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This is the first topic that you need to know as Inventory Management and Control assignment answers are the simple definition if the topic.
The main idea of inventory management and control is to keep an optimum level of money investment to keep the inventory going. Almost every corporate will have a specific plan for inventory management and control; the method can be simple or complicated.
Under the simple method, there is only one purchase man, who takes care of all the purchases, stocks, orders. Whenever there is a shortage in the supply, he is responsible for the refill. Sometimes here stock list maintained, but sometimes maybe not. The risk here is that the management is not very effective since it is based on one man and could be excessively expensive if not ordered efficiently.
Another method is when the inventory management and control is done by a group of people, in this case the management is kind of in order of the previous system and managers already know the principles and procedures of the management.
After that you need to know, is the technique of inventory management and control as the Inventory Management and Control homework answers.
- Economical purchase:
The purchase must be economical or must be within a defined budget and must be in a way so that it does not hurt the organization. The fixed cost of the organization (wages and operation cost) must be considered while doing these purchases.
- Time of order:
Determining the time of order is important. It must be in the interest of the organization; excess orders must not be made.
- Minimum stock maintenance:
The orders and supplies should be made in a way so that the minimum stock is maintained all the time for any emergency purpose. This is also known as safety stock. There are many ways of doing this. Some company as a rule of thumb, maintain one or two months of stock.
These are the basic techniques of inventory management and control.
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