INVENTORY PLANNING AND CONTROL PDF



Inventory Planning And Control Pdf

Improving Demand Planning and Inventory Management A. 7 INVENTORY MANAGEMENT MGT2405, University of Toronto, Denny Hong-Mo Yeh Inventory management is the branch of business management that covers the planning and control of the inventory. In the previous chapters, we have discussed priority and capacity planning and control. Priority planning determines what materials are needed and when, Inventory Planning - Basic Concepts Every organization that is engaged in production, sale or trading of Products holds inventory in one or the other form. While production and manufacturing organizations hold raw material inventories, finished goods and spare parts inventories, trading companies might hold only finished goods inventories depending upon the business model..

(PDF) LESSON 8 PRODUCTION PLANNING AND CONTROL Prem

Lean production planning and control tools in semi-process. A CONCEPTUAL FRAMEWORK FOR INVENTORY MANAGEMENT: FOCUSING ON LOW CONSUMPTION This article evaluates the premise of demand adherence to normal distribution in inventory management models, showing that this can lead to significant distortions, mainly to stock control of very low and low consumption items., 7 INVENTORY MANAGEMENT MGT2405, University of Toronto, Denny Hong-Mo Yeh Inventory management is the branch of business management that covers the planning and control of the inventory. In the previous chapters, we have discussed priority and capacity planning and control. Priority planning determines what materials are needed and when.

I Preface “Lean production planning and control in semi-process industries” is the work developed as a master’s thesis in production and quality engineering. It has been done in the NTNU from September 2014 until February 2015 as part of the ERASMUS + exchange program. Inventory planning and control are crucial in most organizations, including manufacturing, wholesale, grocery stores, retail businesses, the auto industry, military, and government. The investment tied up in inventory is substantial compared to the total assets of many companies. In the United States, the total annual inventory asset is about

Inventory planning in any business can act as a bridge to higher profits. Through the control of inventory, a business is able to increase its profitability. However, such a scenario is only possible with better inventory planning. For example, the methods implemented by any organization when it comes to sourcing, as well as managing its Simply put, inventory planning and control is the process by which a distributor of goods ensures they have the right stock, at the right location, at the right time to meet customer demand. A properly planned inventory stocking policymaintains stock at levels that are sufficient for the needs of the sales team, while ensuring that items are being reordered from suppliers based on safety stock

Material Requirements Planning Push vs Pull Systems Push – MRP “initiates production in anticipation of future demand” Pull – JIT “initiates production as a reaction to present demand” Major Premises Inventory control in a production environment Many products, many component parts Complex product indenture structure Inventory planning The safety stock (also calles minimum or resource inventory) helps to protect the ongoing operation of a company against demand, supply and inventory uncertainties.. It depends on the procurement time (replenishment time) and the

Planning of the Inventory control organization: It is yet another important aspect of inventory management because choosing the panel to control is very difficult. 3.3 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 system or fixed order period supply chain network complexity, which serve as headwinds to inventory reduction. Today, many if not most supply chains are feeling at least several of these sorts of network pressures: • Increased global scope and reach that must be managed • • Increasing virtualization and resulting loss of visibility and control

Proper inventory planning strives to ensure markdowns due to overstock and lost sales due to stock outs are minimized. The leading practice for inventory planning is to enter key performance indicator (KPI) values, based on historical performance, and derive the inventory values. There are six methods for planning inventory values: 1. Inventory control is the process used to maximize the company's use of inventory. Here are six different techniques for wholesalers and distributors of durable goods to ensure their inventory control is maximizing efficiency and profitability.

Material Requirements Planning Push vs Pull Systems Push – MRP “initiates production in anticipation of future demand” Pull – JIT “initiates production as a reaction to present demand” Major Premises Inventory control in a production environment Many products, many component parts Complex product indenture structure supply chain network complexity, which serve as headwinds to inventory reduction. Today, many if not most supply chains are feeling at least several of these sorts of network pressures: • Increased global scope and reach that must be managed • • Increasing virtualization and resulting loss of visibility and control

Inventory Management MIT OpenCourseWare

Inventory planning and control pdf

Inventory Planning & Optimization Extending The. Inventory planning and control are crucial in most organizations, including manufacturing, wholesale, grocery stores, retail businesses, the auto industry, military, and government. The investment tied up in inventory is substantial compared to the total assets of many companies. In the United States, the total annual inventory asset is about, 16/09/2019 · Production Planning and Control Pdf Notes- PPC Pdf Notes. Production Planning and Control notes download links are listed below please check it – Complete Notes. Link:Complete Notes. Note:-These notes are according to the R09 Syllabus book of JNTU.In R13 and R15,8-units of R09 syllabus are combined into 5-units in R13 and R15 syllabus. If you.

