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12-10-2010, 09:57 AM
Post: #1
Inventory Management System
Presented by:
Yogendra Singh
Rajveer Kataria

Guided by:
Vijay singh Rathore


.pdf  20.project-inventry management system.pdf (Size: 189.87 KB / Downloads: 1476)

26-11-2010, 04:44 PM
Post: #2
RE: Inventory Management System

.docx  Inventory management.docx (Size: 239.95 KB / Downloads: 529)
Presented by:Pankaj Dadral
Rachit Gupta
Raghav Goel
Ranjan Singh
.

INTRODUCTION

Inventory is 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 is 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 orders should be.
There are many items in a departmental store, which are sold to customers and purchased from suppliers. An order is placed by the customer-required details , which are listed below:

• Item name
• Quantity
• Delivery time
The order processing executes, look up the stock of each item available or not then order is fulfilled by the management of departmental store. The system periodically checks the store stock of each item if it is found below the reorder level then purchase order is placed to the supplier for that item, if the supplier is not able to supply whole order then rest of quantity is supplied by another supplier.

After fulfilled the formalities, a bill is generated by the system and send to the customer.
Item details are maintained by the management and this whole process is done manually. Our work area is to automate the above process and to generate more efficient system.


1.1 TYPES OF INVENTORY

Following are the 5 possible ways of inventory control

 Raw materials – In this type of inventory raw material is bought from the producer ,followed by processing to get finished products for sale in the market . For eg. Pencil manufacturing industry requires wood and graphite as raw materials
 Purchased parts and supplies – In this type of inventory finished products are bought from the manufacturer and sold to the customers. For eg. Any General Store sells the products it buys from its manufacturers .
 Work-in-process (partially completed) products (WIP) – In this type of inventory partially processed products are further modified and sold . For eg. Steel industry buys the cast iron to further process it and improve.
 Items being transported – In this type of system products are transferred from one location to another . For eg. Any Courier firm
 Tools and equipment – In this type of system



INVENTORY CONTROL SYSTEMS

Inventory Control is broadly classified into 2 main systems –

 Continuous system (fixed-order-quantity)
 Constant amount ordered when inventory declines to predetermined level
 Periodic system (fixed-time-period)
 Order is placed for variable amount after fixed passage of time

TYPES OF DEMAND
Inventory system encounters the following 2 types of demand –
 Dependent Demand
 Demand for items used to produce final products
 Tires stored at a Goodyear plant are an example of a dependent demand item
 Independent Demand
 Demand for items used by external customers
 Cars, appliances, computers, and houses are examples of independent demand inventory
DISADVANTAGES OF OLD SYSTEM

As we know the manual processing is quite tedious, time
consuming, less accurate in comparison to computerized processing.
The present system is not is exception consultant encountering all the above problems.

 Time consuming.

 It is very tedious.

 All information is not placed separately.

 Lot of paper work.

 Slow data processing.

 Not user-friendly environment.

 Difficult to find records due to poor file management.
ADVANTAGES OF NEW SYSTEM

In new computerized system we tried to give these facilities

 Ensures an adequate supply of materials
 Minimizes inventory costs
 Facilitates purchasing economies
 Eliminates duplication in ordering
 Better utilization of available stocks
 Provides a check against the loss of materials
 Facilitates cost accounting activities
 Enables management in cost comparison
 Locates & disposes inactive & obsolete store items
 Consistent & reliable basis for financial statements
Balance in Inventory Levels
Replenish Point is level of inventory at which order is placed
The company replenishes its stock using mainly 2 methods
 AUTOMATIC Replenishment

o In this system a mimimum stock is always maintained (called the Safety Stock) and as the stock goes below a certain level ( called the Reorder Point ) the system places the order.
o As depicted by the graph below
 MANUAL Replenishment –In this system the store manager places the order as per the observed demand and seasonal availability. For eg. Vegetables,fruits,etc

o This method is based on anticipation and idea ,hence it may lead to big profits or in some cases huge loss.



2. OBJECTIVES
• Improve customer service – As the system is automated customers shall have less of problems and more of help when the shop.
• Economies of purchasing- As the purchase system of the store is planned it becomes economical ,planned and systematic ;with minimum possibilities of wasteage.
• Economies of production – Here any product being processed is done more systematically.
• Transportation savings – As the purchase order is well planned, transportation cost is minimal or optimized.
• Hedge against future – Stock is always maintained to deal against future problems in supply if any.
• Unplanned shocks (labor strikes, natural disasters, surges in demand, etc.)- The stock maintained shall always be helpful in any case encountered above.
• To maintain independence of supply chain – System which is automated is a well planned and a flourishing system in itself.
• Maximize the level of customer service by avoiding understocking.
• Promote efficiency in production and purchasing by minimizing the cost of providing an adequate level of customer service.
• To meet unforeseen future demand due to variation in forecast figures and actual figures.
• To average out demand fluctuations due to seasonal or cyclic variations.
• To meet the customer requirement timely, effectively, efficiently, smoothly and satisfactorily.
• To smoothen the production process.
• To facilitate intermittent production of several products on the same facility.
• To gain economy of production or purchase in lots.
• To reduce loss due to changes in prices of inventory items.
• To meet the time lag for transportation of goods.
• To balance costs of inventory such as order cost or set up cost and inventory carrying cost.
• To balance the stock out cost/opportunity cost due to loss of sales against the costs of inventory.
• To minimize losses due to deterioration, obsolescence, damage, pilferage etc

