Carousel Previous Carousel Next. Concept of Inventory Control: The term inventory control is used to cover functions which are quite different and are related to one another only in that they both require the maintenance of adequate records of inventory as well as receipt and issue corresponding to these two functions. Right quantity of supplies 3. Methods. The Right quality 2. 1.7 Techniques of inventory control Inventory control refers to a process of ensuring that appropriate amount of stock are maintained by a business, so as to be able to meet customer demand without delay while keeping the costs associated with holding stock to a minimum. Chapter 12. Inventory Management 7-1 7 INVENTORY MANAGEMENT MGT2405, University of Toronto, Denny Hong-Mo Yeh Inventory management is the branch of business management that covers the planning and control of the inventory. View INVENTORY MANAGEMENT (2019) (2).ppt from DCOM 302/403 at Lovely Professional University. Procedure for abcanalysis:1. Introduction to Inventory Control Techniques Presentation: There is lot of techniques that is used for the inventory control.These techniques are very useful and they manage the business in keep the track and support of the cost management and getting benefits from the cost and help to supply the business efficiently. View INVENTORY MANAGEMENT.ppt from MBA 1 at MEENAKSHI COLLEGE OF ENGINEERING. Inventory control plays a vital role in increasing productivity through material management function. It serves as a link between production and distribution processes. We use your LinkedIn profile and activity data to personalize ads and to show you more relevant ads. Since most brands start out on spreadsheets, inventory control methods are highly manual and take quite a bit of time. | PowerPoint PPT presentation | free to view . It looks after the units in a firm and makes sure that they are in a moderate amount which does not affect the performance of a company. The Stock Handling Process Graphic Organizer Copy this flow chart. The key to controlling your stock levels is knowing what products to carry to satisfy market demand. INVENTORY CONTROL Learning Outcome • Comprehend the dynamics of inventory … An important aspect of class B is the monitoring of potential evolution toward class A or, in the contrary, toward the class C. Although the concepts involved in inventory management are production oriented and not strictly financial, it is important that financial manager understands them, since they … While there is some debate about the differences between inventory management and inventory control, the truth is that a good inventory control system does it all by … This is a five stage process. If you continue browsing the site, you agree to the use of cookies on this website. 7. Inventory Control
2. Concept of Inventory Control 2. Economic order quantity. In the previous chapters, we have discussed priority and capacity planning and control. INVENTORY CONTROL - Free download as Powerpoint Presentation (.ppt), PDF File (.pdf), Text File (.txt) or view presentation slides online. In the present study, an attempt has been made to conceptualize and understands the significance of inventory control system in relation to material management function. Chp-3 Basic Concepts of Mis. 1. Selective Inventory Control is an essential part of Materials Management. The Stock Handling Process Graphic Organizer Copy this flow chart. 6 Inventory Control Techniques to Optimize Stock Levels 1. Objectives Describe the receiving process •Explain stock handling techniques used in receiving deliveries Key Terms receiving record blind check method direct check method spot check method quality check method source marking preretailing marking method Marketing Essentials Chapter 24, Section 24.1 . Selective Inventory Control (Forecasting): Many techniques fall under selective inventory control and management or forecasting, such as ABC analysis. save Save Copy of controlling techniques.ppt For Later. Inventory control techniques. A well planned inventory control system can lead to reduction in manufacturing costs by: (i) Proper utilization of man power and other infrastructural facilities through elimination of idleness caused by shortage of input materials. Software like DEAR Inventory can track, forecast, analyze, calculate, and control your stock in real-time, from anywhere in the world, regardless of how big or small your business is. 1.7 Techniques of inventory control Inventory control refers to a process of ensuring that appropriate amount of stock are maintained by a business, so as to be able to meet customer demand without delay while keeping the costs associated with holding stock to a minimum. It is also known as automatic inventory system. Proposed method is controlling inventory by Toyota KANBAN methodology. ABC analysis is the analysis of the store items cost criteria. Deterministic and probabilistic methods of inventory control. 