Waiting Lines/Inventory Management Waiting Lines Term Paper

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When a company carries an inventory, that is a part of their business that is not yet earning money. While each individual component of the inventory is expected to earn eventually, the inventory as a whole is a relatively permanent fixture on the balance sheet and as such never turns into earnings.

The objectives of inventory control are to balance the needs of the operation and the desire of management to keep inventory levels as low as possible. Inventory control allows the firm to maintain operational continuity devoid of inventory-related work stoppages.

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However, proper inventory control also limits the amount of inventory on the balance sheet, increasingly operational efficiency.

The requirements for effective inventory management are measurement, scheduling, sales projections, and supply chain management. Measurement allows management to understand what inventories are on hand at all times. Projections allow management to estimate the upcoming inventory needs. Based on this, they must schedule inventory deliveries to match the upcoming requirements. Supply chain management allows management to work with suppliers to ensure that their inventory requirements are met......

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