INVENTORY CONTROL. Stock is expensive, ties up business funds and takes up valuable warehouse space. Involves a set of procedures designed to coordinate.

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Presentation transcript:

INVENTORY CONTROL

Stock is expensive, ties up business funds and takes up valuable warehouse space. Involves a set of procedures designed to coordinate an organisation’s use of materials and aims to achieve efficiency – stock levels not too high or too low

TWO MAIN FORMS PHYSICAL CONTROL – Storage – Security – Physical movement – Stocktakes ACCOUNTING CONTROL – Secure accounting system – Comparisons between records and physical stock

JUST – IN – TIME (JIT) Inputs delivered just before their time of use in operations Relies on suppliers delivering inputs at the right time Saves on storage Example – car manufacturing

PRODUCTION PLANNING AND SCHEDULING Management of all aspects of the production process – Input requirements – Dispatching of instructions – Instructions