In the table below, various inventory control methods are described:
According to their monetary annual utilisation value, inventory goods are categorised.
10% of the item's costs account for 75% of its class A costs.
20% of the item's costs are accounted for by Class B items.
70% of the item's costs are accounted for by Class C items.
Inventory items are categorised based on their criticality, or the expense of experiencing a stock out.
It is essential, without which the industrial process would halt.
Their absence will hurt the production system's efficiency, which is crucial. It ought to be considered secondary.
D-Desirable: Although they are unnecessary for the process to run, having them would boost efficiency.
GOLF analysis is primarily conducted using material.
GOLF stands for,
G → government
O → Ordinary
L → Local
F → foreign
SDE Analysis (Scarce, Difficult, Easily available)
The research of those terms with limited availability benefits from this kind of investigation.
S-Scarce refers to imported goods that are frequently in limited supply.
Difficult: These are readily available, but not necessarily traceable or available immediately.
E-Easily - Market products are readily available
HML Analysis(High, Medium, low Cost)
Similar to ABC analysis, this analysis also considers the cost per item.
Items with a unit cost that is extremely high or maximum are given top attention.
M-Medium: Products with medium value per unit cost.
L-Low: Products with low unit costs
FSND Analysis (Fast, Slow, Non-moving, Deaditems)
Inventory items are categorized according to their usage (consumption rate/movement value) in descending order.
Fast moving items are those that are used up quickly, whereas standard moving items are those that are used up over the course of a year.
Items classified as S-Slow moving are those that are rarely issued and used over a period of two years or longer.
D-Dead things: These items are hardly ever consumed. It may also be regarded as outdated stuff.
Which one of the following is NOT a Technique of Inventory Control? 1. ABC analysis 2. FSN analysis 3. GOLF analysis 4. FTMN analysis
The technique FTMN analysis is NOT inventory control
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