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 [...]
Economic Order Quantity: The prime objective of inventory management is to find out and maintain optimum level of investment in inventory to minimize the total costs associated with it. The economic order quantity (EOQ) is the optimum size of the order for a particular item of inventory calculated at a point where the total inventory costs are at a minimum [...]
In this article we will discuss about the BC Analysis of Inventory Control:- 1. Meaning of ABC Analysis 2. Advantages of the ABC Analysis 3. Limitations. Meaning of ABC Analysis: In case of a big manufacturing unit which uses a large number of items for production purpose, it becomes difficult to comprehend such enormous number of items, the unit has [...]