Importance of Production Planning and Control in Small. View Production and Inventory planning and control systems Research Papers on Academia.edu for free., 41 / Financial planning and management 41.3 • Prepare cash flow forecasts to ensure the availability of cash to cover anticipated financial obligations • Analyze costs to assess cost-effectiveness and monitor efficiency • Control and manage the collection, safekeeping, and spending of funds • Keep proper accounting records and prepare.

Production Planning and Inventory Control Assignment Point

Inventory planning and control pdf

PRODUCTION PLANNING AND CONTROL. inventory accounting system and it is counted and stored separately from other items Much of inventory control is directed at controlling each SKU in inventory. Although daily operations of inventories may require SKU level control, strategic planning of inventory levels can be accomplished by substantially aggregating product into broad https://en.wikipedia.org/wiki/Production_Planning Inventory planning technology: While it is possible to use spreadsheets for inventory planning, this level of technology doesn’t offer anything like the performance of enterprise analytics solutions or even that of a low-end ERP platform. If your company is serious about making inventory-planning improvements, provision should be made for.

Inventory planning and control pdf

  • Inventory control Definition systems and management
  • Chapter 19 Inventory Theory

  • Inventory planning and control are crucial in most organizations, including manufacturing, wholesale, grocery stores, retail businesses, the auto industry, military, and government. The investment tied up in inventory is substantial compared to the total assets of many companies. In the United States, the total annual inventory asset is about Inventory control is the process used to maximize the company's use of inventory. Here are six different techniques for wholesalers and distributors of durable goods to ensure their inventory control is maximizing efficiency and profitability.

    41 / Financial planning and management 41.3 • Prepare cash flow forecasts to ensure the availability of cash to cover anticipated financial obligations • Analyze costs to assess cost-effectiveness and monitor efficiency • Control and manage the collection, safekeeping, and spending of funds • Keep proper accounting records and prepare Proper inventory planning strives to ensure markdowns due to overstock and lost sales due to stock outs are minimized. The leading practice for inventory planning is to enter key performance indicator (KPI) values, based on historical performance, and derive the inventory values. There are six methods for planning inventory values: 1.

    Inventory planning and control Interview Questions And Answers Global Guideline . COM Read More Answers. Question # 12 Tell me what is inventory control? Answer:-Inventory control is the process of reducing inventory costs while remaining responsive to customer demands. By this definition a store would want to lower its Inventory planning and control are crucial in most organizations, including manufacturing, wholesale, grocery stores, retail businesses, the auto industry, military, and government. The investment tied up in inventory is substantial compared to the total assets of many companies. In the United States, the total annual inventory asset is about

    Proper inventory planning strives to ensure markdowns due to overstock and lost sales due to stock outs are minimized. The leading practice for inventory planning is to enter key performance indicator (KPI) values, based on historical performance, and derive the inventory values. There are six methods for planning inventory values: 1. This article provides an introduction to the management of perishable items. We first highlight some key differences between inventory models for nonperishable items and models for perishable ones.

    Find out more about Inventory Planning and Stock Control with this Procurement & Supply Chain management course delivered by LCT. In this Inventory planning and control Interview Questions and Answers guide you will learn that Inventory Management and Inventory Control must be designed to meet the dictates of the marketplace and support the company's strategic plan.

    Spare Parts Planning and Control for Maintenance Operations PROEFSCHRIFT ter verkrijging van de graad van doctor aan de Technische Universiteit Eindhoven, op gezag van de rector magni cus, prof.dr.ir. C.J. van Duijn, voor een commissie aangewezen door het College voor Promoties in het openbaar te verdedigen op maandag 11 november 2013 om 16.00 Inventory planning and control are crucial in most organizations, including manufacturing, wholesale, grocery stores, retail businesses, the auto industry, military, and government. The investment tied up in inventory is substantial compared to the total assets of many companies. In the United States, the total annual inventory asset is about

    Multiple-choice questions: B. Try the multiple choice questions below to test your knowledge of this chapter. Once you have completed the test, click on 'Submit Answers for Grading' to get your results. This activity contains 14 questions. ADVERTISEMENTS: Some of the most important techniques of inventory control system are: 1. Setting up of various stock levels. 2. Preparations of inventory budgets. 3. Maintaining perpetual inventory system. 4. Establishing proper purchase procedures. 5. Inventory turnover ratios. and 6. ABC analysis. 1. Setting up of various stock levels: To avoid over-stocking and under stocking …

    Inventory planning and control pdf

    inventory planning: The process of determining the optimal quantity and timing of inventory for the purpose of aligning it with sales and production capacity. Inventory planning has a direct impact a company's cash flow and profit margins especially for smaller businesses that rely upon a quick turnover of goods or materials. dead line of the customer due to inadequate planning, lack of inventory control and rejection of product and due to these reasons, the higher authority of the organization wants to change the existing production planning & control system and to face the competitive market in …

    Spare parts planning and control for maintenance operations

    Inventory planning and control pdf

    Production and Inventory planning and control systems. Proper inventory planning strives to ensure markdowns due to overstock and lost sales due to stock outs are minimized. The leading practice for inventory planning is to enter key performance indicator (KPI) values, based on historical performance, and derive the inventory values. There are six methods for planning inventory values: 1., Material Requirements Planning Push vs Pull Systems Push – MRP “initiates production in anticipation of future demand” Pull – JIT “initiates production as a reaction to present demand” Major Premises Inventory control in a production environment Many products, many component parts Complex product indenture structure.

    Spare parts planning and control for maintenance operations

    Lean production planning and control tools in semi-process. Improving Demand Planning and Inventory Management A Supply Chain Evaluation from a Distributor’s Perspective OSKAR BLOMGREN SANDRA ERIKSSON Examiner: Patrik Jonsson Department of Technology Management and Economics Division of Supply and Operations Management CHALMERS UNIVERSITY OF TECHNOLOGY Göteborg, Sweden 2016 . Improving Demand Planning and Inventory …, Proper inventory planning strives to ensure markdowns due to overstock and lost sales due to stock outs are minimized. The leading practice for inventory planning is to enter key performance indicator (KPI) values, based on historical performance, and derive the inventory values. There are six methods for planning inventory values: 1..

    LESSON 8 PRODUCTION PLANNING AND CONTROL Free Download Inventory Management PPT with PDF: Inventory management is obliged for the goods in inventory, also to their inward flow and outward flow.It looks after the units in a firm and makes sure that they are in a moderate amount which does not affect the performance of a company.

    Spare Parts Planning and Control for Maintenance Operations PROEFSCHRIFT ter verkrijging van de graad van doctor aan de Technische Universiteit Eindhoven, op gezag van de rector magni cus, prof.dr.ir. C.J. van Duijn, voor een commissie aangewezen door het College voor Promoties in het openbaar te verdedigen op maandag 11 november 2013 om 16.00 ADVERTISEMENTS: Some of the most important techniques of inventory control system are: 1. Setting up of various stock levels. 2. Preparations of inventory budgets. 3. Maintaining perpetual inventory system. 4. Establishing proper purchase procedures. 5. Inventory turnover ratios. and 6. ABC analysis. 1. Setting up of various stock levels: To avoid over-stocking and under stocking …

    Find out more about Inventory Planning and Stock Control with this Procurement & Supply Chain management course delivered by LCT. inventory accounting system and it is counted and stored separately from other items Much of inventory control is directed at controlling each SKU in inventory. Although daily operations of inventories may require SKU level control, strategic planning of inventory levels can be accomplished by substantially aggregating product into broad

    Forecasting for inventory planning: A 50-year review Article (PDF Available) in Journal of the Operational Research Society 60(S1) В· February 2009 with 3,308 Reads How we measure 'reads' Inventory control is the process used to maximize the company's use of inventory. Here are six different techniques for wholesalers and distributors of durable goods to ensure their inventory control is maximizing efficiency and profitability.

