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Inventory refers to record or goods of stock and therefore inventory control is referred to as stock control. It is a process used to increase a company’s use of inventory. The main aim of inventory control is to produce maximum profit from the least amount of inventory investment. Students looking for inventory control and various techniques of inventory control shall refer Techniques of Inventory Control Assignment Help.
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Techniques of Inventory Control
The various techniques of Inventory Control explained in Techniques of Inventory Control Assignment Help are
• Establishing Various Stock Levels: – In order to avoid over-stocking and under stocking of materials; maximum level, minimum level, danger level, average level andre-order level of materials are decided to be kept in the store by the management.
• Preparation of Inventory Budgets: – Purchase budget is usually prepared by the organizations having bulk and huge material requirement. Therefore, the very first step is the establishment of sales budget in the preparation of purchase budget.
• Maintaining Permanent Inventory System: – This technique is also known as automatic inventory system. The main aim of this method is to monitor the quantity and value of each stocked product.
• Economic Order Quantity: – One of the major issues faced by companies is the quantity of products or items to order at a time. Under economic order quantity, the amount of stock to be ordered is determined. This is done at a particular time so that the total of ordering and carrying costs is reduced to a minimum point. Hence, here the economic buying quantity or the optimum quantity is to be determined. There is a formula to calculate the optimum order quantity, i.e. EOQ = √2DO/C. This technique is explained in Techniques of Inventory Control Assignment Help.
• ABC (Always Better Control) Analysis: – ABC (Always Better Control) method is used to employ effective control over materials. It is also known as – selective value approach, proportional parts value approach and stock control according to value method. The materials are classified into three categories with respect to their values given in Techniques of Inventory Control Assignment Help – Group A, Group B and Group Q.
I. Group A: – Costly items come under this group. These items are 10% to 20% of the total items but they are valuable. They constitute almost 50% of the total value of the store.
II. Group B: – These items are 20% to 30% of the total items but they are valuable. They constitute almost 30% of the total value of the store.
III. Group Q: -These items are 70% to 80% of the total items but they are valuable. They constitute almost 20% of the total value of the store.
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• Inventory Control to be prioritized.
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• Techniques regarding Inventory to be memorized.
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