Question

One of the objective of. is to avoid under and overstocking of material.​

Answer 1

Answer:

For keeping the stock of raw materials within limits in the stores i.e., to avoid overstocking and understocking of raw materials, materials control is significant

. 2. It ensures proper storage of materials.

Explanation:

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Answer 2

Answer: Inventory management is the process of controlling and supervising the stock of a company's products, raw materials, and finished goods.

Explanation:

The main objective of inventory management is to ensure that there is an appropriate balance between the supply and demand of inventory items. The goal is to maintain adequate inventory levels without carrying excess stock, which can result in unnecessary storage and handling costs. The primary purpose of inventory management is to avoid under and overstocking of material. Understocking can result in lost sales opportunities and reduced customer satisfaction, while overstocking can tie up capital and result in storage and handling costs.

To achieve the goal of avoiding under and overstocking, companies use various inventory management techniques such as ABC analysis, just-in-time inventory, reorder point planning, and safety stock planning. These techniques are designed to ensure that inventory levels are maintained at optimal levels to meet customer demand while avoiding unnecessary costs.

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