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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. More info: http://excelevolution.wordpress.com/

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What is the scope of inventory system?

nThe main objective of the project is to provide better inventory management system to the supermarket manager. nThus, providing the current stock details, employee details, new items to be added, transactions as well as reports.


Role and scope of production management?

Production management involves planning, organizing, leading, and controlling the activities involved in manufacturing a product or offering a service. It aims to efficiently utilize resources to meet production goals, ensure quality, and deliver products or services on time. The scope of production management includes production planning, process design, production control, inventory management, and quality control.


Scope of working capital management?

Working capital management involves monitoring a company's current assets and liabilities to ensure it has enough liquidity to meet short-term obligations and efficiently utilize its resources. It includes managing cash, inventory, accounts receivable, and accounts payable to optimize the company's financial health and operational efficiency. Effective working capital management can help enhance profitability, reduce risks, and support sustainable growth.


Problems of production management?

Good production management is required for smooth functioning of the business. There are many control and planning issues that have to be faced. Proper supervision of their workforce is required. Inventory management and production planning play a crucial role in the functioning of the business.


Why is it important for organization to use project management to accomplish tasks?

Effective project management can be used to monitor the schedule and budget. By clearing defining the project scope and objectives, the team will be able to execute effectively. Project management must be used to ensure that the team is meeting their objectives, without letting scope creep to occur.

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