What Is Inventory Control? Definition Pregnant Achievement

What is Inventory Control? Definition

1. According to Gordon Carson,

"Inventory command is the physical care for where yesteryear the investment inward materials too parts carried inward stocks is regulated, inside pre-determined limits railroad train inward accordance alongside the inventory policy established yesteryear the management."

This definition of inventory command is taken from a mass titled 'Production Handbook' published inward 1958 too edited yesteryear Gordon B. Carson.

Definitions of inventory command w.r.t dissimilar perspectives are quoted below.

level of management of a company. It requires a strategic determination to hold upwards taken for its effective implementation. Its proper implementation is the responsibleness of the shop manager."

4. In an Academic perspective,

"Inventory command is a method to position those stocks of goods, which tin hold upwards used for the production of finished goods. It shall hold upwards supported yesteryear a schedule which gives details regarding; opening stock, receipt of raw-materials, number of materials, closing stock, too bit generated."

Now let's hash out farther to empathize the pregnant of inventory control.

Meaning of Inventory Control

Inventory command agency to monitor the stock of goods used for production, distribution too captive (self) consumption.

For a specific fourth dimension period, stock of goods are placed at to a greater extent than or less exceptional location. Stock of goods includes raw-materials, move inward progress, finished goods, packaging, spares, components, consumable items, etc.

Inventory Control agency maintaining the inventory at a desired level. The desired-level keeps on fluctuating equally per the demand too provide of goods.

The concept or pregnant of inventory command is depicted inward the diagram.

Following of import points bring the wide pregnant of inventory control:

1. Inventory Control mainly focuses on location, storage, recording the quantity, too accounting for the amount of inventories.
2. It helps to provide inventories to dissimilar departments or units whenever need requisition is raised. Mostly, it supplies inventories to the production department.
3. It keeps a tape of inventory issued to the concerned subdivision located at a specific place.
4. It provides prompt too proper service to all concerned departments or units.
5. It equally good helps to maintain inventories at lowest costs.
6. It bifurcates high-value too low-value stock of goods.
7. It equally good avoids over-stocking too under-stocking of raw-materials.

Advertiser

How to Achieve Inventory Control?

The inventory command tin hold upwards achieved by:

1. Purchasing items of the right-quantity, at the right-place too at right-time.
2. Providing a suitable, secure, too sufficient house for storage.
3. Developing a proper inventory identification system.
4. Maintaining an up-to-date tape keeping.
5. Making proper requisition procedures.