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Inventory is a control which establishes optimum levels of stocking of materials and equipment for a particular process. It establishes a record keeping system to record the location, present quantity, and minimum and maximum stocking level of each item held in inventory. When a minimum stocking level is reached, the item is reordered; the maximum stocking level determines how many units are ordered. The process of ordering materials is usually a function of a separate department called Purchasing. Inventory control is necessary in retail sales, wholesale sales, in manufacturing, and construction, where such materials are time critical and need to be available at the moment of request.
Warehousing is a control which manages and maintains the storage area for the inventory. It assures that storage space is available for each item of inventory, that there is a mechanisim in place for efficiently transporting stored materials into and out of the warehouse or storage area, and that there is an identified space for each stored item.
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What is the difference between logistics and warehousing?
Actually, warehousing is a subset of logistics, not a separate activity.Warehousing is holding inventory in a location. Logistics is the entire process of obtaining materiel from sources to putting it in the hands of users. Logistics includes transportation, information systems, warehousing and distribution, procurement, finance, performance metrics and so on.
What is the difference between inventory control and inventory planning?
Their is no Difference
What is difference between fixed asset and inventory?
What is the difference between fixed asset and inventory
What is the difference between stock and inventory?
The difference between stock and inventory is that stock is what you have if you're selling items. Inventory includes what you have as your belongings.
What is the difference between fixed location warehousing and random location warehousing?
Kindly let me knnow what kind of location system is used for pipes
Explain inventory Management policies?
what is definition of inventory? what is the difference between inventory and asset?
What are three types of lender control in inventory financing?
Blanket inventory liens, trust receipts and warehousing
What is the difference between pricing inventory and valuation inventory?
in fact there is no diff.
What is the difference between Days to sell inventory and Average age of inventory?
There is no different between the two measurement.
What are the relationship between warehousing department and other department?
The warehousing department plays a crucial role in the supply chain by coordinating closely with other departments such as procurement, sales, and logistics. It relies on the procurement team to ensure timely receipt of inventory and collaborates with sales to understand demand forecasts. Additionally, the warehousing team works with logistics to manage the efficient distribution of products to customers. Effective communication between these departments is essential for optimizing inventory management and ensuring customer satisfaction.
What is advantages and disadvantages of warehousing?
The advantages of warehousing is having plenty of product ready for shipment. A disadvantage is the cost associated with having that much inventory sitting in a warehouse.
Which method of controlling pledged inventory provides the greatest degree of security to the lender?
warehousing
