📕 Production and Operation Management Book Series 📕

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✅ How to Purchase Production and Operation Management Book PDF ✅

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00:00 Starting
00:15 Meaning
01:54 Objectives
02:56 Benefits

Meaning of Inventory Control

Inventory control is a scientific method of finding how much stock should be maintained to meet the production demands and be able to provide the right type of material at right time in the right quantities to the departments. It avoids problems like over and understocking. Because,

a.) If there is an overstocking, then the working capital will be blocked and the materials may be spoiled, wasted, or remain unused.

b.) If there is an understocking, then production will not take place as per schedule, and deliveries will be affected.

Objectives of Inventory Control

1.) To avoid shortage of raw material as far as possible.
2.) To make optimum utilization of money during the inflow or outflow of inventory.
3.) To maintain a timely record of inventories.
4.) To make short and long-term planning of delivery of material.
5.) To ensure an adequate supply of products to customers.

Benefits of Inventory Control

1.) It improves customer relations because of the timely delivery of goods and services.
2.) Maintain the right level of inventory that ensures smooth and uninterrupted production.
3.) Efficient utilization of working capital.
4.) Forecasting for Short-term and Long-Term Stock
5.) Help to know Real-Time Inventory Levels

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