This article basically explains the objective of Stock control and the major types of Stock control system.
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Objective of Stock Control: |
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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: |
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(1) RE-ORDER LEVEL SYSTEM (Part 3 &4) |
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(2) PERIODIC REVIEW SYSTEM (Part 5 ) |
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(3) HYBRID SYSTEMS OF (1) & (2) |