Inventory management and control

Type :

Theses

Pages :

42 pages

Format :

.doc

Published date :

04/23/2009

Category :

Business & market

Sub category :

Management

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Summary :

Introduction
The definition of inventory management
The need of hold material
1. Factors influencing inventory requirements
Theoretical background of the study
1. Objectives of inventory management
2. Tools and technique of inventory management
Determination of stock levels
Overview of the project
Construction profile
Company profile
Tabulation and interpretation
Suggestions and conclusion

Abstract

Materials constitute the most significant part of current assets of a large majority of companies. On an average, inventories are approximately 60% to 70% of the current assets in any manufacturing company and 30% to 40% in any construction company. Because of the large size of inventories maintained by firms, a considerable amount of funds are required to be committed to them. It is, therefore, imperative to manage inventories efficiently and effectively in order to avoid unnecessary investment. A firm neglecting the management of inventories will be jeopardizing its long run profitability and may fail ultimately. It is possible for a company to reduce its levels of inventories to a considerable degree without any adverse effect on production and sale, by using simple inventory planning and control techniques. The reduction in excessive inventory carries a favorable impact on a company's profitability. inventory is the stock of the material and work-in -progress in a construction company is work done for the components that make up the project. inventory is also known as idle resources as long as it is not utilized. An efficient inventory management requires that a company should maintain an optimum level of inventory where inventory costs are the minimum and at the same time there is no stock out which may result in loss of sale or stoppage of work.