    Production Planning And Inventory Control Pdf.pdf - Free download Ebook, Handbook, Textbook, User Guide PDF files on the internet quickly and easily. Material Requirements Planning. a. MRP Process `goal is to find net requirements (trigger purchase and work orders) `explosion вЊ§Example: вЊ§MPS, 100 end items вЊ§yields gross requirements `netting вЊ§Net requirements = Gross requirements - on hand inventory - quantity on order вЊ§done at each level prior to further explosion `offsetting

    Inventory planning technology: While it is possible to use spreadsheets for inventory planning, this level of technology doesn’t offer anything like the performance of enterprise analytics solutions or even that of a low-end ERP platform. If your company is serious about making inventory-planning improvements, provision should be made for inventory planning: The process of determining the optimal quantity and timing of inventory for the purpose of aligning it with sales and production capacity. Inventory planning has a direct impact a company's cash flow and profit margins especially for smaller businesses that rely upon a quick turnover of goods or materials.

    Inventory planning in any business can act as a bridge to higher profits. Through the control of inventory, a business is able to increase its profitability. However, such a scenario is only possible with better inventory planning. For example, the methods implemented by any organization when it comes to sourcing, as well as managing its Inventory planning The safety stock (also calles minimum or resource inventory) helps to protect the ongoing operation of a company against demand, supply and inventory uncertainties.. It depends on the procurement time (replenishment time) and the

    Simply put, inventory planning and control is the process by which a distributor of goods ensures they have the right stock, at the right location, at the right time to meet customer demand. A properly planned inventory stocking policymaintains stock at levels that are sufficient for the needs of the sales team, while ensuring that items are being reordered from suppliers based on safety stock Inventory control is the process used to maximize the company's use of inventory. Here are six different techniques for wholesalers and distributors of durable goods to ensure their inventory control is maximizing efficiency and profitability.

    15/06/2015 · Stitch Labs is a retail operations management platform for high-growth brands. A retail business’ ability to understand and act on inventory planning can make or break their growth, profitability, and ultimate success. Retailers lose $634.1 billion each year to stockouts and the average retailer overstocks by 50 percent. With inventory issues contributing so heavily to a business’ bottom LESSON 8 PRODUCTION PLANNING AND CONTROL

    A CONCEPTUAL FRAMEWORK FOR INVENTORY MANAGEMENT: FOCUSING ON LOW CONSUMPTION This article evaluates the premise of demand adherence to normal distribution in inventory management models, showing that this can lead to significant distortions, mainly to stock control of very low and low consumption items. inventory accounting system and it is counted and stored separately from other items Much of inventory control is directed at controlling each SKU in inventory. Although daily operations of inventories may require SKU level control, strategic planning of inventory levels can be accomplished by substantially aggregating product into broad

    supply chain network complexity, which serve as headwinds to inventory reduction. Today, many if not most supply chains are feeling at least several of these sorts of network pressures: • Increased global scope and reach that must be managed • • Increasing virtualization and resulting loss of visibility and control of insurance against loss of inventory by fire, theft, or vandalism, taxes based on the value of the inventory, and the cost of personnel who oversee and protect the inventory. 4. Company policy prohibits deliberately planning for shortages of any of its components. However, a shortage of speakers occasionally crops up, and it has been

    Spare Parts Planning and Control for Maintenance Operations PROEFSCHRIFT ter verkrijging van de graad van doctor aan de Technische Universiteit Eindhoven, op gezag van de rector magni cus, prof.dr.ir. C.J. van Duijn, voor een commissie aangewezen door het College voor Promoties in het openbaar te verdedigen op maandag 11 november 2013 om 16.00 continually looking for ways of reducing their inventory costs without affecting service. In recent years this search has led to many changes. ‘Scientific inventory control’ is still at the core of inventory management, but it has been enhanced by requirements planning and just …

    I Preface “Lean production planning and control in semi-process industries” is the work developed as a master’s thesis in production and quality engineering. It has been done in the NTNU from September 2014 until February 2015 as part of the ERASMUS + exchange program. Material Requirements Planning Push vs Pull Systems Push – MRP “initiates production in anticipation of future demand” Pull – JIT “initiates production as a reaction to present demand” Major Premises Inventory control in a production environment Many products, many component parts Complex product indenture structure

    Production Planning and Inventory Control Assignment Point. This article provides an introduction to the management of perishable items. We first highlight some key differences between inventory models for nonperishable items and models for perishable ones., Inventory management refers to the process of ordering, storing, and using a company's inventory. These include the management of raw materials, components, and finished products, as well as.

