coding and reverse logistics inventory management

School: University of Oxford           Price: $5.00 USD

Document Description

coding methods for stock management

Written By

Studypool Tutor
University of Oxford
Pscm 331: Inventory ManagementCHAPTER 7: CODING AND REVERSE LOGISTICSStock recordsThese are needed for efficient operation of the stores function and to provideadequate controls over stock.Stock records should be maintained for the following reasons.1. To indicate the quantity of any item without the need to perform a timeconsuming physical count.2. To indicate when new supplies should be ordered or manufactured.3. To act as a check on physical stock levels. By comparing recorded quantitieswith physical stock counts at periodic intervals management may identifyproblems of pilferage, damage or obsolescence. This helps shape decisionson future stockholding.4. To record the Locations where items of stock are held.5. To provide financial information, e.g. for use in pricing or for preparingperiodic financial statements. (This assumes that financial details, rather thanjust quantity details, are included in the records.)Stock records are difficult to maintain using a name-based system. The developmentof a coding system brings a range of cross-company benefits other than just stockcontrol. All the techniques for tracing stock movements would be assisted by anefficient coding term.CODINGCoding has been defined by CIPS as: ..a system of symbols, letters and/or numbers for the identification of items andcomponents whereby each is given a complete and unique identification referencewhich cannot be confused with another and [which] can be recorded, retrieved and
lock_open Buy Document

Reviews from Students

Studypool Student
"Thanks for the help. "
Ask your homework questions. Receive quality answers!

Type your question here (or upload an image)

1826 tutors are online

Brown University

1271 Tutors

California Institute of Technology

2131 Tutors

Carnegie Mellon University

982 Tutors

Columbia University

1256 Tutors

Dartmouth University

2113 Tutors

Emory University

2279 Tutors

Harvard University

599 Tutors

Massachusetts Institute of Technology

2319 Tutors

New York University

1645 Tutors

Notre Dam University

1911 Tutors

Oklahoma University

2122 Tutors

Pennsylvania State University

932 Tutors

Princeton University

1211 Tutors

Stanford University

983 Tutors

University of California

1282 Tutors

Oxford University

123 Tutors

Yale University

2325 Tutors