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Techniques of Inventory Management

Techniques of Inventory Management

Inventory management consists of effective control and administration of inventories. Inventory control refers to a system which ensures supply of required quantity and quality of inventories at the required time and at the same time prevent unnecessary investment in inventories. It needs the following important techniques.

Inventory management techniques may be classified into various types:

finance
[Post Image Courtesy of Stuart Miles at FreeDigitalPhotos.net]

(1). TECHNIQUES BASED ON OREDER QUANTITY:

They include the following:

i. Determination Of Stock Level

ii. Determination of stock

iii. Economic Order Quantity (EOQ)

(2). TECHNIQUES BASED ON THE CLASSIFICATION OF STOCK:

They include the following:

i. ABC Analysis

ii. VED Analysis

iii. HML Analysis

iv. Aging Schedule

(3). TECHNIQUES BASED ON STOCK RECORDS:

They include the following:

i. Inventory Report
ii. Inventorey Budget

About Author Mohamed Abu 'l-Gharaniq

when an unknown printer took a galley of type and scrambled it to make a type specimen book. It has survived not only five centuries.

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