    (PDF) LESSON 8 PRODUCTION PLANNING AND CONTROL Prem

    Inventory planning and control pdf

    Inventory Management System and Performance of Food and. Find out more about Inventory Planning and Stock Control with this Procurement & Supply Chain management course delivered by LCT., of insurance against loss of inventory by fire, theft, or vandalism, taxes based on the value of the inventory, and the cost of personnel who oversee and protect the inventory. 4. Company policy prohibits deliberately planning for shortages of any of its components. However, a shortage of speakers occasionally crops up, and it has been.

    PRODUCTION AND INVENTORY MANAGEMENT JOURNAL. Find out more about Inventory Planning and Stock Control with this Procurement & Supply Chain management course delivered by LCT., An inventory control is used either in cycle count inventory or to ensure the proper management of the stocks and particular resources of the business. In inventory control procedures, there should be point persons who have the authority to command people on the proper inventory item usages..

    (PDF) LESSON 8 PRODUCTION PLANNING AND CONTROL Prem

    Inventory planning and control pdf

    Importance of Production Planning and Control in Small. 7 INVENTORY MANAGEMENT MGT2405, University of Toronto, Denny Hong-Mo Yeh Inventory management is the branch of business management that covers the planning and control of the inventory. In the previous chapters, we have discussed priority and capacity planning and control. Priority planning determines what materials are needed and when https://en.wikipedia.org/wiki/Business_Planning_and_Control_System Inventory planning The safety stock (also calles minimum or resource inventory) helps to protect the ongoing operation of a company against demand, supply and inventory uncertainties.. It depends on the procurement time (replenishment time) and the.

    Inventory planning and control pdf

  • 6 Most Important Techniques of Inventory Control System
  • Inventory planning and control Interview Questions And
  • (PDF) Forecasting for inventory planning A 50-year review

  • Material Requirements Planning. a. MRP Process `goal is to find net requirements (trigger purchase and work orders) `explosion вЊ§Example: вЊ§MPS, 100 end items вЊ§yields gross requirements `netting вЊ§Net requirements = Gross requirements - on hand inventory - quantity on order вЊ§done at each level prior to further explosion `offsetting Inventory management refers to the process of ordering, storing, and using a company's inventory. These include the management of raw materials, components, and finished products, as well as

    Proper inventory planning strives to ensure markdowns due to overstock and lost sales due to stock outs are minimized. The leading practice for inventory planning is to enter key performance indicator (KPI) values, based on historical performance, and derive the inventory values. There are six methods for planning inventory values: 1. inventory accounting system and it is counted and stored separately from other items Much of inventory control is directed at controlling each SKU in inventory. Although daily operations of inventories may require SKU level control, strategic planning of inventory levels can be accomplished by substantially aggregating product into broad

    Simply put, inventory planning and control is the process by which a distributor of goods ensures they have the right stock, at the right location, at the right time to meet customer demand. A properly planned inventory stocking policymaintains stock at levels that are sufficient for the needs of the sales team, while ensuring that items are being reordered from suppliers based on safety stock Inventory Control System is the process of managing inventory in order to meet customer demand at the lowest possible cost and with a minimum of investment, Byoungho (2004). A successfully implemented inventory control program takes into account such things …

    Forecasting for inventory planning: A 50-year review Article (PDF Available) in Journal of the Operational Research Society 60(S1) В· February 2009 with 3,308 Reads How we measure 'reads' inventory control response. iv. Provide for exception reporting of non-routine situations promptly. v. Provide appropriate levels of information to be available to challenge, and where appropriate, override system decisions. The major responsibility of inventory management is the management of materials and materials systems throughout

    inventory accounting system and it is counted and stored separately from other items Much of inventory control is directed at controlling each SKU in inventory. Although daily operations of inventories may require SKU level control, strategic planning of inventory levels can be accomplished by substantially aggregating product into broad 15/06/2015 · Stitch Labs is a retail operations management platform for high-growth brands. A retail business’ ability to understand and act on inventory planning can make or break their growth, profitability, and ultimate success. Retailers lose $634.1 billion each year to stockouts and the average retailer overstocks by 50 percent. With inventory issues contributing so heavily to a business’ bottom

