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Why is effective stock management important for business?
JaveriahArif
every department in a business plays an important role in business and also stock department is very important for an organization . growth of business is depend on profit of that enterprise & profit maximisation of a enterprise is depend on sale of that business is increases when if they complete information about stock .
Also, there are many costs that a business incurs when it is both out of stocks and in excess stocks.
For example, having too much stocks might cause certain stock holding costs such as the rent for building used, the risk of natural disasters, fire or theft etc. also the opportunity cost of the capital that is tied up in this way is very high
Also, having very little stocks is also dangerous. The businesses might not be able to satisfy customers who come with a sudden demand. They lose customer loyalty. Also, if they lack stock of raw materials they might not be able to complete production thereby the resources will have to stay idle for a long time. Production process might be hindered.
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∙ 14y ago
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What is the importance of effective stock management for a manufacturer?
if effective stock control system is followed, then there will not be any scarcity of raw materials and production will not halt. that is it, so simplw
What is the difference between stock control and stock management?
stock control is the process of making sure that the correct level of stock is maitained and stock management is to meet demand while the cost of holding stock is to a minimum
Where is the best place to go to learn about stock management?
The best place to learn about stock management is to be hired by a broker. The employers train their new employees how to be successful stock brokers. Many people choose to major in either finance or business in college before becoming a broker. If one is looking to gain stock knowledge without being a broker, then they should read "The Buffet Way" by Warren Buffet.
What is stock management system?
I don't know. ok.
Differentiate between operative and managerial functions of personnel management?
Managerial functions refer to taking care of employees and the day to day dealing with customers. Operational management refers to the behind-the-scenes operations of the business, such as ordering stock and filing paperwork.
What is the importance of effective stock management for a manufacturer?
if effective stock control system is followed, then there will not be any scarcity of raw materials and production will not halt. that is it, so simplw
Why stock records are necessary to a business?
Keeping records is important in any business so that you can go back to the history. It will be time consuming if you do not have an accurate record keeping management. It should organize, systematic, and easy to follow.
What is the Stock management?
management of stock
Why is stock important in business?
by maintaining stock record in business Unit the following decision can be taken: - Production planning - Demand forecasting - in financial accounting - Marketing
How important is stock control?
"Stock control is very important! It is what keeps things running smoothly. Stock control insures how much or a product you have, how much you need, and when to restock. It is the order to the whole business."
Why is stock record important in business?
by maintaining stock record in business Unit the following decision can be taken: - Production planning - Demand forecasting - in financial accounting - Marketing
What is the duty of costing officer?
to check effective management of stationery stores, cycle counts, processing of stock, ordering of stock, assist with stock and work in progress count when required, process monthly settlements, cost centre reports.
What are the importance of stock taking?
Stock taking is an important part of business. It is important that a business owner knows what their inventory is. It will help highlight what you need more of and which things you can do without. It also helps to determine whether anyone is stealing from your inventory.
Important of inventory?
Keeping track of your inventory is highly important when operating a successful business. Knowing what you have in stock or when you need to order something before you run out of stock will keep customers happier.
What is the difference between stock control and stock management?
stock control is the process of making sure that the correct level of stock is maitained and stock management is to meet demand while the cost of holding stock is to a minimum
What are the advantages that come from the use of order management software?
Order management software provides a variety of unique features that helps make your business run smoothly. This includes making ordering quicker, stock management easier, and merchandising easier.
Where is the best place to go to learn about stock management?
The best place to learn about stock management is to be hired by a broker. The employers train their new employees how to be successful stock brokers. Many people choose to major in either finance or business in college before becoming a broker. If one is looking to gain stock knowledge without being a broker, then they should read "The Buffet Way" by Warren Buffet.
