Discuss the various inventory control/classification techniques prevalent in the industry mentioning the basis of each classification. Discuss any three of these techniques as applicable to an organization in the Retail sector like Big Bazaar or Dmart for effective management of their inventories (you can assume inventories of your choice to explain.
Answers
Answer:
is this drawing good plz comments
Answer:
Inventory control exists as the method of holding the right number of parts and products in store to avoid deficiencies, overstocks, and other expensive issues.
Explanation:
The 3 inventory control techniques appropriate to an institution in the Retail sector like Big Bazaar or Dmart for effective managing of their inventories are as follows,
(1) Economic order quantity
Economic order quantity (EOQ) exists as a formula for how much stock a business should buy with a group of variables like total costs of production, demand rate, and other aspects. The formula specifies the most significant number of units to undervalue buying, keeping, and other costs.
(2) Just-in-time inventory management
Just-in-time (JIT) inventory management exists as a process in which companies acquire inventory on an as-needed base instead of ordering too much and threatening destroyed inventory (inventory that was never sold or operated by consumers before being extracted from the sale position).
(3) Batch tracking
Batch tracking exists as a quality management approach wherein users can group and observe comparable goods to track stock extinction or trace deficient items back to their original collection.
Thus The 3 inventory control techniques appropriate to an institution in the Retail sector like Big Bazaar or Dmart for effective managing of their inventories are Economic order quantity, Just-in-time inventory management, and Batch tracking.