Objective Of Stock Control & Types Of Control Systems (Part 2)

August 12th, 2006 Comments off
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This article basically explains the objective of Stock control and the major types of Stock control system.

Objective of Stock Control:

In my article, I have narrated the costs of holding too much stock.

Hence, the overall objective of Stock Control is to maintain stock level so that the total holding costs are at a minimum.

Basically, this is through WHEN to order and HOW MUCH /MANY to order.

There are mainly three (3) types of Stock Control Systems namely:

(1) RE-ORDER LEVEL SYSTEM (Part 3 &4)

(2) PERIODIC REVIEW SYSTEM (Part 5 )

(3) HYBRID SYSTEMS OF (1) & (2)

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Financial Accounting

 
 

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