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Process of inventory
management & control

22/03/2013

Rashmiranjan

1
Definition:
Scientific method of finding out how much stock
should be maintained in order to meet the production
demands and be able to provide right type of material
at right time, in right quantities and at competitive
prices.
Inventory is actually money, which is available in
the shape of materials (raw materials, in-process and
finished products), equipment, storage space, worktime etc.
22/03/2013

Rashmiranjan

2
What is process of inventory management
& control ?
It refers to planning for optimum quantities
of material at all stages in the production
cycle and evolving techniques which would
ensure the availability of planned
inventories.

22/03/2013

Rashmiranjan

3
Four steps are involved in the process Determination of optimum inventory levels and
procedures of their review and adjustment.
Determination of the degree of control that is
required for the best result.
Planning and design of the inventory control
system.
Planning of the inventory control organization.
22/03/2013

Rashmiranjan

4
Determination of optimum inventory
levelsToo much of inventory results in locking of working
capital accompanied by increased carrying cost (but
reduce ordering cost)
Too less of inventory releases working capital for
alternative uses and reduce carrying cost and increase
ordering cost. But there is the risk of stock out costs.

So, the actual level of inventory improve your production
and reduce losses.
For that, inventory manage management plan for the
review of the stock.
22/03/2013
Rashmiranjan
5
Determination of degree of controlThe second aspect of inventory management is to decide
just how much control is needed to realize the objectives of
inventory management.
So that the ABC classification is there- this approach is
useful in deciding the degree of control.
`A` class items are `High` in value but `low` in quantity.
`C` class inventories are the opposite of `A` group, it is
`High` in quantity and `low` in value.
`B` group stock which are more or less equal in quantity
value proportion to the total inventory.
so inventory management decide the class of production on
the basic of requirement.
22/03/2013

Rashmiranjan

6
Planning and design of the inventory
styleAn inventory system provides the organisational structure
and the operating policies for maintaining and controlling
goods to be inventoried. The system is responsible for
ordering and receipt of goods, timing the order replacement
and keeping track of what has been ordered, how much, and
form whom.
There two general approaches to inventory system –
(a)The fixed order quantity system
(b)The fixed order periodic system
(Variously know as periodic system, the periodic review
system, and fixed order interval system.)
22/03/2013

Rashmiranjan

7
22/03/2013

Rashmiranjan Das.
PGDM 1st yr ,2nd sem
Roll No.- 4010

Rashmiranjan

8

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Process of Inventory management & control

  • 1. Process of inventory management & control 22/03/2013 Rashmiranjan 1
  • 2. Definition: Scientific method of finding out how much stock should be maintained in order to meet the production demands and be able to provide right type of material at right time, in right quantities and at competitive prices. Inventory is actually money, which is available in the shape of materials (raw materials, in-process and finished products), equipment, storage space, worktime etc. 22/03/2013 Rashmiranjan 2
  • 3. What is process of inventory management & control ? It refers to planning for optimum quantities of material at all stages in the production cycle and evolving techniques which would ensure the availability of planned inventories. 22/03/2013 Rashmiranjan 3
  • 4. Four steps are involved in the process Determination of optimum inventory levels and procedures of their review and adjustment. Determination of the degree of control that is required for the best result. Planning and design of the inventory control system. Planning of the inventory control organization. 22/03/2013 Rashmiranjan 4
  • 5. Determination of optimum inventory levelsToo much of inventory results in locking of working capital accompanied by increased carrying cost (but reduce ordering cost) Too less of inventory releases working capital for alternative uses and reduce carrying cost and increase ordering cost. But there is the risk of stock out costs. So, the actual level of inventory improve your production and reduce losses. For that, inventory manage management plan for the review of the stock. 22/03/2013 Rashmiranjan 5
  • 6. Determination of degree of controlThe second aspect of inventory management is to decide just how much control is needed to realize the objectives of inventory management. So that the ABC classification is there- this approach is useful in deciding the degree of control. `A` class items are `High` in value but `low` in quantity. `C` class inventories are the opposite of `A` group, it is `High` in quantity and `low` in value. `B` group stock which are more or less equal in quantity value proportion to the total inventory. so inventory management decide the class of production on the basic of requirement. 22/03/2013 Rashmiranjan 6
  • 7. Planning and design of the inventory styleAn inventory system provides the organisational structure and the operating policies for maintaining and controlling goods to be inventoried. The system is responsible for ordering and receipt of goods, timing the order replacement and keeping track of what has been ordered, how much, and form whom. There two general approaches to inventory system – (a)The fixed order quantity system (b)The fixed order periodic system (Variously know as periodic system, the periodic review system, and fixed order interval system.) 22/03/2013 Rashmiranjan 7
  • 8. 22/03/2013 Rashmiranjan Das. PGDM 1st yr ,2nd sem Roll No.- 4010 Rashmiranjan 8