The following are various inventory control techniques and methods used in different industries: 1. Demand and Supply Method of Stock Control - Levels of Stock and EOQ 2. Stock Control According to Value-ABC Analysis 3. Perpetual Inventory System 4. Just-In-Time Inventory (JIT) 5. VED Analysis 6. FSND Analysis 7. Automatic Order System 8. Ordering Cycle Method 9. Min-Max Method and [...]
Following are the forms of material losses: 1. Waste or Wastage 2. Scrap 3. Spoilage. Form # 1. Waste or Wastage: Waste is that portion of a basic raw material lost in processing, having no recovery value. So waste is a type of material loss which arises in the course of production and has no value. It may be visible [...]
Although the details of a purchase procedure may differ from concern to concern, the important procedures in purchasing and receiving of materials are as follows; assuming that purchases are centralised: 1. Purchase Requisition 2. Selection of Suppliers 3. Purchase Order and Follow-Up 4. Receipt of Materials 5. Inspection and Testing of Materials 6. Return of Rejected Materials 7. Passing Invoices [...]