Su;bject: Logistic Management Q): What are the causes of poor inventory management & how manager control it & manage poor inventory? Q): What challenges faces in reverse logistic?
Critical Path Method
The critical path is the longest succession of tasks that has to be successfully completed to conclude a project entirely. The tasks involved in the sequence are called critical activities, as any task getting delayed will result in the whole project getting delayed. To determine the time duration of a project, the critical path has to be identified. The critical path method or CPM is used by project managers to evaluate the least amount of time required to finish each task with the least amount of delay.
Cost Analysis
The entire idea of cost of production or definition of production cost is applied corresponding or we can say that it is related to investment or money cost. Money cost or investment refers to any money expenditure which the firm or supplier or producer undertakes in purchasing or hiring factor of production or factor services.
Inventory Management
Inventory management is the process or system of handling all the goods that an organization owns. In simpler terms, inventory management deals with how a company orders, stores, and uses its goods.
Project Management
Project Management is all about management and optimum utilization of the resources in the best possible manner to develop the software as per the requirement of the client. Here the Project refers to the development of software to meet the end objective of the client by providing the required product or service within a specified Period of time and ensuring high quality. This can be done by managing all the available resources. In short, it can be defined as an application of knowledge, skills, tools, and techniques to meet the objective of the Project. It is the duty of a Project Manager to achieve the objective of the Project as per the specifications given by the client.
Su;bject: Logistic Management
Q): What are the causes of poor inventory management & how manager control it & manage poor inventory?
Q): What challenges faces in reverse logistic?
Small businesses may not need to store as many things as a big retailer, but they still have to deal with inventory control issues. These include a lack of a dedicated inventory crew to address issues quickly, restricted storage space, and greater inventory carrying expenses. Even though every organisation tries to create its unique inventory control systems, the main causes of ineffective control are frequently the same. The typical suspects are present.
1. A late plan
When seasonal demand swings don't match inventory projections or when outdated products aren't moving quickly enough, inventory can become out of hand. The finest inventory managers plan their inventory, but even the most experienced ones do it carefully and in advance. Planning your inventory a year in advance is less intimidating with a small business forecasting tool. At the end of each succeeding quarter, you may then fine-tune your inventory strategies using the steadily accumulating data.
2. faulty tracking
Manual tracking techniques take a lot of time and are prone to mistakes. Computerized tracking isn't ideal though; some programmes run more slowly than others and need more personnel to function properly. Additionally, some systems could have hardware restrictions that restrict their usability to specific platforms. It's critical to realise that an effective inventory tracking solution is required for cloud inventory management software for small businesses in order to streamline your inventory control.
3. Overstocking Products at a Discount
Small businesses typically appreciate buying in bulk or taking advantage of whatever discounts suppliers may be offering. However, these offers might be deceptive. The cost of hauling these products may actually be more expensive than any earnings if they can't move quickly enough. The issue is that it might be challenging to measure the cost of carrying things over time if your inventory control system isn't sufficiently sophisticated. They may become lost in a sea of other products if they are not thoroughly sorted.
4. Unreported Trends
Social media and the Internet can now readily affect consumer trends. Trends can change quickly in sectors like technology, beauty & health, or fashion. You won't have enough time left over if inventory control takes up a significant percentage of your time. It will therefore be simpler for you to stay up to date with the most recent trends if you use inventory control business intelligence software that can automate tedious inventory procedures.
5. Access to Inventory Control Is Limited
You could believe that tight control over your inventory leads to better control, but that is not always the case. Quick access to the inventory can be advantageous for your store's staff. They can take stock notes, optimise order purchases, alert customers when unavailable products will be available, and more. Select a cloud-based inventory management system for small businesses that enables other users to see real-time inventory data. Better yet, if your inventory app enables note-taking and assignment-related inventory tasks.
You will be able to observe a more seamless flow of inventory into and out of your store with the appropriate approach to inventory control.
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