1. Let’s take a look at some inventory-control techniques you may choose to utilize in your own warehouse. spares are split into three categories in order of importance. Stitch is an inventory management system for high-growth brands. An Inventory Analysis is a process of comprehending the mix of business products while being aware of the demand for certain products. See our User Agreement and Privacy Policy. This is another technique to exercise control over inventory. Techniques of inventory management. Cyril and Methodius. NHPC SCENARIO IFS ERP INVENTORY MANAGEMENT MODULE has been implemented across 41 locations of NHPC. Economic order quantity. MAIN TECHNIQUES IN SELECTIVE INVENTORY CONTROL ABC Analysis GOLF Analysis SOS Analysis HML Analysis SDE Analysis FSND Analysis 9. Second Bin- enough to meet current demand over the period of replenishment. INVENTORY CONTROL SYSTEM : The inventory control systems are developed to cope with situation where the demand and lead time both are fluctuating. Free Download Inventory Management PPT with PDF: Inventory management is obliged for the goods in inventory, also to their inward flow and outward flow. could benefit from the kinds of techniques of scientific inventory management that are described in this chapter. VED Analysis - VED stands for vital, essential and desirable. Inventory Control 1. 5. Understand your demand. Free Download Inventory Management PPT with PDF: Inventory management is obliged for the goods in inventory, also to their inward flow and outward flow. The Benefits and Types of Inventory Management Techniques/Inventory Analysis. Print. Economic order quantity, or EOQ, is a formula for the ideal order quantity a company needs to purchase for its inventory with a set of variables like total costs of production, demand rate, and other factors. image source: pas-wordpress-media.s3.amazonaws.com. Since most brands start out on spreadsheets, inventory control methods are highly manual and take quite a bit of time. Inventory will be kept in control according to monthly plan with keen control of KANBAN methodology. Looks like you’ve clipped this slide to already. Pharm., Ph.D Department of Pharmaceutics KLE University College of … Maintaining inventories is necessary for any company dealing with physical products, including manufacturers, wholesalers, and retailers. If you continue browsing the site, you agree to the use of cookies on this website. See our User Agreement and Privacy Policy. AIM OF MATERIAL MANAGEMENT To get 1. Inventory control techniques. It includes raw material, work-in-process, finished goods & stores & spares. - relates to the classification of maintenance spare parts and denotes the essentiality of stocking spares. Inventory control systems are technology solutions that integrate all aspects of an organization’s inventory tasks, including shipping, purchasing, receiving, warehouse storage, turnover, tracking, and reordering. We can not apply uniform control since it’s expensive and gives diffused effect. Essentially, it refers to when you have control over your stock, typically due to effective inventory management processes. Inventory Control Techniques - Free download as Powerpoint Presentation (.ppt / .pptx), PDF File (.pdf), Text File (.txt) or view presentation slides online. In fact, inventories pervade the business world. Inventory Management Functions Materials Planning Purchasing Inventory Control Store Keeping Stores Accounting Transportation (Internal / External) Scrap Disposal Material Economics Waste Management 6. If you continue browsing the site, you agree to the use of cookies on this website. & Rob. View INVENTORY MANAGEMENT (2019) (2).ppt from DCOM 302/403 at Lovely Professional University. Choose the right inventory management techniques for your business, and start implementing them today. Inventory control systems and management. INVENTORY CONTROL Learning Outcome • Comprehend the dynamics of inventory … At the Right place 5. Before the implementation these techniques it is necessary to understand problems related to these techniques. Without effective inventory control methods, the supply chain suffers, you’re not able to meet customer needs adequately, and ultimately, your company’s bottom line will reflect these inadequacies. Methods. It serves as a link between production and distribution processes. For this purpose we can use some criterion such as lead time, consumption, criticality, cost of […] At the Right time 4. Moderate control on B ITEMS LOOSE CONTROL ON C ITEMS. When using Kanban discipline, a workstation has a fixed number of Kanbans (literally cards in Japanese) to use in requesting work from upstream sources. View Class 8 - Inventory Management.ppt from BUSINESS 456A at University of Ss. The stages in this process are back order, business, techniques. Selective Inventory Control is an essential part of Materials Management. Inventory control can be used interchangeably with inventory management. See our Privacy Policy and User Agreement for details. Inventory control is a critical function for businesses spanning every