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INVENTORY :
Inventory is nothing but ideal resource of enterprise. Inventories represent those
items which are either stocked for sale or they are in the process of manufacturing
or they are in the form of materials which are yet to be utilised.
INVENTORY CONTROL :
It is planned approach to determine what to order, how much to order and how
much to Stock. So that cost associated with buying and storing will be optimal
without interrupting production and sale. Inventory control deals with the two
problems,
1. When should an order to be placed.
2. How much should be ordered
Stock level
5
2 Stock level
0
0 2 4 6 8 10
Advantages:
Disadvantages:
1. If many items reach at ROL at the same time it will cause difficulty.
2. The stock level record and usage rate data are to be maintained.