What is inventory management ?

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Aries

  • Mar 24th, 2006
 

Inventory management is an automated process of managing the stock of products and the various things invoulved with itInvolves a retailer seeking to acquire and maintain a proper merchandise assortment while ordering, shipping, handling, and related costs are kept in check.Systems and processes that identify inventory requirements, set targets, provide replenishment techniques and report actual and projected inventory status.

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Hardy Shah

  • May 31st, 2006
 

The questions speaks by itself a bit. Besides from purchasing, controling , maitaining  etc. it has two key purposes.

1). It has to keep a control menas there shouldn;t be excess inventory stored which results in unnecessary blocking of working capital or cash flow.

2) It must follow the Just In Time manner means there should be an adequate supply of raw materials without to meet the sales target or anticipated demand.

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Prasad.T

  • Aug 6th, 2006
 

Inventory Management refers to the Maintenance of the goods from the point procurement of Raw Material to Final production and reaching the same to the end user.  This is done by the management by adopting effective management techniques such as LICI, FIFI, HIFI, EOQ.

Advantages of Inv mgt:

1. Storage space can be minimized.  2.  Transportation cost can be minimized.  3.  Wastage can be minimized.  4.  Cost of holding and maintenance can be avoided.  5.  It facilitates to use Working capital for other heads.

 

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vidhyasagar

  • Oct 7th, 2006
 

Inventory management nothing but acquiring and maintaing stock sufficiently with out interupting production and also which does not leads to exccesive cost. The Economic order quantity is used to reduce holding cost and ordering cost.

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gummadavelly

  • Oct 14th, 2006
 

it is nothing but maintaining of stock . stock inflow and outflow

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Joyeusenini

  • Mar 13th, 2009
 

The direction and control of activities with the purpose of getting the right inventory in the right place at the right time in the right quantity in the right form at the right cost.

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