Question
Explain the meaning of inventory control.
Answer :
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In one sentence inventory control is nothing but to give uninterrupted service towards the Production / Sales /Maintenance etc. with minimum stock.Inventory control is an important aspect for the growth of company. Stores inventory is the heart of an industry Inventory control or stock control can be broadly defined as "the activity of checking a shop’s stock". More specifically inventory control may refer to:
- In operations management, logistics and supply chain management, the technological system and the programmed software necessary for managing inventory
- In economics and operations management, the inventory control problem, which aims to reduce overhead cost without hurting sales. It answers the 3 basic questions of any supply chain: When? Where? How much?
- In the field of loss prevention, systems
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