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 Questions Odisha State Open University Page 2 Introduction A business can run smoothly its operating activities only when appropriate amount of Inventory is maintained.
Thus, the inventory managed should be in line with the working capital requirement and the period of operating cycle. 8. Attitude of management: The attitude and philosophy of top management may support zero inventory concept or believe in maintaining huge inventory level. Accordingly, the inventory policy will be designed for the business.
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