Inventory Control is the supervision of supply, storage and accessibility of items in order to ensure an adequate supply without excessive oversupply.
It can also be referred as internal control - an accounting procedure or system designed to promote efficiency or assure the implementation of a policy or safeguard assets or avoid fraud and error etc.
Inventory control may refer to:
- In economics, the inventory control problem, which aims to reduce overhead cost without hurting sales
- In the field of loss prevention, systems designed to introduce technical barriers to shoplifting
It answers the 3 basic questions of any supply chain: 1. When? 2. Where? 3. How much?
Famous quotes containing the word control:
“There has been something crude and heartless and unfeeling in our haste to succeed and be great. Our thought has been “Let every man look out for himself, let every generation look out for itself,” while we reared giant machinery which made it impossible that any but those who stood at the levers of control should have any chance to look out for themselves.”
—Woodrow Wilson (1856–1924)