Explain inventory control, Operation Management

Assignment Help:

Explain inventory control.

Inventory Control- its importance and scope: Inventory control is the scientific way of finding out how much stock  be maintained so as to meet the production demands and be capable to give right type of material at right time in the right quantities and at competitive prices.

It is concerned with achieving an optimum balance among two objectives that are:-

  • To minimise investment in inventory because it implies money kept in store room.
  • To maximize the facility levels to the customers firm and its own departments.

A good inventory control will intend to:

a) Procure material of fine quality in time

b) Not to see shortage of material 

c) Ignore delay in production schedules

d) Get production targets

e)  Acquire delivery dates accurately  

f)  Help industry to make its reputation and keep better customer relations.


Related Discussions:- Explain inventory control

Describe short-range plans, 1. Henry Mintzberg identified three broad categ...

1. Henry Mintzberg identified three broad categories of roles that managers play. Briefly discuss the three broad categories. Give a workplace example of one of the roles contained

Explain negotiated union contract allows workers, A recently negotiated uni...

A recently negotiated union contract allows workers in a shipping department 21 minutes for rest, 12 minutes for personal time, and 15 minutes for delays for each four hours worked

Explain how would you evaluate this contest, Part 2: Case Floor-Shine Clea...

Part 2: Case Floor-Shine Cleaning Products Case Focus: This case illustrates the use of a sales contest in an attempt to boost sales. Several potential problems resulting fro

Explain employee empowerment and participation important, For you personall...

For you personally, do you consider employee empowerment and participation important? Would you take a job where you are not empowered?

Consider a layout decision in an organisation, Consider a layout decision w...

Consider a layout decision which has been made in your own organisation. How was the layout devised? What were the key issues?

Describe schedule of matches for the couples, Chris Lane, the head professi...

Chris Lane, the head professional at Royal Oak Country club, must develop a schedule of matches for the couples' golf league that begins its season at 4PM tomorrow. Eighteen couple

Explain why is forecasting important in organizations, Why is forecasting i...

Why is forecasting important in organizations, especially as related to understanding the relevant time horizon to develop a forecast against? What are some examples from industry?

Explain value-creation processes and supporting processes, Differentiate be...

Differentiate between value-creation (core) processes and supporting processes. Provide an example of each process

Breadth of supplier base - many or few suppliers, Breadth of Supplier Base ...

Breadth of Supplier Base - Many or Few Suppliers The traditional approach to supplier selection is to prepare a tender document and request a quotation from a range of suitabl

What is an operation setback chart, An operation setback chart _____. is...

An operation setback chart _____. is based on lead times that typically include move and queue times and indicates a schedule for when to make a part. is a schedule for when

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd