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Techniques of Inventory Control

TECHNIQUES OF INVENTORY CONTROL

The following are the important techniques of inventory control normally followed in practice : 

(i)                 Level setting

(ii)               JIT (Just in time) inventory system

(iii)             Economic ordering quantity

(iv)              ABC (Always better control) analysis

(i)                 (v ) VED analysis [Vital, Essential, Desirable)

(v)                Perpetual inventory system

(vi)              Inventory turnover ratio

(vii)            Inventory cost report

(viii)          FNSD analysis

F : Fast moving items

N : Normal moving items

S : Slow moving items

D : Dead items.