INVENTORY MANAGEMENT SYSTEM

ABSTRACT

Inventory Management System is important to ensure quality control in businesses that handle transactions revolving around consumer goods. Without proper inventory control, a large retail store may run out of stock on an important item. A good Inventory Management System will alert the retailer when it is time to reorder. Inventory Management System is also an important means of automatically tracking large shipments. For example, if a business orders ten pairs of socks for retail resale, but only receives nine pairs, this will be obvious upon inspecting the contents of the package, and error is not likely. On the other hand, say a wholesaler orders 100,000 pairs of socks and 10,000 are missing. Manually counting each pair of socks is likely to result in error. An automated Inventory Management System helps to minimize the risk of error. In retail stores, an Inventory Management System also helps track theft of retail merchandise, providing valuable information about store profits and the need for theft-prevention systems. Automated Inventory Management System work by scanning a barcode either on the item. A barcode scanner is used to read the barcode, and the information encoded by the barcode is read by the machine. This information is then tracked by a central computer system. For example, a purchase order may contain a list of items to be pulled for packing and shipping. The Inventory Management System can serve a variety of functions in this case. It can help a worker locate the items on the order list in the warehouse, it can encode shipping information like tracking numbers and delivery addresses, and it can remove these purchased items from the inventory tally to keep an accurate count of in-stock items. All of this data works in tandem to provide businesses with real-time inventory tracking information. Inventory Management System make it simple to locate and analyze inventory information in real-time with a simple database search.

TABLE OF CONTENTS

CERTIFICATION PAGE

DEDICATION

ACKNOWLEDGEMENT

ABSTRACT

TABLE OF CONTENTS

CHAPTER ONE:

INTRODUCTION

1.1 STATEMENT OF THE PROBLEM

1.2 PURPOSE OF THE STUDY

1.3 IMPORTANCE OF THE STUDY

1.4 DEFINITION OF TERMS

1.5 ASSUMPTION OF THE STUDY

CHAPTER TWO: LITERATURE REVIEW

APPLICATIONS

RESERVE STOCK (OR BROWN BAG) SYSTEM

CHAPTER THREE

PERPETUAL INVENTORY SYSTEMS

STOCK CONTROL

INVENTORY CONTROL RECORDS

PERPETUAL INVENTORY CONTROL RECORDS

OUT-OF-STOCK SHEETS

OPEN-TO-BUY RECORDS

PURCHASE ORDER FILES

SUPPLIER FILES

RETURNED GOODS FILES

PRICE BOOKS

CHAPTER FOUR

CONTROLLING INVENTORY

STEP 1: INVENTORY PLANNING

STEP 2: ESTABLISH ORDER CYCLES

STEP 3: BALANCE INVENTORY LEVELS

STEP 4: REVIEW STOCKS

CHAPTER FIVE

CONCLUSION

5.1 LIMITATION OF THE STUDY

5.2 SUGGESTION FOR FURTHER STUDY

REFERENCES