function of planning_and_control

Jun 28th, 2015
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Acadia University
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Inventory Management Inventory management is a core operations management activity. Good inventory management is important for the successful operation of most businesses and their supply chains. Operations, marketing and finance have interests in good inventory management. Poor inventory management hampers operations, diminishes customer satisfaction, and increases operating costs.

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PRODUCTION OPERATIONS MANAGEMENTPRODUCTION/INVENTORY PLANNING AND CONTROLThe Nature and Importance of InventoriesRequirements for Effective Inventory ManagementInventory CostsClassification SystemInventory ManagementInventory management is a core operations management activity. Good inventory management is important for the successful operation of most businesses and their supply chains. Operations, marketing and finance have interests in good inventory management. Poor inventory management hampers operations, diminishes customer satisfaction, and increases operating costs.Inventory management is directly linked to the operating goal of giving the best service to customers! When a customer calls for a sales order, delivery must be done at the fastest possible time and the lowest possible cost. First, let me present a foundation to facilitate our understanding of inventory and its functions as well as the requirements for effective inventory management, the objectives of inventory control. WHAT IS INVENTORY?Inventory is a stock or store of goods. Firms typically stock hundreds or even thousands of items in inventory, ranging from small things such as pencils, paper clips, screws, nuts and bolts to large item such as machines, trucks, and airplanes. Naturally, many of the items a firm carries in inventory relate to the kind of business it engages in. Thus, manufacturing firms carry supplies of raw materials and pur

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