Inventory Planning and Control Systems - Research Paper Example

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Increasing importance of inventory planning and control in recent years is discussed in this report. Different methods of inventory management are discussed emphasizing on the benefits of focusing on the particular system. …
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Inventory Planning and Control Systems
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Download file to see previous pages Supported with an example of the sugar industry, the report further emphasizes on the disadvantages of inventory mismanagement. Listing the problems related to inventory control encountered by the management the report further identifies the solutions required to solve them. The report contains valuable information regarding efficiencies that exist in a firm due to proper inventory planning and control. It also emphasizes on the impact inventory planning and control has on the competitiveness of a firm and how the competitiveness results into increased profitability. The report summarizes the critical importance of inventory planning and control for a firm to survive in an industry and the fierce competition. An inventory can be defined as a list of goods which are either finished, in form of raw material, in process or just simply as stock in hand. Inventory is also usually referred to as the list which contains all the information regarding the operation management of an organization. In detail, an inventory includes the amount of raw material available and the amount required to be ordered, finished goods ready to be delivered to the customers, goods stocked in the warehouse and even the half finished goods that require space to be stored before they move on to the next phase of the production process. Besides exceptional cases such as of those firms in the services industries; inventories are considered to be a firm’s major revenue producer. Reasons for holding inventory Inventory is basically the most critical component of a production process and it exists in an organization just so that the firm is able to respond to requirements in relation with forecasted demand. The need for inventory can arise in situations where the product has uncertain demand and the producers are not particularly sure about the amount they should produce (Broyles, 2003, p.389). They therefore resort to inventory tactics such as producing in excess of the estimate forecasted. In some industries there is even a percentage of uncertainty regarding the availability of raw material. For example the sugar industry is plagued with the uncertainty attached to sugar cane because floods may sometimes ruin the crop. Furthermore, lack of rain and lack of fertility of a land leads to low levels of sucrose extracted ...Download file to see next pagesRead More
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I had an issue with a research paper types of works. All until I came across this website and this particular essay. Even though "Inventory Planning and Control Systems." is far from my studies, the structure is so great that I use it all the time as an example for my own works.

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