item that needs efficient management like a sufficient amount of money to maintain and invest on it.
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Inventory theory formally means the mathematical theory of inventory or production. It has sub-speciality within operation management and operation research. It helps to design the production systems just to minimize the costs. Inventory control problem is the problem which is faced by every firm that decides how much to give order to fulfill the demands of the given time period. These problems can solved using mathematical techniques like dynamic programming and network optimization. The study of every model is a part of inventory theory.
In inventory models there are many sub-topics which is also important to understand so that one can have good knowledge of inventory model. First one is demand, it is an efficient desire which is related with a particular time, price and quantity. The demand pattern of a community changes every time it may be either deterministic or probabilistic. Second one is ordering cycle. This is defined as the time period between two successive placements of orders.
These orders are further divided into two inventory review systems they are
• Continuous Review
• Periodic Review
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