questions asked in viva on topic inventory management
#1

Good Day Everyone!

I had done a dummy project on Inventory Management and now I am confused what questions will be asked in viva vice please help me if anyone knows anything about questions and if possible along with questions provide answers of that question too..

Thanking you in advance !!
Reply
#2
Inventory

Inventory or stock refers to the goods and materials that a business holds for the ultimate purpose of resale (or repair).[nb 1]

Inventory management is a science primarily about specifying the shape and placement of stocked goods. It is required at different locations within a facility or within many locations of a supply network to precede the regular and planned course of production and stock of materials.

The scope of inventory management concerns the fine lines between replenishment lead time, carrying costs of inventory, asset management, inventory forecasting, inventory valuation, inventory visibility, future inventory price forecasting, physical inventory, available physical space for inventory, quality management, replenishment, returns and defective goods, and demand forecasting. Balancing these competing requirements leads to optimal inventory levels, which is an ongoing process as the business needs shift and react to the wider environment.

Inventory management involves a retailer seeking to acquire and maintain a proper merchandise assortment while ordering, shipping, handling, and related costs are kept in check. It also involves systems and processes that identify inventory requirements, set targets, provide replenishment techniques, report actual and projected inventory status and handle all functions related to the tracking and management of material. This would include the monitoring of material moved into and out of stockroom locations and the reconciling of the inventory balances. It also may include ABC analysis, lot tracking, cycle counting support, etc. Management of the inventories, with the primary objective of determining/controlling stock levels within the physical distribution system, functions to balance the need for product availability against the need for minimizing stock holding and handling costs.

In any business or organization, all functions are interlinked and connected to each other and are often overlapping. Some key aspects like supply chain management, logistics and inventory form the backbone of the business delivery function. Therefore these functions are extremely important to marketing managers as well as finance controllers.

Inventory management is a very important function that determines the health of the supply chain as well as the impacts the financial health of the balance sheet. Every organization constantly strives to maintain optimum inventory to be able to meet its requirements and avoid over or under inventory that can impact the financial figures.

Inventory is always dynamic. Inventory management requires constant and careful evaluation of external and internal factors and control through planning and review. Most of the organizations have a separate department or job function called inventory planners who continuously monitor, control and review inventory and interface with production, procurement and finance departments.

Defining Inventory

Inventory is an idle stock of physical goods that contain economic value, and are held in various forms by an organization in its custody awaiting packing, processing, transformation, use or sale in a future point of time.

Any organization which is into production, trading, sale and service of a product will necessarily hold stock of various physical resources to aid in future consumption and sale. While inventory is a necessary evil of any such business, it may be noted that the organizations hold inventories for various reasons, which include speculative purposes, functional purposes, physical necessities etc.

From the above definition the following points stand out with reference to inventory:

All organizations engaged in production or sale of products hold inventory in one form or other.
Inventory can be in complete state or incomplete state.
Inventory is held to facilitate future consumption, sale or further processing/value addition.
All inventoried resources have economic value and can be considered as assets of the organization.

Different Types of Inventory

Inventory of materials occurs at various stages and departments of an organization. A manufacturing organization holds inventory of raw materials and consumables required for production. It also holds inventory of semi-finished goods at various stages in the plant with various departments. Finished goods inventory is held at plant, FG Stores, distribution centers etc. Further both raw materials and finished goods those that are in transit at various locations also form a part of inventory depending upon who owns the inventory at the particular juncture. Finished goods inventory is held by the organization at various stocking points or with dealers and stockiest until it reaches the market and end customers.
Reply
#3

Abstract

Inventory or stock refers to the goods and materials that a business holds for the ultimate purpose of resale (or repair).Inventory management is a science primarily about specifying the shape and placement of stocked goods. It is required at different locations within a facility or within many locations of a supply network to precede the regular and planned course of production and stock of materials.

The scope of inventory management concerns the fine lines between replenishment lead time, carrying costs of inventory, asset management, inventory forecasting, inventory valuation, inventory visibility, future inventory price forecasting, physical inventory, available physical space for inventory, quality management, replenishment, returns and defective goods, and demand forecasting. Balancing these competing requirements leads to optimal inventory levels, which is an ongoing process as the business needs shift and react to the wider environment.

Inventory management involves a retailer seeking to acquire and maintain a proper merchandise assortment while ordering, shipping, handling, and related costs are kept in check. It also involves systems and processes that identify inventory requirements, set targets, provide replenishment techniques, report actual and projected inventory status and handle all functions related to the tracking and management of material. This would include the monitoring of material moved into and out of stockroom locations and the reconciling of the inventory balances. It also may include ABC analysis, lot tracking, cycle counting support, etc. Management of the inventories, with the primary objective of determining/controlling stock levels within the physical distribution system, functions to balance the need for product availability against the need for minimizing stock holding and handling costs.
Reply

Important Note..!

If you are not satisfied with above reply ,..Please

ASK HERE

So that we will collect data for you and will made reply to the request....OR try below "QUICK REPLY" box to add a reply to this page
Popular Searches: what type of questions are asked regarding hcci topic in seminar, what questions asked in evs viva 12thamic shape car ppt, questions asked on redtacton technology, viva questions asked for godown wiring, funny questions asked during anchoring, interview questions asked for kv guest teacher, seminar questions asked about braingate technology,

[-]
Quick Reply
Message
Type your reply to this message here.

Image Verification
Please enter the text contained within the image into the text box below it. This process is used to prevent automated spam bots.
Image Verification
(case insensitive)

Possibly Related Threads...
Thread Author Replies Views Last Post
  pdf k53 learners test questions and answers 2015 pdf 2 11,122 18-05-2018, 06:21 PM
Last Post: Guest
  viva question answer of flywheel experiment pdf 2 3,728 22-02-2018, 03:12 PM
Last Post: Guest
  surveying 2 lab viva questions with answers pdf free download 3 1,386 26-04-2017, 09:47 AM
Last Post: jaseela123d
  physics practical viva questions for bsc 4 1,944 15-02-2017, 02:06 PM
Last Post: jaseela123d
  questions asked in viva on topic inventory management 2 1,119 23-07-2016, 02:55 PM
Last Post: jaseela123d
  tata steel intern techniqal questions pdf 1 786 23-07-2016, 10:37 AM
Last Post: visalakshik
  automatic toll collection system using rfid viva questions 2 921 23-07-2016, 10:10 AM
Last Post: jaseela123d
  abstract on the topic wifi in ieee format 2 771 22-07-2016, 04:25 PM
Last Post: jaseela123d
  college ferwell party topic and shayri 2 942 22-07-2016, 04:06 PM
Last Post: jaseela123d
  prajatantra topic presentation in hindi 2 864 22-07-2016, 03:17 PM
Last Post: visalakshik

Forum Jump: