Submission Of Project Topic For The

3rd Sem Mini Project

Department Of Mechanical Engineering

Name Manprita Basumatary
Roll No- M15/Me-09
Production And Industrial Engineering

Title
Control of inventory in manufacturing companies through inventory management
techniques.

Objective
To study how ABC Analysis is implemented in inventory Management .
To find out the economic order quantity of the various products of the company.
To study the tools and techniques of inventory management adopted to study the
inventory control measures in inventory management in the company.

Brief Description
Inventories represent the second largest asset category for manufacturing companies , next only to plant and
equipment. An inventory lays a very important role in the determination of the profile of the Business. The
management should make a decision to when the quantities to order according to the requirement & the number
of units to be kept in hands. There are three types of inventories that are raw material, work in process, &
finished goods.
ESSENTIALS OF INVENTORY CONTROL SYSTEM:

Maintenance of proper record with regard to the units and the value of Various Items of the Inventories.

To ensure proper control over the receipt and of issue of the materials.

Materials should be properly identified and proper storage of facilities should be made.

INVENTORY CONTROL TECHNIQUES

Inventory control techniques are employed by the inventory control organization within the framework of one of
the basic inventory models, viz. Fixed order quantity systems or fixed order period system. Inventory control
techniques represent the operational aspect of inventory management and help realize the objectives inventory
management and control. The techniques are most commonly used are the following:

Always better control (ABC) analysis .

Fast moving, slow moving and Non-moving (FSN) analysis .
Economic Order Quantity (EOQ) .
Maximum - Minimum technique .
Bin card system (KAN BAN) .
Materials Requirement Planning (MRP) .
Just In time (JIT) .
VED Analysis.

About the topic

As a result to todays uncertain economy, companies are searching for alternative ways to stay competitive. This
study goes through the process of analyzing the companys current forecasting model and recommending an
inventory control model to help them solve their current issue. The shortage of raw material for production
always makes the process discontinuos and reduces the productivity. The ABC analysis technique for the
inventory control system is first used to identify the most important multiple products and then economic order
quantity (EOQ) of each product is developed.
Type of industry taken under this topic- Pharmaceutical Industries

References

A STUDY ON INVENTORY CONTROL AND MANAGEMENT TECHNIQUES

Manthan Pagare, Santosh Kumar Yadav, Rupesh Mahale, Mahendra Pawar,
Pankaj Patil, Dinesh Bhadane ,BVCOE & RI Nashik B.E.Mechanical (Pune University)
Assistant Professor Mechanical Dept. BVCOE& RI Nashik
International journal of science technology and management ,Vol.no5,issue no 1,Jan 01 2016

ABC and VED Analysis in Medical Stores Inventory Control

Lt Col R Gupta*, Col KK Gupta (Retd)+, Brig BR Jain (Retd)#, Maj Gen RK Garg**

ABC and VED Analysis of the Pharmacy Store of a Tertiary Care Teaching, Research and Referral
Healthcare Institute of India ,Devnani M, Gupta AK, Nigah R1
Department of Hospital Administration and 1Pharmacy, Post Graduate Institute of
Medical Education and Research (PGIMER), Chandigarh, India

Inventory Management- A Case Study by Dr. Angel Raphella. S Associate Professor & Head , MBA
Department of Management Studies , PET Engineering College Mr. Gomathi Nathan. S Assistant
Professor , Department of Management Studies , India PET Engineering College Ms. Chitra. G,II
MBA, India PET Engineering College, India .
International Journal of Emerging Research in Management &Technology ISSN: 2278-9359
(Volume-3, Issue-3)