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02-01-2011, 03:58 PM
Post: #3
RE: Inventory Management System
WEB APPLICATION FOR INVENTORY MANAGEMENT(WAIM)
The development of the complex software systems is a difficult task and is so much error prone. The method to handle this complexity is provided by the software engineering discipline. This methods enable us to deliver reliable software systems with maximum productivity. Through “WAIM” a valid end-user can acquire knowledge about computers, S/W, H/W and staff-members of other offices of AIR-INDIA located at anywhere in the world from anywhere in the world by just interacting with very few user-friendly web-pages. The organisation structure and the information of the AIR-INDIA was incorporated into this project for providing the real life scenario as well as the information about the company. The software called the WAIM deals with the storage of computer configuration and the users it is assigned to. Only the basic the basic computer configuration is stored by the WAIM and hence WAIM symbolizes for System Information.

ADVANTAGE
As this is a Java based application, the major advantages of this are portability, reliability and security. The SWING controls which are cross-platform controls were used instead of the easy to use AWT controls because of the easiness of use of the AWT control comes at the cost of less portability.

Full report:

.pdf  WEB APPLICATION FOR INVENTORY MANAGEMENT(WAIM).pdf (Size: 372.07 KB / Downloads: 449)

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27-01-2011, 02:33 PM
Post: #4
RE: Inventory Management System



.docx  Inventory Management.docx (Size: 18.32 KB / Downloads: 159)

Inventory Management
Inventory management is primarily about specifying the size and placement of stocked goods. Inventory management is required at different locations within a facility or within multiple locations of a supply network to protect the regular and planned course of production against the random disturbance of running out of materials or goods. The scope of inventory management also concerns the fine lines between replenishment lead time, carrying costs of inventory, asset management, inventory forecasting, inventory valuation, inventory visibility, future inventory price forecasting, physical inventory, available physical space for inventory, quality management, replenishment, returns and defective goods and demand forecasting. Balancing these competing requirements leads to optimal inventory levels, which is an on-going process as the business needs shift and react to the wider environment.
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.
Systems and processes that identify inventory requirements, set targets, provide replenishment techniques and report actual and projected inventory status.
Handles all functions related to the tracking and management of material. This would include the monitoring of material moved into and out of stockroom locations and the reconciling of the inventory balances. Also may include ABC analysis, lot tracking, cycle counting support etc.

The reasons for keeping stock
There are three basic reasons for keeping an inventory:
1. Time - The time lags present in the supply chain, from supplier to user at every stage, requires that you maintain certain amounts of inventory to use in this "lead time."
2. Uncertainty - Inventories are maintained as buffers to meet uncertainties in demand, supply and movements of goods.
3. Economies of scale - Ideal condition of "one unit at a time at a place where a user needs it, when he needs it" principle tends to incur lots of costs in terms of logistics. So bulk buying, movement and storing brings in economies of scale, thus inventory.

FUNCTIONS OF INVENTORIES;

Inventories are Idle Resources maintained in various forms:
- Raw materials
- Purchased & manufactured parts
- Subassemblies
- Finished products
Since inventories represent a sizable investment in a logistic system, we must be aware of the functions they perform.
Five categories of stocks
• PIPELINE stock (in process stock, in transit stock)
• CYCLE stocks (batch production owing to
- economies of scale
- technological requirements)
• SEASONAL stocks ( time varying requirements of an item)
• SAFETY stocks (supply and demand uncertainties,lead time uncertainties)
• Stocks held for OTHER REASONS (- decoupling stages of production - price, quantity discounts,- speculation)

INVENTORY RELATED COSTS
• Procurement cost
Cost/order generally fixed (not dependent on order qty)
• Costs associated with existence of inventories
(supply exceeds demand)
Cost/unit/unit time
i C (i = inventory carrying cost rate)
• Costs associated with stock outs
(demand exceeds supply)(cost/unit) (cost/unit/unit time)
1. Procurement Costs
Procurement cost
Cost/order generally fixed
(not dependent on order qty) Cost of goods
- Administrative component
- Handling
- Transportation
- Inspection of arrivals Ordering cost

2. Inventory Holding Costs
• Costs associated with existence of inventories (supply exceeds demand)
Cost/unit/unit time
i C (i = inventory carrying cost rate)

- Storage and handling
- Interest on tied up capital
- Property taxes
- Insurance
- Spoilage
- Obsolescence


Shortage Cost
• Costs associated with stock outs
(demand exceeds supply) (cost/unit) (cost/unit/unit time)

- Additional costs of special order
- Backorder, if possible
- Loss of customer goodwill
- Lost sales
- Penalty costs


17-03-2011, 09:18 AM
Post: #5
RE:Automated Inventory Management System

.doc  Automated Inventory Management.doc (Size: 24 KB / Downloads: 137)
Automated Inventory Management
1 Abstract

With rapid growth of human-computer interaction, more and more useful software are replacing human efforts. The system we propose in this report integrates the idea to automated , instead of manually, manage inventory of a restaurant meanwhile it can generate sales report, inventory report, etc, which all require human efforts previously. As a result, this new system can reduce possible human errors and provide accurate information of inventory at any point.
2 Introduction
Nowadays, more and more companies tend to use any available software to maintain information over a long term. We design the Automated Inventory Management System to approach this goal with features that help improve data consistency, maintain necessary inventory level. With these goals in mind, we decide to incorporate design philosophy as well as user friendly interface into the system, meanwhile to have powerful functions that manifest all the users’ requirements and needs.
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