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Selective Inventory Control Techniques

Discuss Selective Inventory Control Techniques within the Elements Of Logistics (Logs) forums, part of the Resolve Your Query - Get Help and discuss Projects category; WHAT ARE INVENTORIES? Inventory refers to stock of raw materials , work in progress and finished goods Can be stored ...

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Selective Inventory Control Techniques
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Sunanda K. Chavan
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Selective Inventory Control Techniques - September 6th, 2010

WHAT ARE INVENTORIES?

Inventory refers to stock of raw materials , work in progress and finished goods

Can be stored for future use.


Inventory possess value.

Objective of inventory is to ensure continuous supply of goods at reasonable cost.

NEEDS OF INVENTORY

To maintain continuous flow of supply through supply chain .

To maintain safety stock.

To achieve economy of scale in transportation .

NEEDS OF INVENTORY

To make a bulk purchase & get advantage of discount .

To maintain customer service level

What is inventory control?

It is planning, ordering and scheduling of material.

Right quantity of material available at right time.

Systematic control over purchasing, storing and using of material.

FUNCTIONS OF INVENTORY CONTROL

Effective use of financial resources.

Protection against all material losses.

Proper calculation of cost of production.

Keep the ball of production bouncing.

Economies in purchasing.

Eliminates redundant inventory.

Keeping prompt delivery to the customers.

SCOPE OF INVENTORY CONTROL

Formulation of relevant policies

Determining economic order quantity

Determining lead time

Minimization of material-handling and storage cost

Ascertaining Safety Stock

Main Techniques in Selective Inventory Control

ABC Analysis

VED Analysis

SOS Analysis

JIT Analysis


HML Analysis

XYZ Analysis &

many more….
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Re: Selective Inventory Control Techniques - June 16th, 2015

Hey Sunanda, I have gone through all these information but something is void and not mention that is there are more Techniques of Inventory Control System.But, i have that information given below.

Most Important Techniques of Inventory Control System

1. Setting up of various stock levels

2. Preparation of Inventory Budgets

3. Maintaining Perpetual Inventory System

4. Establishing Proper Purchase Procedures

5. Inventory Turnover Ratio

6. ABC analysis
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Bhautik Kawa
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Re: Selective Inventory Control Techniques - February 20th, 2016

Quote:
Originally Posted by sunandaC View Post
WHAT ARE INVENTORIES?

Inventory refers to stock of raw materials , work in progress and finished goods

Can be stored for future use.


Inventory possess value.

Objective of inventory is to ensure continuous supply of goods at reasonable cost.

NEEDS OF INVENTORY

To maintain continuous flow of supply through supply chain .

To maintain safety stock.

To achieve economy of scale in transportation .

NEEDS OF INVENTORY

To make a bulk purchase & get advantage of discount .

To maintain customer service level

What is inventory control?

It is planning, ordering and scheduling of material.

Right quantity of material available at right time.

Systematic control over purchasing, storing and using of material.

FUNCTIONS OF INVENTORY CONTROL

Effective use of financial resources.

Protection against all material losses.

Proper calculation of cost of production.

Keep the ball of production bouncing.

Economies in purchasing.

Eliminates redundant inventory.

Keeping prompt delivery to the customers.

SCOPE OF INVENTORY CONTROL

Formulation of relevant policies

Determining economic order quantity

Determining lead time

Minimization of material-handling and storage cost

Ascertaining Safety Stock

Main Techniques in Selective Inventory Control

ABC Analysis

VED Analysis

SOS Analysis

JIT Analysis


HML Analysis

XYZ Analysis &

many more….
Hey sunanda, thanks for article on case of Selective Inventory Control Techniques, such a nice topic you choose and it is really going to help many people.

I also got some information on the Types of Inventory Control Systems and would like to share it with you and other student's. So please download and check it.
Attached Files
File Type: pdf Types of Inventory Control Systems.pdf (84.9 KB, 4 views)


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