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Inventory Planning and Control
What is inventory management?
Inventory management is a capital of working which helps in planning as well as controlling the important aspects of operations and the type of management. For normal consumption and for normal types of requirements, inventory does exist and inventory do occurs. It depends upon the consumption and the rate of average consumption for materials, for manufacturing of the material and for the procurement cases; it talks about the average rate of consumption and also the knowledge of inventories which are kept in the appropriate time. It builds the level of production, the rate of the production process and so as it deals with the definite proportion and definite consumption which involves in the particular availability of the materials. This ensures the production and the level of functioning or non-functioning which depends on the number of production and the speed of production. The inventory always gets prepared by keeping in mind that it is necessary and this number of inventory will be able to consume by the people. The level and the rate of the consumption are the first criteria which is known as the normal consumption and which is called as the level of the inventory.
The inventory should be based on the level of the production, it should be based on the level of the level of the consumption, it should also look for the purpose of safety and other requirements and the safety and stock requirements which is based on the normal level of inventory and the level of uncertainty which causes the aspect and which is the stock of the inventory. The inventory should be planned properly and produced accordingly when it is required for the production.
The decisions made for the purpose of inventory are based on:
The capital and its cost: This depends on the capital costs and also it is the opportunity cost which relates to the relevant cost and also it is arrived by the given suitable weightage and procurement of the funds and so on.
The cost of space: Inventory keeping is that process of management which requires some sort if space because it needs space to keep the stock so the cost of space also needs proper planning and proper implementation for defining the requirements and for achieving the perfect space in perfect cost.
The cost of handling the materials: When the materials move from one place to other it requires proper handling, it receives proper amount of money to safely handle all the materials and move within the warehouse or in the factory, it is the internal movement which helps in solving the requirements so the handling of materials also require some amount of cost to protect the materials or to protect the stock in general.
The insurance amount: When someone keeps the materials then there is a risk for security and safety there is a risk of fire, theft and there is a risk or danger of other incidents or other accidents so the insurance and the paid premiums helps in this decision. In this accidents and sudden shocks, this will help somehow to reduce the cost or the amount.
The cost of inventory procurement: In this type of cost, the procurement such as tendering, ordering, evaluation of bids, follow-up of the purchase order, the receipt and the materials cost all comes in this amount. This is known as the materials procurement activity which helps in achieving the task carefully.
The cost of general administration: The cost of general administration helps in the cost of keeping of inventory and involvement of large inventories which has the various uses of staff and the cost of general administration and so on.
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