Synopsis for inventory management system pdf

In our basic inventory model, one basic assumption is that everything remain the same from year to year. Manager of Topanga-store orders every month. She needs to place 12 orders per year. Each times 40(30) =1200; total of 12(1500) = $18000 ordering cost. As order size, Q, goes up, number of orders, R/Q goes down. efficient inventory management ensures continuous production by maintaining inventory at a satisfactory level. It also minimizes capital investment and cost of inventory by avoiding stock-pile of product. Efficient and Effective Inventory Management goes a long way in successful running and survival of business firm. Original Research Paper to find out the cost involved in the entire inventory management process. to ensure that the supply of raw material & finished goods will remain continuous so that production process is not halted and demands of customers are duly met. to minimize carrying cost of inventory. to keep investment in inventory at optimum level. to reduce … SUMMARY. Inventory serves a useful purpose in the supply chain. That said, firms can help minimize the need for inventory by carefully managing those factors that drive inventory levels up. Inventory items can be divided into two main types: Independent demand and dependent demand items. focused in the area of Inventory control and generates the various required reports. The motivation of this paper is to create better Key Words: Inventory Management System, Hardware sales, Warehouse, PDF, update, tracking inventory, time saving, maximum profit 1.INTRODUCTION Compared to larger organizations with more physical space, - Effective inventory management requires: (1) a system to keep track of inventory on hand and on order, (2) a reliable forecast of demand that includes an indication of possible forecast error, (3) knowledge of lead times and lead time variability, (4) reasonable estimates of inventory holding costs, ordering costs, and shortage costs, Smart Inventory Management System is an online software application which fulfills the requirement of a typical Stock Analysis in various godowns. It provides the interface to users in a graphical way to manage the daily transactions as well as historical data. Also provides the management reports like monthly inwards, monthly Concept of Inventory Management Inventory is a dormant inventory of physical objects containing economic value that are kept under different custody by an organization waiting in time in the future to be packaged, processed, converted, used or sold (Selleemi, 2014). 2) Based on Cost Analysis Cost of Holding Inventory: - One operating objective of inventory management is to minimize cost. Excluding the cost of merchandise, the costs associated with inventory fall into two basic categories: (i) Ordering or Acquisition or Set-up Costs, and (ii) Carrying Costs. Inventory Managementis the part of Supply chain management that plans, implements and controls the efficient, effective, forward, and reverse flow and storage of goods, services, and related information between the point of origin and the point of consumption in order to meet customer's requirements. inventory management; (2) bring students to the research frontier of supply chain inventory management. The course is targeted at graduate (M.S. or Ph.D.) students in the areas of operations management, operations research, industrial engineeri