coding and reverse logistics inventory management

School: University of Oxford           Price: $5.00 USD

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coding methods for stock management

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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
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