The objectives of inventory management:-
(i) To ensure that the supply of raw material & finished goods will remain continuous so that production process is not halted and demands of customers are duly met.
(ii) To minimise carrying cost of inventory.
(iii) To keep investment in inventory at optimum level.
(iv) To reduce the losses of theft, obsolescence & wastage etc.
(v) To make arrangement for sale of slow moving items.
(vi) To minimise inventory ordering costs.
There are many objectives of logistics management. They include operating objectives, rapid response, minimum inventory, minimum variance, movement consolidation, and quality improvement.
Some of the objectives of inventory management are as following:-To reduce Searching TimeTo reduce WastageTo implement FIFO inventory controlTo improve inventory trackingTo increase productivityTo improve Storage Space UtilizationTo improve Inventory Accuracy
The objectives of inventory management are as following:-To reduce Searching TimeTo reduce WastageTo implement FIFO inventory controlTo improve inventory trackingTo increase productivityTo improve Storage Space UtilizationTo improve Inventory Accuracy
1. To study the management of raw material , 2. To understand the management of work-in- progress, and 3. To analyse the management of finished goods in the study unit. Dr. K.V
objectives or purpose of management reporting
Inventory management helps businesses have the right products available for customers. Inventory management includes choosing the right suppliers for the business.
define the operational Management and objectives and importance of operational Management ?
Management objectives refer to setting goals. This is a process in which management and employees set objectives, understand, and agree on their role in meeting that objective.
Management by objectives.
simplify the jobs of middle management by providing them with predetermined goals and objectives.
Inventory management is a science primarily about specifying the shape and percentage of stocked goods.
There are so many advantages of management by objective. This enhances efficiency in that management focuses on the objectives that have been set.