Techniques of Inventory Control
There are few inventory control procedures which are of importance and are there by implemented.
- Inventory Costing Report
- Economic Order Quantity (EOQ)
- Level setting
- Inventory Turnover Ratio
- FNSD Analysis (which indicates Fast moving items (F), Normal moving items (N), Slow moving items (S), Dead items (D).
- Selective Inventory Control or ABC Analysis
- Just In Time Listing (JIT)
- Perpetual Listing System
- VED analysis [where V stands for Vital, E for Essential, and D for Desirable Commodities)