SCHOOL OF COMPUTER SCIENCE ANDINFORMATION TECHNOLOGY BSC (HONS) BUSINESS INFORMATION SYSTEMS MODULE NAME: INFORMATION SYSTEM MODELLING AND DESIGN ASSIGNMENT TITLE: INVENTORY MANAGEME…Full description
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Chapter 4 Inventory Management
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Seminar taken by Jagan. P Suresh Rao vijayKumar. A Vinoth. G
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MEANING OF INVENTORY: × ë stock of goodsë
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m ë · to facilitate Continuous Production. · for taking advantage of price fluctuations, saving in re-ordering costs and quantity discounts, etc. · for meeting unpredictable changes in demand and supplies of materials
m An efficient system of inventory management will determine
What to purchase How much to purchase From where to purchase Where to store
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w ëw ëw ! !" ë#$% j ëo eliminate duplications in orders j ëo keep material cost under control. j ëo minimize losses through wastage and
damages .
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0. Stock Levels 2. Safety Stocks 3. Ordering System of Inventory 4. Determination of EOQ 5. ABC Analysis
å.VED Analysis 7.Inventory ëurnover Ratio 8.Aging Schedule of Inventories 9.Classification & Codification on Inventories 0 .Inventory Reports
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INVENëORY REPORëS: j ëhe management is kept informed with the
latest stock position of different items by preparing periodical inventory reports. on the basis of these reports management takes corrective action wherever necessary.
j ORDERING SYSëEMS OF INVENëORY: j ëhere are three prevalent systems of ordering and a
concern can choose any one of these: 0.Fixed order quantity system generally known as economic order quantity system. 2.Fixed period order system or periodic re-ordering system or periodic review systems. 3.Single order and scheduled part delivery system.
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j INVENëORY ëRNOVER RAëIO j Inventory turnover ratio=cost of good sold*average
inventory at cost or =net sales*(average inventory)
6 m j FIFO j LIFO j Average Price Method j Base Stock j Standard Price & Market Price