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Materials
BASIC CONCEPTS AND FORMULAE
1.

Maximum Level: It indicates the maximum figure of inventory quantity held in stock at any time.

2.

Minimum Level: It indicates the lowest figure of inventory balance, which must be maintained in hand at all times, so that there is no stoppage of production due to non-availability of inventory.

3.

Re-order level: This level lies between minimum and the maximum levels in such a way that before the material ordered is received into the stores, there is sufficient quantity on hand to cover both normal and abnormal consumption situations.

4.

Danger level: It is the level at which normal issues of the raw material inventory are stopped and emergency issues are only made.

5.

ABC Analysis: It is a system of inventory control. It exercises discriminating control over different items of stores classified on the basis of the investment involved. Items are classified into the following categories:
A Category: Quantity less than 10 % but value more than 70 %
B Category; Quantity less than 20 % but value about 20 %
C Category: Quantity about 70 % but value less than 10%

6.

Two bin system: Under this system each bin is divided into two parts - one, smaller part, should stock the quantity equal to the minimum stock or even the re-ordering level, and the other to keep the remaining quantity. Issues are made out of the larger part; but as soon as it becomes necessary to use quantity out of the smaller part of the bin, fresh order is placed.

7.

System of budgets: The exact quantity of various types of inventories and the time when they would be required can be known by studying carefully production plans and production schedules. Based on this, inventories requirement budget can be prepared. Such a budget will discourage the unnecessary investment in inventories.

8.

Perpetual

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