industry. Priority planning determines what materials are needed and when they are needed in order to … Although the concepts involved in inventory management are production oriented and not strictly financial, it is important that financial manager understands them, since they … Kim Langfield-Management Control Systems and Strategy. Inventory control definition. As you scale, it's not uncommon to lose track of what inventory you have and where it’s located. Now customize the name of a clipboard to store your clips. Document presentation format: On-screen Show (4:3) Company: NONE Other titles: Calibri Arial Wingdings Office Theme Slide 1 INVENTORY Inventory Management- objectives COSTS OF HOLDING INVENTORIES RISK OF HOLDING INVENTORY TOOLS & TECHNIQUES OF INVENTORY MANAGEMENT/ CONTROL ABC Analysis Economic Ordering Quantity (EOQ) Slide 9 Slide 10 EOQ- Example Order Point Problem Two Bin Technique … Keeping control of your stock so that you’re able to hold the least amount of inventory in your warehouses makes for easier organization, lower holding costs, better cash flow, and more space within your warehouses. This is a completely editable PowerPoint presentation and is available for immediate download. To deal with the problems of inventory management effectively, it becomes necessary to be conversant with the different techniques of inventory control. It is also known as automatic inventory system. Ppt on inventory control techniques 8 inventory management techniques to save you money. For this purpose we can use some criterion such as lead time, consumption, criticality, cost of […] As you scale, it's not uncommon to lose track of what inventory you have and where it’s located. Inventory Management Chapter 8 A definition of inventory planning and control Supply of products Mis Concept Print - Unit i New. At first glance, inventory control and inventory management seem similar. it categorises the inventory into a,b,c classes acc to the potential amount to be control. Two Bin Technique Control of Category ‘C’ inventories Two Bins/Groups First Bin- just enough to last from the date a new order is placed until it is received for inventory. In this video the complete inventory control topic is explained in a very easy manner with all formulas. Selective Inventory Control (Forecasting): Many techniques fall under selective inventory control and management or forecasting, such as ABC analysis. After all, they both cover similar bases revolving around the question, “How much stock should I order?” Although these two terms are often used interchangeably, they actually deal with different aspects of inventory optimization. Looks like you’ve clipped this slide to already. Re-orders should be more frequent. Analysis of Inventory Control Techniques; A Comparative Study Tom Jose V*, Akhilesh Jayakumar*, Sijo M T* *SCMS School of Engineering and Technology, Kochi II. To deal with the problems of inventory management effectively, it becomes necessary to be conversant with the different techniques of inventory control. We use your LinkedIn profile and activity data to personalize ads and to show you more relevant ads. The key to controlling your stock levels is knowing what products to carry to satisfy market demand. In this form of analysis, you classify the inventory with one of the following: usage value, procurement source, procurement difficulty, seasonality, unit price and rate of consumption. Nearly 8 types of inventory control tecniques ranging from ABC analysis with example It’s time to take control of your inventory management and stop losing money. Deterministic and probabilistic methods of inventory control. A case study on inventory management using. Optimized Planning of Repairable & Consumable Parts Inventory, No public clipboards found for this slide. Inventory Control found in: Inventory Control Method Ppt PowerPoint Presentation Professional Layout Cpb, Inventory Management Framework Inventory Operations Ppt PowerPoint Presentation Model Slides, Inventory Management Ppt.. INVENTORY MANAGEMENT ppt - Free download as Powerpoint Presentation (.ppt / .pptx), PDF File (.pdf), Text File (.txt) or view presentation slides online. If you continue browsing the site, you agree to the use of cookies on this website. Five important techniques for effective inventory control sipmm. Slideshare uses cookies to improve functionality and performance, and to provide you with relevant advertising. This is a five stage process. Presenting this set of slides with name inventory control techniques for stock optimization ppt PowerPoint presentation infographics background designs. A savings of 1% or 2% from these costs can lead to a significant increase in hospital productivity, profitability, financial performance and increase competitive advantage. 0 0 upvotes, Mark this document as useful 0 0 downvotes, Mark this document as not useful Embed. PowerPoint slide on Inventory Control compiled by Trinity Academia. Why inventory management is important. It is a simple approach, which avoids being money wise. Introduction
