Transcription of Unit 1 Introduction to Inventory Management
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Unit 1 Introduction to Inventory Management
Odisha State Open University Page 1 Unit 1 introduction to inventory management Learning Objectives After completion of the unit, you should be able to: Explain the meaning and types of Inventory . Describe the meaning and objectives of Inventory Management . Know the factors affecting the level of Inventory . Also understand the various techniques of Inventory control Modern techniques and Traditional techniques. Structure Introduction Meaning & Types of Inventory Meaning of Inventory Management Significance of holding Inventory Objectives of Inventory Management Factors affecting the level of Inventory Techniques of Inventory control Modern Techniques Traditional Techniques Practice Problems Let s Sum-up Key Terms Self-Assessment Questions Further Readings Model Questio
formula or a method which is logically derived to keep control on the inventory levels. These techniques are explained as below: (a) ECONOMIC ORDER QUANTITY (EOQ) The optimal size of an order for replenishment of inventory is called economic order quantity. Economic order quantity (EOQ) or optimum order quantity is that
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