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Inventory management system of departmental store
(UMT, Lahore, 2021) Kinza Ansari and Faiqa Maryam
Inventory management system is a major concern of any firm, either manufacturer or retailer. This report explained research that was conducted in a superstore in order to analyze their inventory management system. The methodology is divided among two phases, one is concerned with process improvement in inventory management system and the other is concerned to develop an optimize stock level in order to minimize the inventory overstock and inventory shortage problems. The most selling products were sampled and the research was conducted by their data and documentation. To develop an optimized stock level, different forecasting methods were used as alterative approach and the most appropriate one was selected. Then, EOQ model is used to propose a suitable order quantity. Safety stock and reorder level is also designed to manage the demand and lead time fluctuations. This approach can be used by manufacturing firm, retailers, distributors and wholesalers. It will ensure the proper utilization of resources, labor and information system of a company. This approach will surely enhance the profit earned by a firm through reducing the cost incurred in inventory related activities at the same revenue.