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Inventory Planning And Control On Products Availability
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kept
for safety and onward usage.
Stock Control: Is defined as the means
by which material of the correct quantity is made available as at when
required with the regards to the economy in storage and ordering cost,
purchases price and working capital.
ABC Analysis: Is a system of
stock control which basically analyze the stock by their important and
value where a smaller volume of material cost and can result into
production stoppages.
Receipt of Stock: This is a document or stock
receipt which involve all the material and item supplied to the store
whether from internal or external supplies.
Replacement Issues: These
are issues from replacement items/equipment and suppliers which has
been broken or how warned out or gone obsolete.
Stock Discrepancies: This is defined as the disagreement between the physical and stock records.
Pre-Production
Stock: This comprise or part and material purchased from outside the
organization to be manufactured into products.
Post Production Stock:
They can also be described as finished products held either at the
factory or at warehouses and distribution centre elsewhere.
Inventory
Control: This is the presentation of an adequate and balance inventory
of material supplied within a minimum invest, so as tor educe storage
and handling cost.
Provisioning: It can be seen as the process of
determining in advance requirement of material taking into
consideration, the amount of stock in hand at any time will be in
accordance with the stock control policy.
Cyclical Provisioning:
These involve examining either physical stock or stock records for a
particular class by commodity at a regular interval and taking
simultaneous action or call the items required replacement.
Discrepancies:
Discrepancies refers to the difference between physical stock/items and
the document records either as a result of surplus or shortage usually
after stocktaking.
Redundancy: This is when quantity of an item in
stock is more than reasonably necessary to provide an adequate services
to production or operations activities in which the excuse is said to be
redundant.
Obsolete: This refers to when an item is going out of use but not yet completely unusable.
Obsolescence:
When an item is no longer usable by the business concerned because of
the change in operational practice or method of production.
Material: These are component spare, raw material are kept in store.
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