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Home » Finance Homework Help » Inventory Management
Inventory Management
The main objective of this particular aspect of finance is to highlight the need for and nature of inventory and explains the techniques of inventory management. Inventory management focuses on the need for analysing inventory problem as an investment decision and discusses the process for managing inventory. The techniques of inventory management, discussed above, are very useful in determining the optimum level of inventory and finding answers to the problems of the economic order quantity, the re-order point and the safety stock. These techniques are very essential to economies the use of resources by minimizing the total inventory cost. Our discussion of inventory management indicates the broad framework for managing inventories. More sophisticated techniques may be used to handle inventory management problems more efficiently and effectively. It should, however, be realized that inventory management, more than the use of techniques, is a managerial process of continuous planning, coordination, control and monitoring, motivation etc. it involves a number of steps in these areas.

For a number of companies, inventory represents a substantial investment the goal of the wealth maximization is affected by the efficiency with which inventory is managed. The task of managing inventory primarily rests with the operating managers, purchase manager; materials control manager, production manager and marketing manager. Financial manager has no operating responsibility to control inventory. He has a role to analyse the behavior of inventory and repost its implications to operating managers. The financial manager should see that an optimum amount of funds is invested in inventory. He should be familiar with the inventory control techniques. He should introduce the policies which reduce the lead time, regulate usage and thus, minimise safety stock. The net effect would be to reduce inventory investment and increase the firm’s prospects of marking more profits.

Some of its main topics are:

1. Analysis or investment in inventory
2. Inventory control systems
3. Inventory management process
4. Inventory management techniques
5. Nature of inventories
6. Order-formula approach


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