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15-05-2010, 09:50 PM
Inventory control - supervision of the supply, storage and accessibility of items in order to insure an adequate supply without excessive oversupply.It can also be referred as internal control which is an accounting procedure or system designed to promote efficiency or assure the implementation of a policy or safeguard assets or avoid fraud and error etc.The inventory control problem is the problem faced by a firm that must decide how much to order in each time period to meet demand for its products.
One issue is infrequent large orders vs. frequent small orders.the amount of inventory on hand can be increased by placing large orders. Frequent orders are costly to process but the resulting small size of inventory will raise the possibility of stock-out problems.
A second issue is related to changes in demand (predictable or random) for the product. The case of having the needed merchandise on hand in order to make sales during the appropriate buying season(s) can be taken as an example for this.
a third issue comes from the view that inventory also serves the function of decoupling two separate operations. As an example, take the case of work in process inventory often accumulates between two departments because the consuming and the producing department do not coordinate their work.
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