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INVENTORY CONTROL DECISIONS
Factories, workshops, engineering departments handle raw materials used in the manufacture of products. The main objectives in handling these materials are:
1. Maximum customer's service2. Minimum possible investment on materials, handling costs etc.3. Avoid shortages as far as possible so that production is not stopped or customer's goodwill is not lost.
Some of these objectives are basically in conflict and require a scientific approach to get an optimal solution in order to earn maximum profit for a given investment. Inventory control is the study including `Material Management' and the associated costs in such a way that the total cost is kept minimum for a given investment.
What is Direct material cost variance It can be defined as the difference between the standard costs of direct material specified and the actual cost of direct material used.
Private sector companies have multiple stakeholders who are likely to have divergent interests.( five stakeholder groups and discuss their financial and other objectives).
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