    Inventory Planning & Optimization Solutions Inventory optimization software is the most recent addition to the suite of Supply Chain Management (SCM) solutions. These solutions establish the optimal mix between inventory investment and service levels for each inventory … Inventory control & management 1. Inventory Control & Management 2. INTRODUCTION Inventory-A physical resource that a firm holds in stock with the intent of selling it or transforming it into a more valuable state. Inventory System- A set of policies and controls that monitors levels of inventory and determines what levels should be maintained, when stock should be replenished, and how large

    7 INVENTORY MANAGEMENT MGT2405, University of Toronto, Denny Hong-Mo Yeh Inventory management is the branch of business management that covers the planning and control of the inventory. In the previous chapters, we have discussed priority and capacity planning and control. Priority planning determines what materials are needed and when 7 INVENTORY MANAGEMENT MGT2405, University of Toronto, Denny Hong-Mo Yeh Inventory management is the branch of business management that covers the planning and control of the inventory. In the previous chapters, we have discussed priority and capacity planning and control. Priority planning determines what materials are needed and when

    dead line of the customer due to inadequate planning, lack of inventory control and rejection of product and due to these reasons, the higher authority of the organization wants to change the existing production planning & control system and to face the competitive market in … View Production and Inventory planning and control systems Research Papers on Academia.edu for free.

    Inventory Control System is the process of managing inventory in order to meet customer demand at the lowest possible cost and with a minimum of investment, Byoungho (2004). A successfully implemented inventory control program takes into account such things … inventory control response. iv. Provide for exception reporting of non-routine situations promptly. v. Provide appropriate levels of information to be available to challenge, and where appropriate, override system decisions. The major responsibility of inventory management is the management of materials and materials systems throughout

    Inventory planning and control are crucial in most organizations, including manufacturing, wholesale, grocery stores, retail businesses, the auto industry, military, and government. The investment tied up in inventory is substantial compared to the total assets of many companies. In the United States, the total annual inventory asset is about Spare Parts Planning and Control for Maintenance Operations PROEFSCHRIFT ter verkrijging van de graad van doctor aan de Technische Universiteit Eindhoven, op gezag van de rector magni cus, prof.dr.ir. C.J. van Duijn, voor een commissie aangewezen door het College voor Promoties in het openbaar te verdedigen op maandag 11 november 2013 om 16.00

    A CONCEPTUAL FRAMEWORK FOR INVENTORY MANAGEMENT: FOCUSING ON LOW CONSUMPTION This article evaluates the premise of demand adherence to normal distribution in inventory management models, showing that this can lead to significant distortions, mainly to stock control of very low and low consumption items. Inventory planning & control 1. Inventory Planning & Control 2. Inventory Planning • The process of determining the optimal quantity and timing of Inventory for the purpose of aligning it with sales and production capacity . •Inventory planning has direct impact a company's cash flow and profit margins especially for smaller businesses that

    supply chain network complexity, which serve as headwinds to inventory reduction. Today, many if not most supply chains are feeling at least several of these sorts of network pressures: • Increased global scope and reach that must be managed • • Increasing virtualization and resulting loss of visibility and control ADVERTISEMENTS: Some of the most important techniques of inventory control system are: 1. Setting up of various stock levels. 2. Preparations of inventory budgets. 3. Maintaining perpetual inventory system. 4. Establishing proper purchase procedures. 5. Inventory turnover ratios. and 6. ABC analysis. 1. Setting up of various stock levels: To avoid over-stocking and under stocking …

    Simply put, inventory planning and control is the process by which a distributor of goods ensures they have the right stock, at the right location, at the right time to meet customer demand. A properly planned inventory stocking policymaintains stock at levels that are sufficient for the needs of the sales team, while ensuring that items are being reordered from suppliers based on safety stock 7 INVENTORY MANAGEMENT MGT2405, University of Toronto, Denny Hong-Mo Yeh Inventory management is the branch of business management that covers the planning and control of the inventory. In the previous chapters, we have discussed priority and capacity planning and control. Priority planning determines what materials are needed and when

    Inventory planning and control pdf

    LESSON 8 PRODUCTION PLANNING AND CONTROL Inventory control is a crucial part of the production system. Essentially inventory control is concerned with production planning. It determines inventory of a finished product or inventory of materials used in making such products. Inventory control is affected by changes in customer demand, holding costs, ordering costs and back order costs