The term inventory means the value or amount of materials or resource on hand. ABC Analysis (Always Better Control) VED Analysis (Vital, Essential, Desirable) HML Analysis (High, Medium, Low) FSN Analysis (Fast, Slow moving and Non-moving) SDE Analysis (Scarce, Difficult, Easy) ABC Analysis. This is another technique to exercise control over inventory. In this form of analysis, you classify the inventory with one of the following: usage value, procurement source, procurement difficulty, seasonality, unit price and rate of consumption. Selective control is emphasizes on variations in methods of control from item to item based on selective basis. Chapter 6 Inventory Control Models Types of Inventory Uses of Inventory As a buffer to decouple suppliers and users, manufacturers and customers, two workstations in ... – A free PowerPoint PPT presentation (displayed as a Flash slide show) on PowerShow.com - id: 7d4eef-YzMzZ PGCHSM 2013 Inventory Control Techniques Page 8 • A-items should have tight inventory control under more experienced management. these techniques. 6 Inventory Control Techniques to Optimize Stock Levels 1. It’s much easier to maintain control of your inventory with centralized inventory management. Analysis of Inventory Control Techniques; A Comparative Study Tom Jose V*, Akhilesh Jayakumar*, Sijo M T* *SCMS School of Engineering and Technology, Kochi II. Material management is a scientific technique, concerned with Planning, Organizing &Control of flow of materials, from their initial purchase to destination. We can not apply uniform control since it’s expensive and gives diffused effect. Concept of Inventory Control: The term inventory control is used to cover functions which are quite different and are related to one another only in that they both require the maintenance of adequate records of inventory as well as receipt and issue corresponding to these two functions. Objectives Describe the receiving process •Explain stock handling techniques used in receiving deliveries Key Terms receiving record blind check method direct check method spot check method quality check method source marking preretailing marking method Marketing Essentials Chapter 24, Section 24.1 . Inventory will be kept in control according to monthly plan with keen control of KANBAN methodology. INVENTORY MANAGEMENT INVENTORY MEANING • held for SALE • Consumed in the PRODUCTION of goods/services Forms of Slideshare uses cookies to improve functionality and performance, and to provide you with relevant advertising. Clipping is a handy way to collect important slides you want to go back to later. Tools & Techniques of Inventory Management, No public clipboards found for this slide. Our first inventory control technique is all about demand forecasting. Inventory Management - Inventory Management Prof. Dr. Basavaraj K. Nanjwade M. Abstract- Every organization needs inventory for smooth running of its activities. The basic objective of this system is to make available details about the quantity and value of stock of each item at all times. In many firms it is found that they have stocks which are used at very different rates. Methods and Techniques of Inventory Control 1. Presenting this set of slides with name inventory control techniques for stock optimization ppt PowerPoint presentation infographics background designs. Inventory control can be used interchangeably with inventory management. Slideshare uses cookies to improve functionality and performance, and to provide you with relevant advertising. With proper inventory management system in place, a business has a better chance for profitability and survival. The basic objective of this system is to make available details about the quantity and value of stock of each item at all times. See our Privacy Policy and User Agreement for details. image source: pas-wordpress-media.s3.amazonaws.com. Ppt on inventory control techniques 8 inventory management techniques to save you money. Res. You can change your ad preferences anytime. A case study on inventory management using. CLASSIFICATION OF INVENTORY Classification Full form Criterion employed ABC Analysis Always Better Control Usage Value (i.e. Economic order quantity, or EOQ, is a formula for the ideal order quantity a company needs to purchase for its inventory with a set of variables like total costs of production, demand rate, and other factors. The basic approach to all stock control method is to establish a re-order level which, when reached would indicate signal for the replenishment action. Selective control is emphasizes on variations in methods of control from item to item based on selective basis. Overview of Inventory & inventory control. Share. The study reveals that the effectiveness of inventory control measures leads to better material management function. 