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Inventory Management - Essay Example

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Inventory Management

This research paper examines the aspects of inventory management based on the fact that inventories are the major expense incurred during the operations of any organization. In this regard, it is prudent for managers to emulate effective systems of controlling their stock. In order to meet the demand of their customers, most businesses maintain an inventory system that ensures optimal inventory is maintained while at the same time tracking the movement of stock. Organizations that are product-oriented greatly value the concept of inventory control. For example, in order to enhance efficiency in their operations, manufacturers aim at having as little inventory as possible (Andrew and John 35).On the other hand distributors are focused at maintaining a certain amount of stock that meets the needs of their customers. This paper seeks to analyze various methods that Wooden Wonders Ltd can emulate in order to ensure that costs of ordering and holding inventories are minimal as well as ensuring that company inventories are sufficient and not surplus. Economic order quantity entails the level of inventory that minimizes the ordering cost as well as the inventory holding costs. The model that was developed by Ford Harris in 1913, seeks to identify whether or not the inventory held by a company is reasonable. One of the major aspects of EOQ is that it is used if there is no change in demand for the product throughout the year. The model consists of fixed cost that does not change regardless of the quantity of the units ordered. ...Show more


This paper seeks to analyze various methods that a company can emulate in order to ensure that costs of ordering and holding inventories are minimal as well as ensuring that company inventories are sufficient and not surplus. For this purpose the author examines Wooden Wonders Ltd as an example…
Author : rahul01
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