Inventory Management

Paper Summary:

This paper discusses the importance of inventory management in a company and explains the cost of inventory such as storage, insurance and taxes. The author explains the importance of understanding these costs and successful inventory management in order not to incur losses. The paper lists several methods of inventory control such as purchasing plans, and controlling the inventory on order and the inventory in stock. In closing, the paper stresses that successful inventory management involves a manager's ability to balance, and that this is only achievable with a manager who is well educated in inventory management.

From the Paper:

"Inventory has to do with stock in a company or business of anything that is necessary to produce products for that company or business. The inventory represents a great amount of the investment of the business and needs to be managed well in order to maximize the company's profits. In today's competitive environment, companies cannot afford to lose a sale or a loyal customer due to the unavailability of merchandise. Inventory needs to be controlled or else it can become unreliable, inefficient, and costly."

Sample of Sources Used:

• Ashram, Dr. Hossein. Economic Order Quantity and Economic Production Quantity. 1994-2008. 25 November 2008 <http://home.ubalt.edu/ntsbarsh/Business- stat/otherapplets/Inventory.htm>.
• ASQ: Total Quantity Management. 1991. 24 November 2008. http://www.asq.org/learn-about-quality/total-quality-management/overview/overview.html>.
• Hedrick,F.D., Barnes,F.C., Davis, E.W., Whybark, D.C., Krieger, M. Inventory Mangagement. <http://www.sba.gov/idc/groups/public/documents/sba_homepage/pub_mp22.pdf>
• INVESTOPEDIA: Inventory. 24 November 2008.<http://www.investopedia.com/terms/i/inventory.asp?viewed=1>.
• Montalvo, Kristin. How to DIY...Inventory Mangement. 30 November 2008.<http://www.gourmetretailer.com/gourmetretailer/content_display/category-features/retailing/>

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