Question

What is purchasing and inventory control? Explain the importance of inventory control for a manufacturing business.​

Answer 1

Answer:

Inventory control protects a company from fluctuations in demand of its products. It enables a company to provide better services to its customers. It keeps a smooth flow of raw-materials and aids in continuing production operations. It checks and maintains the right stock and reduces the risk of loss.

Explanation:

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Answer 2

Here is your answer

Inventory Control

Inventory control is a planned approach of determining what to order, when to order and how much to order and how much to stock so that costs associated with buying and storing are optimal without interrupting production and sales.

Importance

The aim of holding inventories is to allow the firm to separate the process of purchasing, manufac­turing, and marketing of its primary products. Inventories are a component of the firm’s working capital and as such represent a current account.

The aim of holding inventories is to allow the firm to separate the process of purchasing, manufac­turing, and marketing of its primary products. Inventories are a component of the firm’s working capital and as such represent a current account.Inventories are also viewed as a source of near all cash. The purpose is to achieve efficiencies in areas where costs are involved. The scientific inventory control results in the reduction of stocks on the one hand and substantial decline in critical shortages on the other.

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