TOOLS OF INVENTORY CONTROL
PHILOSOPHY
Neither can one control everything nor should one try to do so.
Uniform control is rarely effective. Effectiveness results when important aspects of a problem are pursued more rigorously than others.
A major portion of managerial time should be spent...
WHAT ARE INVENTORIES?
Inventory refers to stock of raw materials , work in progress and finished goods
Can be stored for future use.
Inventory possess value.
Objective of inventory is to ensure continuous supply of goods at reasonable cost.
NEEDS OF INVENTORY
To maintain continuous flow...