Question
What do you mean by inventory control? Describe various inventory control systems based on the methodology or technology used in businesses.
Answer :
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Inventory control refers to the systematic process of planning, ordering, storing, monitoring, and using materials, components, and finished goods so that the right quantity of inventory is available at the right time and at the right cost. It is an important function of Operations Management because excessive inventory increases storage, insurance, handling, and obsolescence costs, while insufficient inventory may cause production stoppages, delays, and loss of customers. The main objective of inventory control is therefore to maintain an optimum level of stock while ensuring uninterrupted production and efficient customer service. Inventory control systems can be classified according to the methodology or technology used in businesses. One important system is the Periodic Inventory System. Under this method, inventory levels are physically checked at fixed intervals, such as weekly, monthly,
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