Inventory Management

From the above definition the following points stand out with in tuneant to inventory:

? each(prenominal) organizations engaged in production or sale of products hold inventory in one form or other.
?Inventory can be in pick out state or incomplete state.
?Inventory is held to facilitate afterlife consumption, sale or further processing/value addition.
?All inventoried resources have economic value and can be considered as assets of the organization.
INPUTPROCESSOUTPUT
Raw MaterialsWork In changeFinished Goods
Consumables required for processing. Eg : Fuel, Stationary, Bolts & Nuts etc. required in manufacturingSemi-Finished Production in various stages, lying with various departments want Production, WIP Stores, QC, Final Assembly, Paint Shop, Packing, Outbound Store etc.



Finished Goods at Distribution Centers throughout Supply Chain
Maintenance Items/ConsumablesProduction burn out and ScrapFinished Goods in transit
Packing MaterialsRejections and DefectivesFinished Goods with Stockiest and Dealers
local purchased Items required for productionSpare Parts Stocks & Bought Out items
Defectives, Rejects and gross sales Returns
Repaired Stock and Parts
Sales Promotion & Sample Stocks

INVENTORY circumspection
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Photo by: Kheng Guan TohInventory management, or inventory control, is an attempt to balance inventory engages and requirements with the need to minimize costs resulting from obtaining and holding inventory. There are some(prenominal) schools of thought that view inventory and its function differently. These will be addressed later, but...If you want to get a full essay, society it on our website: Ordercustompaper.com



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