What is Inventory Control? - Whiteboard Wednesday

Kit and caboodle ..... last time I heard someone say that before rolling this video was Jim Carrey in Truman Show.

A building material shop owner in Gujarat is going through the last years inventory cost of cement sacks, a sack of cement cost 500rs. The average monthly demand last year was 1250 units, the cost per order, including the transporter was 1200 Rs and annual holding cost was 20% of material cost. Last year he ordered the lots of 500 sacks per order. What the total inventory cost last year? can you explain?

Materials like construction materials, ỏ industrial order of those materials are holding greatest liquidity of entire world and so if we have instant inventory of those ihen hopefully the market will be stabilized, efficient and can not be manipulated by profiteers making it better in serving the industrial objectives

This is what I currently do at my job.

so what it inventory control?

Well: it is easy and self explanatory. inventory means inventory. and control duh.
therefore you have to control the inventory to ensure it is controlled during all times otherwise it wont be controlled.

Honestly: I learned what it means from the public comments below (Mr. hanksgavin) thanks for the REAL explanation and thank you for coming to this video and same as I waste our times only I benefited from your comment dude - well done!

03/29/20.

Sir , my name vinod , about my qualification icwa inter , any job in this field how to apply and what qualifications required?

Is your lecture sufficient to understand inventory control. Why are you making fool to everyone

Soorrry

I am part of the RMA process for a company that sells and repairs POS units. What would be my best option for tracking and repair turn around time?

Hey, I didn't understood the act part in this video can you simplify it for me or whoever has understood please reply with answer.

Thank you..

Hey Dude
Don't stop doing this. keep making them as your building a good track of authenticity and I'm grateful that your doing this even if its just for the business

What is inventory control? The term is pretty general but I think of it this way;

When was the last time you were SURE you had a bottle of sauce in the fridge but couldn't find it. So you go to the store, buy one to have on hand. When you go to put it away, BAM there is the first bottle you were looking for. Inventory control is about record keeping and maintenance of those records. If that means you count everything in the fridge, well there you go. When you get home form the store you record what you bought. When you use it up you subtract it. Recording seems simple so that's mostly done by the person that drinks out of the milk carton and puts it back empty. Maintenance is done by the person that needs the milk for a recipe they're making for dinner. Or in the business world, inventory control.

If you think businesses are organized and have everything figured out, think again. They are run by people who are normal and computer software can't fix normal.

Thank you it is really help in my teaching of this topic to student.

Thank you!