INVENTORY MANAGEMENT

Inventory : Introduction, Functions of Inventories, Types of Inventories, Classification of Inventories, Factors affecting Inventory Control, Advantages and Dis-advantages of Inventory.

Inventory Management and Control : Objectives, Inventory Control concept, Inventory Costs concept, Inventory Control Techniques: ABC analysis, HML analysis, FSN, VED Analysis, Material Requirement Planning (MRP), MRP Objectives & Methods, MRP System Components, Limitations and Advantages of MRP.

Requirement of Material : Safety or Buffer Stock, Standard order Quantity, Factors affecting Stock levels, Maximum and Minimum Level, Re-order Level, Perpetual Inventory System, Lead Time, Economic Order Quantity (EOQ) with & without shortage, BASIC EOQ Model, EOQ under Fluctuating Demand, Feedback Inventory Information System, EconomicProduction Quatity, FOQ and FOC System.

Inventory Control Models : Static and Dynamic control Models, Lead-Time Analysis.

Material Management & Warehouse Management, Equipment choice, Just In Time (JIT) and Inventory Management, Inventory Checking and Accounting, ERP and Inventory Management, Store Management: Objectives, Receiving Procedures and Control, Identification of Materials, Storing of Materials, Stores Location and Layout, Stores Documentation, Preservation, Issue Control, Stock Valuation & Verification.

Operation Research in Inventory Control, Application of Linear Programming, Application of Computers to Inventory Management & Control, Traffic: Transportation cost, Model of transportation, Shipp ing terms, Transportation Strategy and Cost Reduction, Loss and damage of Freight Demurrage.