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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.
costs/per unit labor ... $ 4 materials ...5 fixed cost... $ 12 determine the break even point in units if the seeling price is $ 19 determine the break even point in sales at
The advantages and disadvantages of standard costing The benefits for controlling having a standard costing system in operation can be summed up as follows; Cautiously pl
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
Graphic method of break even analysis or break even chart The break even point can also be computed graphically. A break even chart is a graphical representation of marginal co
Organizing (1) It is the establishment of the framework within which the required activities are to be performed and the designation of who should perform such activities. It inc
limitation
The Baumol Model in 1952 considers cash management complication as same to inventory management problem. For itself the firm attempts to minimize the total cost that is the sum of
Decision Making Some managers appear to have an intuitive sense of good decision making. The reality is that good decision making is hardly ever done by intuition. Consist
After going through this section, you must be capable to: Know the need for establishing sound credit policy; Identify the different credit policy variables; Know the cred
1. Explain the modern control methods with examples. 2. What are the reports produced for performance measurement? Demonstrate.
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