Inventory Management Project

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Comsats Institute of information Technology Lahore Campus

Financial and Managerial Accounting

Final Project

Inventory Management In Pharmacy

Submitted To: Farhan Ahmed

By

Group “A” MBA 3.5 Years

Muhammad Bilal
Ifran Mustafa
Awais saeed
Faisal Arman
Hafiz Muhammad Akram
Muhammad Ismail

In the name of Allah, The Beneficent, The Merciful

Dedication

We dedicate this project to our teacher (Farhan Ahmed). Without their patience, guidance, understanding, support, and most of all love, the completion of this work would not have been possible.

ABSTRACT

The objective of this study were two-fold: (i) to document the current inventory management and control system as prastised by representative retail drug stores in Lahore, and (ii) to identify problems faced by retailer in utilizing modren technology in inventory management and control system. The research methodology involved in-depht interviews with leading retail pharmacies in Lahore.

INVENTORY MANAGEMENT

What is Inventory? “The goods bought by a dealer in order to resell them on profit. For the period that the dealer holds the goods in inventory, he or she is bearing the risk related to the goods, which may change in price.”
What is "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”. Inventory management software (Distiller, Donor Perfect, Engineer Toolset) helps create invoices, purchase orders, receiving lists, payment receipts and can print bar coded labels. An inventory management software system configured to your warehouse, retail or product line will help to create revenue for your company
The area of inventory management include following • Inventory Management Definition • Inventory Management Terms • Inventory Management Purposes • Definition and Objectives for Inventory Management • Organizational Hierarchy of



References: Fazal Din Pharmacy, Guardian Pharmacy, Servaid Pharmacy, Pharmacy Managenet By: Shane P. Desselle and David P. Zgarrick Financial Management for Pharmacists By: Andrew L. Wilson The Pharmacy Informatics Primer By: Doina Dumitru http://www.referenceforbusiness.com/management/Int-Loc/Inventory-Management.html

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