INVENTORY AND STOCK CONTROL MANAGEMENT

INVENTORY AND STOCK CONTROL MANAGEMENT

ABSTRACT

In this study inventory and stock control management, the concept of inventory is discussed which is central to materials management function. The definition of inventory and various types of inventories – raw materials, finished goods, in-process inventory, etc. – are outlined. The need to keep inventory and the functions of inventory as a separate agent to enable various subsystems in a manufacturing chain to be disassociated are described. The inventory-related cost parameters are listed along with methods of estimating them.