Introduction to Material-Management

Jun 28th, 2015
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Abilene Christian University
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Question 2:What is an inventory control? Discuss various techniques of inventory control. Give examples of any five items in a 500 bed hospital?Definition :- Inventory control is a supervision of the supply and storage and accessibility of items in order to insure an adequate supply without excessive oversupplyIt can also be referred as internal control - an accounting procedure or system designed to promote efficiency or assure the implementation of a policy or safeguard assets or avoid fraud and error etcTechniques :-There are several techniques a person can use to increase profitability and streamline workflow via proper inventory control. Through research, competitive analysis and experience, an effective business leader can balance costs versus benefits to storing and ordering the necessary supplies to ensure business vitality. The supply chain is made of all materials that help you to produce, market and supply your product. Inventory control means that you have identified every facet of your supply chain and its logistics.FIFO1. If you deal in perishable items, FIFO (first in, first out) is an important concept to understand and maintain throughout the supply chain. If a grocery store did not rotate their stock, new stock coming in would get taken immediately and older stock would expire, causing great loss. Stock must be arranged by date received. Cutting Edge Control2. For a great deal of stock that needs constant management, consider bar codes or RFID

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