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Inventory Control Management - Management Assignment Help


Inventory control is the means by which materials of the correct quality and in correct quantity are made available as and when required with due regard to economy in storage and ordering costs, purchase prices and working capitals. In other words it is the technique of maintaining the size of the inventory at some desired level keeping in mind the best economic interests of the production system. The desired level can neither be much high nor much low because high level of inventory will lead to increase in carrying cost while low level of inventory will lead to increase in ordering cost.



According to L . V Fine, the planning and scheduling of materials in the manufacturing process. It is possible to exercise control over the three types of inventories recognized by the accountant as raw materials work in progress and finished goods.

According to john L. Burbidge “Inventory control is then concerned with the control of the quantities and or monetary values of these items a predetermined level or with safe limits".
Inventory control is the techniques of maintaining stock keeping items at the desired level whether they are raw materials, goods in process or finished products. Inventory control keeps track of inventory. The balance between high level and low level can be done by means of effective inventory control.
Thus the inventory control management includes the followings aspects:

a. Size of inventory: Determining maximum and minimum levels establishing time schedules procedures and lot of sizes for new orders ascertaining minimum safety levels coordinating sales production and inventory policies.

b. Providing proper storage facilities arranging the receipt disbursements and procurement of materials developing the forms of recording these transactions.
c. Assigning responsibilities for carrying out inventory control functions.
d. Providing for the reports necessary for supervising the overall activity.

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