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Free Download Inventory Management PPT with PDF: Inventory management is obliged for the goods in inventory, also to their inward flow and outward flow. It looks after the units in a firm and makes sure that they are in a moderate amount which does not affect the performance of a company. If it comes to a company or its origin then the department of management is a genuine soul of a firm’s growth and success.

Also See: Operations Management PPT and PDF

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Inventory Management PPT with PDF

So, because of it, a separate management department has to be established and this also enhances the efficiency of a company. Like other branches of management, inventory management is also a vital branch of management that aids in the good results of a company.

Functions of Inventory Management:

The functions of inventory management are as below:

An inventory manager should manage the time well and should know about each unit like time taken by a unit for processing and reaching inventory because there should not be any scarcity in inventory.
Inventory management is also supplied with the value of raw material and their cost in making finished products.
It also keeps a check in not increasing the price of a product after adding all taxes. It has to be careful to complete prices right from production cost to packaging cost so that the value per product does not get enhanced.
Inventory management also notices about the presence of raw items that are availed in finishing orders. It is the duty of managers to do the above task to finish in time.
Inventory management also has the responsibility of keeping the account of raw materials and also makes orders of it at required time by not disturbing the processing operations.
Inventory management also keeps a document of finished goods and their shipping. People under this department should be very smart in making calculations as they manage complete work of products and raw materials.

The below figure explains about core inventory management process and functions:

Fig1: Core Inventory Management Process and Functions

The relationship between a function of inventory management team and inventory management systems:

The below diagram explains about the functional access of relationship between the function of inventory management and the function of inventory management systems:

fig2: a functional access relationship between function of inventory management and function of inventory management systems

Also See: Materials Management PPT and PDF

Purpose of Inventory:

All the organizations have a supply of inventory because of below reasons:

To maintain independence of operations
To meet variation in product demand
To allow flexibility in product scheduling
To furnish a safeguard for variation in raw material delivery To take benefit of economic purchase order size
Many other domain-specific reasons

Inventory costs:

Pete's big lunch pdf free download. In making the decisions which affect the size of inventory, the below costs have to be considered and they are:

Holding costs or carrying costs
Setup cost or manufacturing cost
Cost of ordering
Shortage costs

Inventory systems:

The below are the inventory systems:

A single period inventory model
Multiperiod inventory systems

The single period inventory models are used in following services:

Overbooking of airline flights
Ordering of fashion items
Any type of one-time order

There are two types of multiperiod inventory systems and they are:

Fixed order quantity model
Fixed-time period models

Inventory control:

It is a vital parameter for managers to identify the running of products by availing the logic of inventory control. The relation between prices of sold product, value of average inventory and inventory turn.

Average inventory value * inventory turn = cost of goods sold

Content of the PPT and PDF for Inventory Management

Introduction
Forms of Demand
Forms of Inventories
Classification of Inventories Cost
Inventory Control
Objectives of Inventory Control
References

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