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01-04-2011, 03:58 PM
Post: #1
INVENTORY MANAGEMENT

.docx  49598233-inventory-management-at-ABB-Ltd.docx (Size: 118.14 KB / Downloads: 734)
“A STUDY ON INVENTORY MANAGEMENT”
STATEMENT OF PROBLEM

A study of inventory management at ABB LTD is undertaken in order to know the inventory performance and position of the company and to know the strength and weakness and to assess the profitability of the company. Inventories constitute most significant part of assets of large majority of the companies in India. Inventory a double edged sword is usually an asset of an organization, if not used properly it will become liability. It is therefore absolutely very important to manage inventories efficiently and effectively in order to overcome unnecessary investment. And “To identify the problems/challenges involved in the Inventory Management process at ABB ltd.”
OBJECTIVES OF THE STUDY
The main objectives of the study are:-
OBJECTIVES:
1. To study the tools and techniques of inventory management adopted at ABB Ltd.
2. To study the inventory control measures in inventory management.
3. To study the demand forecast of inventory management at ABB Ltd.
4. To study how ABC analysis and aging schedule is implemented in inventory management.
5. To determine the stock level in inventory management at ABB Ltd.
6. To identify problems related to inventory management and to find out suitable measures to overcome them.
7. To study the methods of valuation of inventory on ABB Ltd.
8. To study the inventory management procedure.
9. To make a comparative study of inventory management in last 5 years using ratio analysis technique.
Methodology of data collection
a) Primary data
The primary data is collected by personal interviews with officials.
b) Secondary data
Files, annual reports, periodicals, manuals and text book. Which have already been passed through the statistical process are the secondary data used.
c) Field work
This was under taken individually to collect various information regarding the study by visiting following sections.
Stores department
Information regarding stocking of materials receipts and issues to workshops. Inventory control procedures in various wards inside the department were obtained.
Accounts department
Remaining all the information was obtained from accounts department through personal interviews with section officials.
Plan of analysis
The analysis and interpretation was collected from finance department thus processed and tabulated is in the form of tables and graphs. The table thus obtained by calculating average, percentage, turnover ratio, graphs and diagram in respect of the stock of raw materials sales & inventory control procedures and thus to draw conclusion from the analysis done.
Scope of the study
• This study is to find the facts and opinions of inventory management and control at ABB plant.
• In accordance with the present trends it aims mainly at finding out the inventory control procedures at ABB.
• This study gives the brief information about the inventory management of the indo ABB ltd
• The study was done by using annual reports, inventory manual…etc.
Limitation of the study
• Time restriction was only 30 days of project work in the organization.
• The information, which was needed, could not be made public by the organization.
• The study are related to ABB ltd Bangalore only
• The finding and suggestion cannot be generalized.
• The study covered a wide concept hence wide collection and coverage of information was not easily possible.
06-02-2012, 12:16 PM
Post: #2
RE: INVENTORY MANAGEMENT
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16-05-2012, 02:14 PM
Post: #3
RE: INVENTORY MANAGEMENT
INVENTORY MANAGEMENT


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INTRODUCTION TO INVENTORY MANAGEMENT
Inventory is a list for goods and materials, or those goods and materials themselves, held available in stock by a business. Inventory are held in order to manage and hide from the customer the fact that manufacture/supply delay is longer than delivery delay, and also to ease the effect of imperfections in the manufacturing process that lower production efficiencies if production capacity stands idle for lack of materials.
The most important objective or inventory control is to determine and maintain an optimum level of investment in the inventory. Most companies have now successfully installed one or the other system of inventory planning and control.
Inventory Management and Inventory Control must be designed to meet the dictates of the marketplace and support the company's strategic plan. The many changes in market demand, new opportunities due to worldwide marketing, global sourcing of materials, and new manufacturing technology, means many companies need to change their Inventory Management approach and change the process for Inventory Control.
Despite the many changes that companies go through, the basic principles of Inventory Management and Inventory Control remain the same. Some of the new approaches and techniques are wrapped in new terminology, but the underlying principles for accomplishing good Inventory Management and Inventory activities have not changed.
The Inventory Management system and the Inventory Control Process provides information to efficiently manage the flow of materials, effectively utilize people and equipment, coordinate internal activities, and communicate with customers. Inventory Management and the activities of Inventory Control do not make decisions or manage operations; they provide the information to Managers who make more accurate and timely decisions to manage their operations.
The basic building blocks for the Inventory Management system and Inventory Control activities are:
Sales Forecasting or Demand Management
Sales and Operations Planning
Production Planning
Material Requirements Planning
Inventory Reduction
The emphases on each area will vary depending on the company and how it operates, and what requirements are placed on it due to market demands. Each of the areas above will need to be addressed in some form or another to have a successful program of Inventory Management and Inventory Control.

NEED TO HOLD THE INVENTORIES

There are the four major reason for holding inventories.
1. TRANSACTION PURPOSE :
Which emphasized the need to maintain inventories to smoothen production and sales operations, which is for the day-to-day use.
2. SAFETY PURPOSE :
Which necessities holding of inventories to guard against the risk of unpredictable changes in the market.
3. SPECULATIVE PUROSE :
There is a speculative element which influences the decision to increase or decrease Inventory levels to take advantage of price change.

TYPES OF INVENTORIES :
Inventories can be classified in terms of its different uses, which will enable one to appreciate the peculiarities and problems in its uses. Secondly the differentiation based on uses of inventories will enable one to adopt control techniques to suit the needs
Inventories are classified according to uses and point of entry in the alteration is as follows:
1. Raw Material
2. Spares and Consumables
3. Work in Process Goods and
4. Finished Goods
26-05-2012, 01:55 PM
Post: #4
RE: INVENTORY MANAGEMENT
INVENTORY MANAGEMENT



.pdf  INVENTORY MANAGEMENT.pdf (Size: 189.87 KB / Downloads: 233)

DISADVANTAGES OF OLD SYSTEM

As we know the manual processing is quite tedious, time
consuming, less accurate in comparison to computerized processing. Obviously the
present system is not is exception consultant encountering all the above problems.
1. Time consuming.
2. It is very tedious.
3. All information is not placed separately.
4. Lot of paper work.
5. Slow data processing.
6. Not user-friendly environment.
7. It is difficult to found records due file
management system.


ADVANTAGES OF NEW SYSTEM

In new computerized system I tried to give these facilities.
1. Manually system changes into computerized
system.
2. Friendly user interface.
3. Time saving.
4. Save paper work.
5. Connecting to database so we use different type of queries, data report.
6. Give facility of different type of inquiry.
7. Formatted data.
8. Data’s are easily approachable.


DATA FLOW DIAGRAM

It is a graphical representation of the data. It identifies the path the data
will take, what process will take place to it from one from to another.


ENTITY RELATIONSHIP DIAGRAM
The collection of tables of data is called a database. Entity relationship
model is used here to obtain a conceptual model of data used in this case study. In
E-R diagram following symbols are used:
07-07-2012, 09:37 AM
Post: #5
RE: INVENTORY MANAGEMENT
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