No.20 ~ Inventory | Meaning | Types | Inventory Control | Inventory management | (Hindi) |

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📌 Inventory

00:00 Starting
00:23 Purchase PDF BOOK of Production & Operation Management
00:50 Meaning of Inventory
02:22 Definition of Inventory
03:05 Types of Inventory
07:55 What is Inventory Control
09:32 What is Inventory Management

👉 Meaning of Inventory

Inventory refers to the raw materials, work-in-process, and finished goods that are either ready or will be ready for sale. It is a highly valuable asset for any business, but it can also become a liability if there is too much of it. The primary objective of having inventory is to sell it to customers at a profit.

👉 Definition of Inventory

According to Goff Relph & Catherine Milner - Inventory covers all the goods and materials that an organization owns or holds and which a business intends to add value before selling.

👉 Types of Inventory

1.) Raw Material
2.) Work in process
3.) Finished Goods

👉 What is Inventory Control

Inventory control is a systematic approach to determining the optimal amount of stock necessary to meet production demands and provide the correct materials to departments in the appropriate quantities and at the right time. This method helps prevent issues such as overstocking and understocking, which can have negative consequences. Overstocking can tie up working capital and result in wasted, spoiled, or unused materials, while understocking can disrupt production schedules and impact deliveries.

👉 What is Inventory Management

Effective inventory management is a methodical process that guarantees the timely availability of the ideal inventory for an organization's needs. This ensures that there is always sufficient stock to fulfill customer orders without any setbacks. Maintaining the proper inventory level avoids overstocking or understocking.

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