Nobjectives of inventory management pdf

In other words, inventories are stocks of the product a firm is manufacturing for sale and components that make up the product. Through the use of reports generated from the inventory. Todays agenda brief introduction patrick armknecht, senior business development manager. The aim of inventory management is to hold inventories at the lowest possible cost, given the objectives to ensure uninterrupted supplies for ongoing operations. This inventory management software helps the user in tracking inventory levels in the organization.

Department fmm institute sabah representative office no. And software which is a computerbased system used to serve this purpose. Chapter 1 basic of inventory management objectives. Thus, management is faced with the following conflicting objectives. Additionally, the recovery management area could utilize inventory information to identify an assets criticality especially when the assets location and owner are identified within the inventory management system. Inventory management systems central asset repository of information. The objective of good inventory management is to maintain a steady supply to operating units and patients while minimizing the costs of holding inventory and managing procurement. Inventory refers to those goods which are held for eventual sale by the business enterprise. Inventory control is the supervision of supply, storage and accessibility of items in order to ensure an adequate supply without excessive oversupply. The main objective of inventory management is to maintain inventory at appropriate level to avoid excessive or shortage of inventory because both the cases are undesirable for business. What should be stressed, however, is the need to cover all items of inventory and all stages, i. Inventory management is the art of managing the inventory in an organization. Also, it helps in tracking orders, sales, and deliveries.