Method of inventory management

Answer 1

Inventory management is a very simple concept - don't have too much stock and don't have too little. Since there can be substantial costs involved in straying above and below the optimal range, careful inventory management can make a huge difference in the profitability of a business. Although the concept is simple, the process of getting the right balance can be quite a complex and time consuming task without the right technology.

There are two fundamental questions that must be answered, in order to manage the inventory of any physical item - when to order and how much to order.

Answer 2

Inventory control is important to ensure that money is made on every product. A company can cut down on inventory losses by ensuring employees pay for any products n the business instead of paying for the product at a discount.

Answer 3

Common Inventory management methods include:

1. Just in time The Just In Time (JIT) method works to lessen the volume of inventory that a business has on hand. It is considered a risky technique because you only purchase inventory a few days before it is needed for distribution or sale so that the items arrive just in time for use.
2. ABC analysis A: Items of high value (70%) and small in number (10%) B: Items of moderate value (20%) and moderate in number (20%) C: Items of small value (10%) and large in number (70%)
3. Drop-shipping: When you have a dropshipping agreement, you can directly transfer customer orders and shipment details to your manufacturer or wholesaler, who then ships the goods directly to your customers.
4. Stoke Review: Stock review is a regular analysis of stock versus projected future needs. This can be done through a manual review of stock or by using inventory software.

Answer 4

Take Inventory: ?Count all of your products, write down the names and quantities.

Then compare that to what you bought and sold. ?Whatever doesn't add up was stolen, damaged, or somewhere else in the store.

Answer 5

First Draw an ERD for inventory management system. then prepare database for your inventory system. then you can develop an interactive interface for your system.