inventory control functions :
1- ensure the provision of appropriate quantities of materials required by the plans and avoid shortages in these materials especially fast-moving material
2- control the movement of invetory and regulate the movement of rotation and refurbished items to avoid duplication of storage materials
3- to ensure the safety of stored materials and the appliction of safety procedures
4- reduce costs and expenses and storage costs as little as possible
5- reduce the value of inesting in slow-moving materials to reduce the value of investing in the stock to as lettle as possible
6- measure and correct the performance of employees in the stores
7- adjust the receipt and delivery of materials in atimely manner to prevent the delay of production processses
8- scheduling and checked to make sure they comply with the specifcations quantities and minize damage and theft losses
- inveentory records and documents : means the papers and forms and decuments which restricts the content stores and through which you can warehouse management follow the movement of inventory and control it it is where you are to know the quantities received and the amount disbursed and the remaining material and vary these records and differente models installations and variation in size and the nature of their work and the speed of inventory turnover has generally established aims behind the use of inventory records and documents to :
-know the amuont of material to stores date of arrival and the incoming ones
- knowledge of quantities of substances that have been processed from the stores and the requesting party to them
- records show the stored amuonts of each class without having to do inentoried
Minimum Stock= Standard deviation of demand during lead time multiplied by standard normal deviate(its value depends upon the service level desired by the management) The value of Z is as follows
Service level99.98% The value of Z=3.40
Service level99.87% The value of Z=3.00
Maximum Level=Safety stock+ Reorder quantity
Reorder Level= mean lead time demand+ safety stock
EOQ is implemented just to stroke out balance beteen ordering cost and Inventory carrying cost. EOQ is that quanity where we have minum carrying cost and Ordering cost.
Lead time is the time from the date of forwarding the purchase request till the material is delivered to the warehouse and ready for issuing the material to end users(internal customers or external customers)
