Inventory Management Objectives Homework Help
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Inventory management is a very important topic in finance, and it deals with complete supervision of the stock items in a company. Thus whether it is the raw materials, semi-finished goods, work in progress materials, finished goods; inventory management covers each and every aspect. Talking about its objectives, they can be multiple and vary as per each organization. With Inventory Management Objectives Homework Help you will get full clarity on this topic.
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Get a glimpse of the topic Inventory Management Objectives
Inventory management is the process by which it is ensured that there is optimum level of inventory at each point of time in an organization. The main objective of inventory management is that the production process should not be interrupted in any way and the final selling procedure of products to the ultimate customers shall be fulfilled without any sort of difficulty.
If inventory is not managed properly, then everything will come to a standstill, as the company will not know that how much stock it is having and how much it needs to produce. In case of improper inventory management businesses can even fail to the extent of shutting down.In order to understand these things in a better way, you should definitely look forward to availing Inventory Management Objectives Homework Help.
The generally accepted objectives related to inventory management in most companies
Some of the Inventory Management Objectives that you will find common in most of the organizations are like–
- Avoiding excess as well as shortage of inventory.
- Keeping the supply of inventory material uninterrupted to the stores, so that production process is not hampered.
- Minimizing the carrying cost associated with inventory.
- Ensuring that the ordering costs related to inventory are at minimum possible level.
- Making proper provision for those items which are slow moving in nature.
- Checking the cases of loss due to wastage, deterioration,and theft in case of all inventory items.
- Neither under investing nor over investing in inventory.
- Insurance of the inventory.
- Systematic recording of all the inventory items.
- Careful analysis of inventory records for planning purposes.
- Making changes in inventory levels as per fluctuations in demand and other market conditions.
- Checking the situation of stock out through inventory management.
- Setting accountability of the respective department in cases of flaws related to inventory management and taking remedial actions as and when required.
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