Report on Company Inventory Management
a) Objectives of the study
b) Need for the study
d) Scope of the study
2) Company profile
3) Inventory management.
g) Types and classification of inventory (ABC analysis)
h) Need for inventory control
i) Use different forecasting Technique
j) Select best forecasting method
k) Apply the different inventory models
l) Calculate economic order quantity
m) The re-order level.
n) Safety stock
7) Graphs included
Company Inventory Management
Course Title : Inventory Management
Course No. – IPE 6211
Department : Industrial & production Engineering
University : Bangladesh University of Engineering & Technology
Mst. Morium Perveen
Reg No. – 0409082108
Dae of Submission : 03/01/2010
Dept. of IPE, BUET
Objective of the Study
• Figure out the present inventory management system of SUST.
• Show different technique to improve the present inventory system.
Need for the Study
The objective of inventory management is when to order and how much to order.
To make inventory management system economic i.e. mimimizing the total cost of inventory.
At first I collect data from Engineering section of SUST. Then I classified the item in class A, B, C according to annual cost and peccentage of item annualy consumed. Then I used different forecasting technique to determine the next 1 or 2 month demand of an item and try to find which technique is more appropriate. Then I tried to calculate EOQ, reorder point , safety stock and inventory level to make the process economic. Applied different inventory model and found which model is best and economic.
• Inventory management section of SUST is not properly maintained.
• To keep record of past data is not maintained regularly and demand forecasting is not followed accurately
Shah-jalal University of Science & Technology commonly known with its initials SUST, is a state-supported science and technology university located in Sylhet, Bangladesh. Established in 1987, it is the first science and technology university in Bangladesh. It is one of the most popular universities in Bangladesh according to the 4icu.org. The university started its academic programme from 14 February, 1991 with three departments: physics, chemistry and economics. The campus is located in Kumargaon, approximately five kilometers away from Sylhet.
The university introduced the integrated honours course for the first time in Bangladesh and recently it has introduced the semester system from the 1996-97 session. Every year the existing systems are improving, new departments are going to be opened. According to the masterplan for this university ,which states that within a few years Shahjalal University of Science and Technology will be one of the finest institutions of this country. The University has introduced SMS Based Automated Registration of Admission Test procedure for the first time in Bangladesh.Interested students can complete the registration process through mobile messages.Prime Minister Sheikh Hasina launched the system on September 13,2009
SUST has 23 departments under 7 faculties. PGD in IT is also availavle here. The university has one newly established affiliated college, named: Sylhet Engineering College. Sylhet Engineering College consists of three departments: o Department of Electrical and Electronics Engineering. o Department of Computer Science and Engineering.
o Department of Civil Engineering.
Some national and international Seminar and conferences on...
Bibliography: • Kostas N. Dervitsiosits, “Operation Management”, International Edition,
Macgraw- Hill Book Company
• William J. Stevension, “Production/Operation Management”, Sixth Edition, Macgraw- Hill
• Lee J. Krajewski, larry P. Ritzman, “Operation Management”, Seventh Edition,
Prentice – Hall of India, New Delhi-110001,2005
• Mark D. Hanna, W. Rocky Newman, “Operation Management”, Second Edition, Macgraw-Hill
• Essentials of Inventory management by Max Muller
• Hands on Inventory management by ED C. Mercado
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