Inventory Management Description
Inventory for many small business owners is one of the more visible and tangible aspects of doing business. Raw materials, goods in process and finished goods all represent various forms of inventory. Each type represents money tied up until the inventory leaves the company as purchased products. Likewise, merchandise stocks in a retail store contribute to profits only when their sale puts money into the cash register. In a literal sense, inventory refers to stocks of anything necessary to do business. These stocks represent a large portion of the business investment and must be well managed in order to maximize profits. In fact, many small businesses cannot absorb the types of losses arising from poor inventory management. Unless inventories are controlled, they are unreliable, inefficient and costly.
What You Will Learn
- Determine the organizational relationships responsibilities of a Supply Support Activity (SSA).
- Purpose of Stock Record Account (SRA).
- Accountability of Stock Record Officer.
- Maintenance of formal stock record.
- Computation of contingency stocks.
- Disseminate of quality control information.
- Coordinate local purchase.
- Monitors prime vendors.
- Coordinate hazardous waste disposal.
- Receives, stores, issues and inventories.
- Stock Fund Concept