Inventory Management is a practice of tracking and controlling the inventory orders, its usage and storage along with the management of finished goods that are ready for sale. Improper inventory management can lead to an increase in storage cost, working capital crunch, wastage of labor resources, increase in idle time, disruption of the supply chain, etc. All this leads to a reduction in sales and unsatisfied customers. Therefore, inventory management is an important aspect of the business which the management cannot afford to ignore. Effective and efficient management of the same is a must. There are various types of inventory management techniques which can help in efficient inventory management.
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Asked by Wiki User. Adware software notes. Write short notes on earth quakes. This is no question! Yes you can because its equitable premium. Inventory refers to the tangible goods and materials that a business holds for the purpose of reselling. The reasons for keeping include appreciation of value, economies of scale, seasonal demand, time and uncertainty.
Inventory Control Study Notes for Mechanical Engineering
Last Updated: May 6, References. To create this article, 9 people, some anonymous, worked to edit and improve it over time. This article has been viewed , times.
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.