Question
What do you understand by inventory and its control. With the help of suitable examples, analyze the advantages and disadvantages of keeping inventory by a manufacturing company.
Answer :
Word Count : 285
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Inventory refers to the stock of raw materials, work-in-progress, finished goods, and spare parts that a manufacturing company keeps to ensure smooth production and uninterrupted supply to the market. Inventory control is the systematic process of planning, ordering, storing, using, and monitoring these materials so that the right quantity is available at the right time and at the minimum possible cost. Effective inventory planning balances the need to meet production and customer demand with the need to reduce unnecessary investment and wastage. In a manufacturing company, inventory plays a crucial role in maintaining continuity of operations. For example, a textile mill must keep adequate cotton stock to avoid production stoppages due to supply delays.
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