Inventory can be defined as the stock of goods or commodities that are reserved at any given period for meeting future demands. In the today’s scenario non availability of a single material which contributes production, even by 1 % will leads to critical situation, can cause the production stopping or stop the movement of finished goods in any industry.
Inventory management is a critical operation in supply chain process. The manufacture companies use raw material and work on it to create finished goods that are stored as inventory. All movable goods that are used in production including raw material is inventory. Inventory is the most important asset held by many organizations. It is very important to manage the inventory not only for good management but also for smooth production and to survive in business especially in today’s competitive era.
Inventory management is very important for all type of businesses. It is a continuous process of supervising the flow of goods from raw material supplies to manufacturers to warehouse till the point of sale. According to the Science Direct publication website (accessed in 2020) in past two decades there has been increase interest on review paper of inventory management.
The publication of articles on inventory management have seen increase of over 525%, as the number of published articles increased from 2,544 in 1998 to 13,381 in 2020.
Calculus in Computer Science: Where Math Fuels Technological Marvels!
1) Effect of control at raw material.
2) Effect of control of finished goods.
3) Effects of uncontrolled of another inventory.
1) Direct Inventories
2) Indirect inventories.
Effective inventory management is indispensable for business success across industries. It optimizes cash flow, meets customer demand, minimizes costs, improves efficiency, enhances decision-making, and mitigates risks.
Algebra puzzles are a great way to challenge your mathematical skills
Inventory management holds significant importance within the core syllabus of mathematics. It involves mathematical concepts such as optimization, probability, and statistics to ensure efficient stock control, demand forecasting, and cost minimization.
Lingaya’s Vidyapeeth stands out as the premier college for advancing degrees in mathematics. It offers comprehensive B.Sc in Mathematics and M.Sc in Mathematics programs, providing students with higher education opportunities to master mathematical principles essential for effective inventory management and various other applications in industry and academia.
Priyavada
Assistant Professor (Mathematics)
School of Basic & Applied Sciences
Lingaya’s Vidyapeeth
Top B.Sc. Maths Hons College in Faridabad
RECENT POSTS
CATEGORIES
TAGS
Agriculture Agriculture future AI Architecture Architecture design artificial intelligence BAJMC BAJMC Courses BA Psychology Basic Science BTech AIML BTech cybersecurity BTech Engineering Business management career Career-Specific Education career option career scope Civil engineering Computer Science Computer science engineering cybersecurity Data science ecommerce education Engineering Entrepreneurship Fashion Design Higher Education Innovations Journalism journalism and mass communication law Machine Learning MA Psychology Master degree mathematics MBA Mechanical Engineering Pharmacy Psychology Research and Development Skill development students Urban planning
Address: Nachauli, Jasana Road, Faridabad, Haryana
Head Office Address: C-72, Second Floor, Shivalik, Near Malviya Nagar, Above HDFC Bank, New Delhi 110017
Ph.No. - 011-46570515 / 45138169 / 41755703 / +91-7303152412
Toll Free: 1800-120-4613
Mob: 8447744304 | 8447744306 | 8447744308 | 8447744309
Email:
[email protected]
[email protected]
[email protected]
[email protected]
[email protected]
Copyrights © 1998 - 2024 Lingaya's Vidyapeeth (Deemed To Be University). All rights reserved.