August 2011
Beginner
547 pages
16h 12m
English
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11.1 BENEFITS AND COST OF MAINTAINING INVENTORY
11.1.1 Benefits
Maintaining a desired level of inventory has the following benefits:
- It meets the transaction, precautionary and speculative needs of the operation.
- It helps reduce cost of operation.
Meeting transaction needs means meeting normal requirements for raw material on a day-to-day basis that ensures smooth operation. If raw material falls short on a particular day, the operation will be interrupted causing uncertainty in output. The customers may shift to some other supplier which will ultimately entail upon sales and profitability.
Again, as far as the precautionary motive behind maintaining inventory is concerned, it is to guard against the risk of unpredictable changes in the forces ...
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