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 [...]
Economic Order Quantity: The prime objective of inventory management is to find out and maintain optimum level of investment in inventory to minimize the total costs associated with it. The economic order quantity (EOQ) is the optimum size of the order for a particular item of inventory calculated at a point where the total inventory costs are at a minimum [...]
After reading this article you will learn about: 1. Meaning of Inventory Control 2. Classification of Inventory Control 3. Commonly used Inventory Control Items 4. Stock levels 5. Levels of Materials. Meaning of Inventory Control: Inventory control can be defined as the system used in a manufacturing concern to control the firms investment in Stock. The system involves the recording [...]