- Introduction to inventory control in material management
- Numerical on ABC analysis
- Numerical on ABC analysis
- Numerical on ABC analysis
- Introduction to Economic ordering quantity technique of inventory
- Numerical on Economic ordering quantity
- Numerical on Economic ordering quantity
What you'll learn
- Inventory control technique
- Segregation of material
- Able to achieve economy in project
Description
Material management helps the project manager to manage material. Were as Inventory management is a systematic approach to sourcing, storing, and selling inventory—both raw materials (components) and finished goods (products).
In business terms, inventory management means the right stock, at the right levels, in the right place, at the right time, and at the right cost as well as price.As a part of your supply chain, inventory management includes aspects such as controlling and overseeing purchases — from suppliers as well as customers — maintaining the storage of stock, controlling the amount of product for sale, and order fulfillment.
Naturally, your company’s precise inventory management meaning will vary based on the types of products you sell and the channels you sell them through. But as long as those basic ingredients are present, you’ll have a solid foundation to build upon. In these way there is ABC analysis, ved analysis are present inventory techniques.
Inventory Management
ADAM HAYES says about
What Is Inventory Management?
Inventory management refers to the process of ordering, storing and using a company's inventory. This includes the management of raw materials, components and finished products, as well as warehousing and processing such items.
For companies with complex supply chains and manufacturing processes, balancing the risks of inventory gluts and shortages is especially difficult. To achieve these balances, firms have developed two major methods for inventory management: just-in-time (JIT) and materials requirement planning (MRP).
Some firms like financial services firms do not have physical inventory and so must rely on service process management.
Inventory Management
How Inventory Management Works
A company's inventory is one of its most valuable assets. In retail, manufacturing, food service and other inventory-intensive sectors, a company's inputs and finished products are the core of its business. A shortage of inventory when and where it's needed can be extremely detrimental.
At the same time, inventory can be thought of as a liability (if not in an accounting sense). A large inventory carries the risk of spoilage, theft, damage or shifts in demand. Inventory must be insured, and if it is not sold in time it may have to be disposed of at clearance prices—or simply destroyed.
For these reasons, inventory management is important for businesses of any size. Knowing when to restock inventory, what amounts to purchase or produce, what price to pay—as well as when to sell and at what price—can easily become complex decisions. Small businesses will often keep track of stock manually and determine the reorder points and quantities using Excel formulas. Larger businesses will use specialized enterprise resource planning (ERP) software. The largest corporations use highly customized software as a service (SaaS) applications.
Other Courses
Tableau Fundamentals for Aspiring Data Scientists
Learn Tableau from scratch, create rich visualization and share with others
The Ultimate Guide in Becoming a SQL Server DBA Part 2
Everything you wanted to know about becoming a SQL Server DBA but were afraid to ask using SQL Server 2019 - part 2
Becoming a Production SQL Server DBA
Learn essential hands-on SQL Server Administration tips on SQL Server maintenance, security, performance and more
Learn Java Step by Step for Test Automation from ground-up.
Strong foundation for Test Developer
Master ChatGPT, Midjourney, GPT-4, and More!
Unlock the Full Potential of Generative AI for Creative and Business Applications
Free Introduction to Trading for Complete Beginners
Build a solid foundation and set yourself on the right path as you start learning to trade.
About the instructors
- 3.95 Calificación
- 1246 Estudiantes
- 1 Cursos
Nilesh Ahire
Assistant professor
Teaching gives satisfaction to me if student understand. I have completed my post graduation from pune university in hydraulics and graduation from v.j.t.i Mumbai university. I am teaching civil engineering subjects from last 7 years. Subject like fluid mechanic s, project management, infrastructure engineering, dams and hydraulic. In my research It is dire necessity in today’s age to use less cement because it is hazardous to human health.
Hence, in this present study, cement by lime and other materials are compressed stabilized
earth blocks. Different types of materials used were, sugarcane bagasse, human hair, lime
which were replaced by cement with 35%. The mixture was compressed for 1500kg/cm2
and
compressive test of 16 compressed stabilized earth blocks (CSEB) gave excellent result for
cement replaced with hair. But sugarcane bagasse is more economical then hair, hence
sugarcane bagasse gave strength and research required in these areas.
Student feedback
Course Rating
Reviews
Numerical calculation is good. Thank u.
good lecture
very unclear accent, also sounds like he is recording his lecture in a kitchen where someone else is cooking !