Analysis of Different Inventory Control Techniques: A Case Study in a Retail Shop
Published: 2017
Author(s) Name: S. K. Biswas, C. L. Karmaker, Ariful Islam, Nazmul Hossain, Shamim Ahmed |
Author(s) Affiliation: Dept. of Industrial and Production Engg., Jessore Univ. of Science and Tech., Jessore, Bangladesh.
Locked
Subscribed
Available for All
Abstract
The inventory of materials constitutes the most significant part of current assets and working capital in any organisation. A small
saving in the inventory will mirror a crucial edge in benefit of the organisation. In Bangladesh, the retail shops generally face two
types of inventory related problems which are either stock-out or overstock. As a result, most of the shops fail to maintain their
product availability with lowest possible inventory cost. Through proper inventory control techniques, probability of stock-out as
well as overstock situations in the retail shops can be minimised. The present paper is a case study of different inventory control
techniques for efficient inventory management system of a retail shop of Bangladesh. The sole purpose of the study is to provide a
guideline for inventory managers that will help them to ensure product availability at right quantity as and when required. Relevant
data were collected from a renowned retail shop, namely, Pran RFL group, Bangladesh. This real case demonstration will certainly
help the future researchers as well as the Bangladeshi manufacturers to maintain proper control & management of inventories.
Keywords: Inventory Control, Profit, Stock-out, Overstock, Retail Shop
View PDF