Tuesday, January 24, 2012
Where can I find any latest information of Inventory Management?
Currently I am working in the warehousing and distribution dept. Somehow customers would ask for the latest news of inventory management or any other related information. Could any experienced expert advise any tips for me? Thank you.Where can I find any latest information of Inventory Management?I would try the Navseasyscom in Pennsylvania.Where can I find any latest information of Inventory Management?Inventory! Lots of fun! What information are you looking for- costing or the inventory cycle? If it's costing, you could look up information on accounting like average costing, LIFO, FIFO, standard cost, historical cost, LCM (lower cost or market), and so on; however; once you choose a particular method, you need to stay with it for a certain number of years before you're allowed to change it. Furthermore, if your inventory involves purchases from foreign countries, it makes costing even more fun because you have to factor in duty, exchange, and other fees, along with overhead costs. For inventory management, I am familiar with a few methods; one of my favourites is JIT (Just in time where you use a special formula or software to replenish your inventory when it drops to a certain level in order to reduce holding costs and stock out cost). Stock out costs can costs you a lot of money through loss of customers by not having enough of a particular item on hand- especially if you advertise it in the paper as a sale or special item! For more information on this, do some research on the most recent accounting methods for costing and the most current methods under operations management.
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