Techniques of Inventory Control Homework Help
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What is Inventory Control?
an inventory is the storage of elements that may get used during the times material procurement gets difficult. These stocks are utilized for continuous production and hence there is a separate department to maintain and keep records of such storage. It is the inventory control department. They use various calculative and logical methods to keep track of all the records. These techniques are briefly discussed in this article for Techniques of Inventory Control homework Help.
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Techniques for Inventory Control
Our Techniques of Inventory Control homework Help writers have compiled a few techniques and hence present them as following.
1. Establishing annual stocking policies: a range of maximum and minimum requirement of material to be stored is set by the management to keep in the warehouse. Re order levels are also optimized based on the current value of stock present.
2. Inventory budgets: an annual inventory budget is maintained well in advance. Material costs, fixed operational costs, carrying costs, logistic costs etc. are included in this ownership.
3. Perpetual inventory system: an automatic inventory system, as per our Techniques of Inventory Control homework Help writers, tells whenever the stock goes less. A combination of ERP and WMS can help to establish one.
4. Inventory turnover ratio: the capacity of an industry to quickly turn up the inventory in to revenue is called as inventory turnover ratio. The higher is the ratio, less is the storage life of the material. Our Techniques of Inventory Control homework Help article states that this method really improves the sales values and provides good profit margins.
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