Inventory Management

Table of Content

CHAPTER 1: INTRODUCTION3

Background3

Purpose Statement5

Appraisal of Effectual Inventory Management6

Research questions8

Overview of Research Method9

Terms of definition10

Buffer Stock10

Ticker Control10

Click Sheet Control11

Organization of Research Paper11

CHAPTER 2: LITERATURE REVIEW13

Analysis14

Selection of Technique16

Designing18

Reasons for Using Inventory Control Techniques21

Putting Inventory Management in Place22

Outsourcing Inventory Management22

CHAPTER 3: RESEARCH METHODOLOGY24

Introduction24

Surveys25

Data Collection Method26

Primary Research Method27

Secondary Data27

Qualitative v/s Quantitative Data28

Data Analysis29

CHAPTER 4: DISCUSSION AND ANALYSIS30

Discussion31

Inventory management eligibilities33

Inventory types33

Cycle stock34

Safety stock34

Pipeline Inventory35

Implications35

Inventory system of single-period time35

Inventory system of multi-period time36

Continuous Review System37

Supply Chain Partnerships and Vendor-Managed Inventory41

CHAPTER 5: RECOMMENDATIONS43

Increase in demand43

Warehouse consolidation43

Reduction in product variety43

Ordering cost reduction44

REFERENCES48

CHAPTER 1: INTRODUCTION

Background

Inventory of a company, in a literal sense, includes about anything and everything that is stocked by a company of a particular kind to do successful business. Basically, it is the raw material and technical input that an association will be implying in the future for the performance of excellence and achieving things that are comparatively constructive and benefitting. The inventory material is one important aspect of the companies because in the absence of inventories, companies find it difficult to continue their day to day operations; companies invest in working capital to maintain adequate level of inventories in order to facilitate the overall process of the company's operations; these companies maintain inventory at a level before time and in appropriate proportion to avoid any disruption in the ongoing operations of the company.

Management of inventory to maximize and enhance the project facilitation, profits and rehabilitation is necessary and it should be sought in a beneficial manner throughout the time. Many small businesses that are engaged in stock and raw material management and other relevant processes cannot afford to lose all the money and assets and when they do, it becomes destructive for the company and all of the benefits that it has earned within that consistent time period.

Poor inventory management can lead to administrative, employee and several other conflicts which should be resolved within a due time frame and because of different reasons, they should be implied in an appropriate manner for the profits and marketing standards to be achieved. Inventions of a company should be controlled and unless that happens in an effective manner, they are unreliable, inefficient and costly affecting the company in a negative manner.

Inventory management is the process of effectively overseeing the consistent flow and arrangement of units that are present inside and outside the inventions.

This involves about the process of transfer to prevent these substances from becoming too high or demanding to put the operational and strategic implementations of the company in danger and consequential objectives. This perspective, if not carried out in an appropriate manner can put the company's reputation and profits in danger which is why competent inventory management should be sought to control in a beneficial manner and with the help of correct techniques and implementations.

An effective approach for inventory management and analysis is required because it will not only manage the flow and practical use of such features but also control the costs and related expenses that are relating to it. From the aspects of total value of ...