COMPUTER AIDED INVENTORY MANAGEMENT

Abstract

Scientific inventory management is very essential for the success of an enterprise. In this dissertation, some formulas, models and techniques are discussed, to optimize the inventory in a light engineering industry. The management of inventory has become very complex owing to a large number of factors involved and the interaction between them. Computers or data processing equipment should be used since the number of items is large*", * Also, a sys-tems approach should be taken to optimise the inventory system. The proposed system would result in reducing the annual inventory cost, better financial control, improved customer service and better utilization of productlon capacity° The decision rules are mathematical and can easily be computerized.