Inventory control or stock control can be broadly defined as "the activity of checking a shop's stock".[1] It is the process of ensuring that the right amount of supply is available within a business.[2] However, a more focused definition takes into account the more science-based, methodical practice of not only verifying a business's inventory but also maximising the amount of profit from the least amount of inventory investment without affecting customer satisfaction.[3] Other facets of inventory control include forecasting future demand, supply chain management, production control, financial flexibility, purchasing data, loss prevention and turnover, and customer satisfaction.[4]
An extension of inventory control is the inventory control system. This may come in the form of a technological system and its programmed software used for managing various aspects of inventory problems,[5] or it may refer to a methodology (which may include the use of technological barriers) for handling loss prevention in a business.[6][7] The inventory control system allows for companies to assess their current state concerning assets, account balances, and financial reports.[2]
^ abSchwarz, Lisa (18 September 2018). "Essential Guide to Inventory Control".
^Lewis, C. (2012). "Chapter 1: Demand forecasting and inventory control". Demand Forecasting and Inventory Control. Routledge. p. 3–20. ISBN 9781136346835.
^Axsäter, S. (2015). "Chapter 1: Introduction". Inventory Control. Springer. p. 1–6. ISBN 9783319157290.
^Axsäter, S. (2015). "Chapter 2: Forecasting". Inventory Control. Springer. p. 7–35. ISBN 9783319157290.
^Hayes, R. (2014). Retail Security and Loss Prevention. Butterworth-Heinemann. p. 30. ISBN 9781483296005.
^Wesley, R.L.; Wanat, J.A. (2016). A Guide to Internal Loss Prevention. Elsevier. pp. 81–3. ISBN 9781483135731.
Inventorycontrol or stock control can be broadly defined as "the activity of checking a shop's stock". It is the process of ensuring that the right amount...
analysis is an inventory categorisation technique. ABC analysis divides an inventory into three categories—"A items" with very tight control and accurate...
so on and provides the mathematical foundation for logistics. The inventorycontrol problem is the problem faced by a firm that must decide how much to...
in 1957, it was originally known as the "American Production and InventoryControl Society" or APICS. The mission of the organization is to advance end-to-end...
keep the costs associated with holding too much or too little inventory under control. While the reasons for holding stock were covered earlier, most...
room. With inventorycontrol and quality control, production control is one of the key functions of operations management. Production control is the activity...
consignment trade have been clear since ancient times. Consignment inventory is a stock control model whereby the retailer sells the goods but the ownership...
physical inventory. Inventory services provide labor and automation to quickly count inventory and minimize shutdown time. Inventorycontrol system software...
exception to inventory management principles. One of the core functions of inventory management is inventorycontrol. Inventorycontrol monitors how many...
(the initial demand point), one bin is in the factory store (the inventorycontrol point), and one bin is at the supplier. The bins usually have a removable...
the location of products, inventorycontrol and other activities are clear and the possibility of mishandling any inventories declined greatly. The third...
requirements planning (MRP) is a production planning, scheduling, and inventorycontrol system used to manage manufacturing processes. Most MRP systems are...
Inventory management software is a software system for tracking inventory levels, orders, sales and deliveries. It can also be used in the manufacturing...
management, capacity, facilities planning, production planning and inventorycontrol. Each of these requires an ability to analyze the current situation...
addition, units that are taken down for routine scheduled maintenance or inventorycontrol are not considered within the definition of failure. The higher the...
Field inventory management, commonly known as inventory management, is the task of understanding the stock mix of a company and the handling of the different...
were widely used for business applications such as accounting and inventorycontrol. It spawned a class of machines, known as unit record equipment, and...
In common use, control accounts refer to those that would, under ideal circumstances, balance to zero. For example, an inventorycontrol account will hold...
control processes and then monitor the effectiveness of the actions to eliminate the root causes. In contrast, identifying root causes of inventory errors...
data to a computer in a wristwatch. Inventorycontrol: by placing miniature sensors on each object in the inventory system (product package, carton, pallet...
advertising inventory). As a specific, inventory-focused branch of revenue management, yield management involves strategic control of inventory to sell the...
(and cheaper) version which they could put on cases of pet food for inventorycontrol. In 1967, with the railway system maturing, Collins went to management...
determine optimal inventory levels. It is (typically) characterized by fixed prices and uncertain demand for a perishable product. If the inventory level is q...
transport, storage, and inventorycontrol is increasingly subcontracted to specialists or logistics partners. Also, managing and controlling this network of partners...
Global Information