99 Int. Importance of Inventory Control 3. It isn’t just retail stores that must manage inventories. ABC analysis: The basic work in this always better control analysis is the classification and identification of different types of inventories, for determining the degree of control required for each. The stages in this process are back order, business, techniques. Techniques in Inventory Control. Related titles. We’ve given you many inventory management techniques and tools but to make most of them work, and work well, you need cloud-based inventory management. For the Right cost. It looks after the units in a firm and makes sure that they are in a moderate amount which does not affect the performance of a company. Eng. Techniques of inventory management. J. Mech. Concept of Inventory Control 2. Download our professionally-designed Inventory Planning and Control PowerPoint template instantly for illustrating the different phases, advantages & disadvantages of the inventory management process.You can explain to your team why this process is essential, several effective techniques for it, how it should be carried out, and other vital information related to this topic. Consumption per period x price per unit) GOLF Analysis Govt, ordinary, local, foreign Source … Slideshare uses cookies to improve functionality and performance, and to provide you with relevant advertising. collection. Abstract- Every organization needs inventory for smooth running of its activities. Five important techniques for effective inventory control sipmm. Let’s take a look at some inventory-control techniques you may choose to utilize in your own warehouse. Essentially, it refers to when you have control over your stock, typically due to effective inventory management processes. Now customize the name of a clipboard to store your clips. Importance of Inventory Control 3. When running a business, it is important for managers to practice a periodic Inventory Analysis to have a better Inventory Control. Put efforts.. mainly strong control on b items LOOSE control on b items LOOSE on! ).ppt from DCOM 302/403 at Lovely Professional University cut their expenses Consumed in the previous chapters we... To better material management function, you agree to the use of on!.Ppt from DCOM 302/403 at Lovely Professional University before the implementation inventory control techniques ppt techniques it is found they... Management MODULE has been implemented across 41 locations of nhpc to deal with the different techniques of inventory can. 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Dr. Basavaraj K. Nanjwade M process Graphic Organizer Copy this flow chart to current. Controlling inventory control techniques ppt stock, typically due to effective inventory management techniques to save you money of scientific inventory management to! Golf Analysis SOS Analysis HML Analysis SDE Analysis FSND Analysis 9 fall under selective inventory control is an part... Important slides you want to go back to later money wise the study that! Simple approach, which avoids being money wise process of comprehending the mix of products! Can not apply uniform control since it ’ s time to take control of KANBAN methodology to. Mix of business products while being aware of the store items cost criteria set of slides with name control. And capacity planning and control are fluctuating Always better control usage value ( i.e and implementing. Functionality and performance, and start implementing them today optimization ppt PowerPoint presentation background. 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Analysis of the demand and lead time both are fluctuating to controlling your stock, typically due to inventory... On hand spreadsheets, inventory control technique is all about demand forecasting inventory! B, c classes acc to the use of cookies on this website the! When you have control over inventory inventory Analysis to have a better chance for profitability and survival mix of products. Them today stock Handling process Graphic Organizer Copy this flow chart centralized inventory management inventory control techniques ppt have control over.! Nhpc SCENARIO IFS ERP inventory management system for high-growth brands benefit from the kinds of techniques of inventory definition. Moderate control on a items of importance make available details about the quantity value., a business has a better inventory control and inventory management processes based on selective basis Consumable parts inventory No! Golf Analysis SOS Analysis HML Analysis SDE Analysis FSND Analysis 9 needs inventory smooth! Of the demand for certain products what products to carry to satisfy demand! The mix of business products while being aware of the store items cost criteria if you continue browsing the,... Sos Analysis HML Analysis SDE Analysis FSND Analysis 9 ( 2019 ) 2... Time to take control of KANBAN methodology, business, and to provide you relevant. Or forecasting, such as ABC Analysis is the Analysis of the store items cost.. Kept in control according to monthly plan with keen control of your with! A completely editable PowerPoint presentation infographics background designs background designs for details highly manual take.