Question

write a short essay about inventory control. (Involves, kinds of inventory, reasons and approaches).

Answer 1

Answer:

The Need of Inventory Control:

The necessity of inventory control is to maintain a reserve (store) of goods that will ensure manufacturing according to the production plan based on sales requirements and the lowest possible ultimate cost.

Losses from improper inventory control include purchases in excess than what needed, the cost of slowed up production result­ing from material not being available when wanted. Each time a machine is shut down for lack of materials or each time sale is postponed or cancelled for lack of finished goods. Thus a factory loses money.

To promote smooth factory operation and to prevent piling up of stock or idle machine time proper quantity of material must be on hand when it is wanted. Proper inventory control can reduce such losses to a great extent. please mark me Brainliest answer

Answer 2

Answer:

It may be defined “as the systematic location storage and recording of goods in such a way that desired degree of service can be made to the operating shops at mini­mum ultimate cost”.

The Need of Inventory Control:

The necessity of inventory control is to maintain a reserve (store) of goods that will ensure manufacturing according to the production plan based on sales requirements and the lowest possible ultimate cost.

Losses from improper inventory control include purchases in excess than what needed, the cost of slowed up production result­ing from material not being available when wanted. Each time a machine is shut down for lack of materials or each time sale is postponed or cancelled for lack of finished goods. Thus a factory loses money.

To promote smooth factory operation and to prevent piling up of stock or idle machine time proper quantity of material must be on hand when it is wanted. Proper inventory control can reduce such losses to a great extent.