Inventory Management
A STUDY ON INVENTORY MANAGEMENT OF VIKI INDUSTRIES PRIVATE LIMITED, CHENNAI
INTRODUCTION As every business concern irrespective of size, nature and age needs an adequate level of inventory to carry out business operations and survive. Inventory becomes an important and integral part of business inadequate inventories means interruption of production and sales operation whereas excessive inventories means accumulation of idle funds and increase in carrying cost. Therefore, to manage inventories in any sector is challenging job.
The project report titled “A study on inventory management of Viki Industries Private Limited” deals with this matter and is based on the final year project at Viki Industries Private Limited pertaining to the requirement for the master of business administration from Easwari engineering college.
Inventory, or stock, is defined as the stored accumulation of material resources in a transformation system. For example, a manufacturing company will hold stocks of materials, and an accounting firm will hold stocks of information. The planning and controlling of these inventories is also known as inventory management. It is an important concern for all types of businesses as effective inventory is essential for realizing the full potential of a supply chain.
The challenge is not to have as little inventory as possible in hopes of reducing costs or overstocking to satisfy all demands, but to have the right amount to achieve your business' competitive priorities. This type of efficiency can only happen if the right amount of inventory is flowing through the supply chain - through suppliers, the firm, warehouses or distribution centre, and customers.
Inventories play a major role in any business and affect everyday operations because they must be counted, paid for, used in operations, used to
INTRODUCTION As every business concern irrespective of size, nature and age needs an adequate level of inventory to carry out business operations and survive. Inventory becomes an important and integral part of business inadequate inventories means interruption of production and sales operation whereas excessive inventories means accumulation of idle funds and increase in carrying cost. Therefore, to manage inventories in any sector is challenging job.
The project report titled “A study on inventory management of Viki Industries Private Limited” deals with this matter and is based on the final year project at Viki Industries Private Limited pertaining to the requirement for the master of business administration from Easwari engineering college.
Inventory, or stock, is defined as the stored accumulation of material resources in a transformation system. For example, a manufacturing company will hold stocks of materials, and an accounting firm will hold stocks of information. The planning and controlling of these inventories is also known as inventory management. It is an important concern for all types of businesses as effective inventory is essential for realizing the full potential of a supply chain.
The challenge is not to have as little inventory as possible in hopes of reducing costs or overstocking to satisfy all demands, but to have the right amount to achieve your business' competitive priorities. This type of efficiency can only happen if the right amount of inventory is flowing through the supply chain - through suppliers, the firm, warehouses or distribution centre, and customers.
Inventories play a major role in any business and affect everyday operations because they must be counted, paid for, used in operations, used to