Inventory Accuracy for Switchboard Manufacturing Plant using Cyclic Counting method (original) (raw)

Inventory Accuracy Improvement via Cycle Counting in a Two-Echelon Supply Chain

2007

Inventory record inaccuracy occurs when there is a difference between the actual and the recorded inventory. It causes excess inventory to be held in the system and thus adds to total supply chain costs. In this paper, we present a simulation for a two-echelon multiple item-type inventory system consisting of a distribution center and a retailer that both use cycle-counting as the corrective action. The model can be used to examine the costs of various cyclecounting configurations (scheduled cycle-counting, opportunity-counts) based on how often and how much to count. The results indicate that correct application of cycle-counting increases accuracy and provides significant savings for supply chains.

Analysis of Inventory Control Techniques-Abc & Ved; a Comparative Study

2016

Every organization needs inventory for smooth running of its activities. It serves as a link between production and distribution processes. The investment in inventories constitutes the most significant part of current assets and working capital in most of the undertakings. Thus, it is very essential to have proper control and management of inventories. The purpose of inventory management is to ensure availability of materials in sufficient quantity as and when required and also to minimize investment in inventories. So, in order to understand the nature of inventory management of the organization, In this study we analysingABC and VED inventory control techniques for efficient inventory management system. Introduction:

Improvement of Inventory System Using First In First Out (FIFO) Method

Inventory recording must be done by the company to find out the available stock, so that the company can know when to order goods from the supplier. With the existence of a good inventory system planning, it will be easier for the company to carry out the planned and controlled in and out of the goods process. A distributor of chemicals in recording and inventorying raw materials is still very simple resulting in many products being expired. The purpose of this research is to help companies systematically, precisely and accurately in inventory data collection to reduce expired products. By designing a raw material inventory information system using Visual Studio 2010 programming language and SQL Server 2008 R2 database, then the report form is generated using the Crystal Report 2010 version version. 13.02. With the new information system is expected to be able to provide inventory reports quickly and accurately, and can notify when there are raw materials that will be expired. With the existence of a database based on SQL server, each user will be more effective at work 1. Introduction Inventory is goods that are provided to meet customer demand. Inventory control is very important for almost all types of industries, both in the service or product industry. Recording of incoming and outgoing raw material inventories must be done by the company to find out the existing stock so that the company knows when to order goods from suppliers to minimize inventory void when customers order goods. Generally stock recording is still done manually by several companies and this is less effective for the company because in making reports it is often not timely and there is an error in recording the stock of raw materials so that it harms the company. The greater the amount of inventory stored, the greater the cost of storage. Vice versa if the investment is too small, it can also reduce the company's profits because of the stock out costs, namely costs incurred due to the company running out of inventory which includes the loss of opportunities to gain profits because consumer demand is not met and overtime costs because production does not run efficiently. The main problem that is often faced in planning and controlling raw materials is in determining the most appropriate raw material inventory so that it does not disturb the production process. As for the problem, namely in determining how much quantity to buy, how much quantity

An Informative Literature Review on Inventory Control System

Journal of emerging technologies and innovative research, 2018

In supply chain management inventory control is a challenging problem. To fulfill customer demand , companies require to have sufficient inventories in stock meanwhile these inventories have holding costs and this is frozen fund that can be lost and burdens the company’s account. Therefore, the task of inventory management is to find the quantity of inventories that will fulfill the demand, avoiding overstocks. In the present paper , an attempt is made to provide an up-to-date and complete review of existing literature, concentrating on descriptions of the characteristics and types of inventory control models that have been developed by Indian as well as Foreign authors. KEY WORDS-Inventory Management, Survival, Working Capital, Liquidity and Profitability, models under uncertainty, EOQ, EPQ. INTRODUCTION The word inventory refers to the goods or resources used by a firm for the purpose of production and sale. Inventories include the matter, which are used as helpful materials to ea...

Inventory Cycle Counting - A Review

2000

Accurate inventory records are an essential element in the effective use of enterprise resource planning tools and systems. This paper reviews the methods used in cycle counting and examines important issues involved in implementing a successful cycle counting program. In addition, we review the literature to discuss the effects of cycle counting in inventory planning and control as well as

Inventory Management Techniques: Optimizing Plant Operation in a Manufacturing Industry

International Journal of Computer Engineering in Research Trends, 2018

The main objective of this paper was to study the inventory management techniques and analyze the pros and cons of the existing technique and if needed, suggest a better-suited technique. The paper also sketches a background on the various costs involved and general inventory management techniques followed. The study uses a descriptive research design. The area of the study was a mechanical industry which produces valves, located in Chennai which is located in the Ambattur Industrial Estate. The inputs from the respondents were collected using a questionnaire and an interview guide. Secondary information was collected from different sources like; textbooks, internet, newspapers, magazines, and journals. The researchers obtained information from the staff and some clients who order directly from its premises. The sample size consisted of 50 respondents. The gender and age compositions of the respondents were established to eliminate any bias, in case of any. The results from the questionnaires and personal interviews were tabulated and analyzed and a relationship between the inventory management technique employed and performance was established based on the opinions of the respondents. A majority of the respondents agreed to positive relationship between the technique and performance of the company. A few respondents indicated inventory management as having a negative relationship on the performance. These same respondents believed that, inventory management involves a lot of costs, inconsistency as there is overcharging of customers, use of highly skilled workers in charge of managing inventories, theft, obsolescence among others all of which increase on the costs hence reducing much of the on the performance of the organization in question especially in the production department.

IJERT-Analysis of Inventory Control Techniques and Study of Non Conventional Parameters

International Journal of Engineering Research and Technology (IJERT), 2016

https://www.ijert.org/analysis-of-inventory-control-techniques-and-study-of-non-conventional-parameters https://www.ijert.org/research/analysis-of-inventory-control-techniques-and-study-of-non-conventional-parameters-IJERTV4IS120008.pdf This paper aims to review the basic principles of inventory control and reduction in material handling costs by discussing traditional techniques and parameters which influence them. It aims to define the relationship between production and distribution and the use of technology to serve this relationship better. It also aims elucidate various flaws in the typical techniques and provides solutions to the same. It introduces RFID technology as a realistic technical tool which can help serve the supply chain more efficiently, with better balancing of resources and by acting as a continuous source of information. It also outlines the importance of customer feedback on the sales and reputation of the company and its goods. With better visibility in a supply chain, several positive changes can be brought which can redefine the operations and investments involved.