The following are various inventory control techniques and methods used in different industries: 1. Demand and Supply Method of Stock Control - Levels of Stock and EOQ 2. Stock Control According to Value-ABC Analysis 3. Perpetual Inventory System 4. Just-In-Time Inventory (JIT) 5. VED Analysis 6. FSND Analysis 7. Automatic Order System 8. Ordering Cycle Method 9. Min-Max Method and [...]
Following are the main techniques of materials control: 1. ABC Analysis 2. Determination of stock levels 3. Economic Order Quantity (EOQ) Analysis 4. Perpetual Inventory System 5. Periodic Annual Inventory Control System 6. VED Analysis. Technique # 1. ABC Analysis: The concept of ABC Analysis was coined by Pareto, an Indian philosopher in the nineteenth century. It is a value [...]
The various methods of pricing issues of materials may be grouped under three broad categories. They are: 1. At Cost Methods 2. Average Cost Methods 3. Notional Price Methods. 1. At Cost Price Method: This method takes into account the price of materials at which they are bought for the purpose of valuing them at the time of issues. The [...]