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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.
engineering method of cost estimation
Carrying costs of inventory These are costs incurred because the firm has decided to maintain inventories. They generally consist of: • Stock-out costs • Insurance co
Suppose the spot price for Euro is $1.30, the futures price for delivery in 6 months is $ 1.29675. Assume that the 6 month borrowing/lending rate in Euro is 1.5 percent (annually,
Introduction of zero base budgeting Steps involved in the introduction of zero base budgeting 1) Corporate objectives should be established and laid down in detail 2) Dec
Credit Limit A credit restriction is the maximum amount of credit that the firm will extend at a point of time. This indicates the extent of risk taken through the firm through
Use of Computer Systems in Linear Programming When a computer is to be used for linear programming there are a number of steps: (1) Development of the equations which descri
Characteristics of standard costing 1) Flow of information : in a standard costing system cost information flows in a straight forward manner as material is requisitioned and
Saddle Point The saddle point in a payoff matrix is one which is the smallest value in its row and the largest value in its column. It is also termed as equilibrium point in th
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What are the Objectives of budgetary control 1) Planning : planning is an important managerial function. it helps to decide in advance, what to do how to do it when to do it a
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