NEED OF INVENTORY NEED OF INVENTORY CONTROL CONTROL TO ENSURE CONTINUOUS SUPPLY : IT IS REQURIED SO THAT PRODUCUTION SHOULD NOT SUFFER AT ANT TIME AND THE CUSTOMERS DEMAND SHOULD ALSO BE MET TO ENSURE PROPER INVESTMENT : THERE SHOULD BE NO OVERSTOCKING AND UNDERSTOCKING AND INVETORY CONTROL HELP IN IT. CONT’D CONT’D TOREDUSE THE MATERIAL COSTS: A GOOD INVENTORY CONTROL SYSTEM CAN LEAD TO MINIMIZATION OF MATERIAL COST. TO MINIMIZE LOSSES: IT CAN MINIMIZE THE LOSSES OF INVENTORY THROUGH DETERIORATION WASTAGES AND DAMAGES. TO ELIMINATE DUPLICATION : THE SAME MATERIAL CAN BE ORDERED BY DIFFERENT ...
DEFINITION OF MATERIAL DEFINITION OF MATERIAL CONTROL CONTROL ACC. TO B.K.BHAR: MATERIAL CONTROL IS A SYSTEM WHICH ENSURES THE PROVISION OF REQUIRED QUALITY OF MATERIAL,IN REQUIRED QUANTITY ON REQUIRED PLACE AN TIME WITH MINIMUM AMOUNT OF CAPILTAL. MEANING OF INVENTORY MEANING OF INVENTORY • INVENTORY MEANS A SHEDULE OF ITEMS HELD AT PARTICULAR POINT OF TIME. LEVELS OF MATERIAL CONTROL QUALITY FINANCIAL CONTROL CONTROL OBJECTIVES OF MATERIAL OBJECTIVES OF MATERIAL CONTROL CONTROL AVAILABILITY OF MATERIAL. MINIMUM INVESTMENTS IN MATERIAL. SUITABLE PRICE. TO AVOID SPOILAGE OF MATERIAL. PROPER ISSUE OF MATERIAL. ACCOUNTING OF MATERIAL. CHECKING OF MATERIAL. VALUATION ...
INVENTORY MEANING • held for SALE • Consumed in the PRODUCTION of goods/services Forms of Inventory for Manufacturing Comp. Raw materials, Work in process, Finished goods and stores & spares Inventory Management- objectives • minimize investments in inventory • meet the demand for products by efficiently organizing the production & sales operations COSTS OF HOLDING INVENTORIES • Ordering costs • Inventory Carrying costs • Opportunity costs of funds blocked • Shortage RISK OF HOLDING INVENTORY • Price decline • Product Deterioration • Product Obsolescence TOOLS & TECHNIQUES OF INVENTORY MANAGEMENT/ CONTROL • ABC Analysis • Economic Ordering ...
PPT - Power Point | 0.63 MB | Free Download
