Inventory Management Assignment Help Canada

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Inventory is accounts for all parts and Raw Material Company keep for production and sales in future. Inventory can be a boon and a bane for the company because of the uncertainty attached to it. A company needs to carry an inventory because sometimes production can get affected because of the unavailability of raw materials. Sometimes production demand is so high that the market needs more finished products than a company has produced. To avoid such conditions and minimize their effect on the company, it needs to create a proper model to help the company decide the inventory; such a management model is called inventory management.

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Managers always use these inventory management models to reduce the surplus cost used in purchasing extra raw materials, transportation, and storage of unprocessed or finished products. Companies that have more raw materials and less production rate are very much dependent on inventory management.

However, it is not just about raw materials; they also help manage properties, products, and goods in stock. Big companies where raw material is the main products like in food processing companies, retail businesses, etc. minimize, the manufacturing companies need to produce a lot of raw material to prepare for unpredicted situations. But a large amount of inventory can become a liability as capital there is a risk of spoilage, storage cost, damage, theft, etc.

For this reason, inventory management for all kinds of companies is required to know the amount of raw material to purchase, ordering it, production cost, the storage cost of raw material. All companies have their method of inventory management. But certain companies need not worry much as there are long-lasting products. At the same time, the food industry and clothing industries need inventory management as their goods can perish or go out of fashion.

Inventory Management Technique

• Bulk Shipment: In this process, companies purchase their raw material in bulk for the products whose demand is high. In such cases, storage charges will be there, but the fast sale of the product can cover that.

• ABC technique: In this method, we try to divide products into categories, with A being the most important and C being the least. It should be based on the last season cost, demand, storage and other similar factors. But there is one drawback, that is, sometimes the current products in demand may get ignored.
• Just in time: In this type of inventory management, a product is ordered just a few days before it is required. This can be a risky practice, but the cost of storage is saved.
• Consignment: In this type of inventory management, the product is directly sent to the retailer, but ownership remains with the wholesaler and in this, a high level of sale is required from the retailer and trust from the wholesaler.

• Dropshipping and cross-docking: In dropshipping, when the product order is received, the retailer directly sends the shipment detail to the wholesaler. In cross-docking, the product is transferred from one vehicle to another without unloading at the retailer. In both cases, storage cost is saved.These are basic of inventory management, it is a broad and complex subject, and it is not possible to describe everything here. You can connect with our team of experts in academics who are inventory management homework help providers. If you are still confused about what will our work look like, we have shared our inventory management homework sample for your reference so that you can trust our work.

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