INVENTORY MANAGEMENT- PURCHASE AND PROCUREMENT Page 1 A PROJECT REPORT ON INVENTORY MANAGEMENT-PURCHASE AND PROCUREMENT PROCEDURES AT IOCL (BARAUNI REFINERY) EXECUTIVE SUMMARY Petroleum oil is the lifeline of modern civilization. It is needed equally for both domestic andindustrial purposes. Its demand has increased multiple-folds and yet to increase on war scale dueto rapid industrialization and fast urbanization. Both developed and developing countries areutilizing oil resources
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The EOQ Inventory Formula James M. Cargal Mathematics Department Troy University – Montgomery Campus A basic problem for businesses and manufacturers is‚ when ordering supplies‚ to determine what quantity of a given item to order. A great deal of literature has dealt with this problem (unfortunately many of the best books on the subject are out of print). Many formulas and algorithms have been created. Of these the simplest formula is the most used: The EOQ (economic order quantity) or
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Assignment 1: Discussion—Competitiveness and Inventory Management To be competitive‚ many fast-food chains expanded their menus to include a wider range of foods. Although contributing to competitiveness‚ this has added to the complexity of operations‚ including inventory management. In what ways did the expansion of menu offerings create a problem for inventory management? One form of inventory is safety stock‚ which is primarily carried by companies to ensure a variety of products is available
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INVENTORY MANAGEMENT (JIT AND BLACKFLUSH COSTING) Inventory Management includes planning‚ coordination‚ and controlling the flow of inventory into‚ through‚ and out of company. There are 5 categories of cost that are associated with goods sold: 1. Purhcasing costs: the cost of goods from supplier and freight 2. Ordering costs: the cost of preparing purchase orders‚ receiving and checking the goods‚ matching invoices received‚ purchase orders and delivery notes to make payments 3. Storage cost:
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them minimize the time and efforts consumed by using manual system. Point-of-Sale Inventory System is one of the essential components of a successful business. It is a modern replacement for cash register in retail applications. It can help to record securely all the sales and customer’s orders and track products. A sale refers to the exchange of product or services for an amount of money or its equivalent while inventory‚ on the other hand‚ is the total amount of items and the act of counting them.
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AC501: Financial Accounting and Reporting Unit 3 Assignment Chapter 7 E7-5 (Recognition of profit for long-Term Contracts) Andre Agassi Construction Company began operations January 1‚ 2008. During the year‚ Andre Agassi Construction entered into a contract with Lindsey Davenport Corp. to construct a manufacturing facility. At that time‚ Agassi estimated that it would take 5 years to complete the facility at a total cost of $ 4‚ 5000‚000. The total contract price for construction of
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Case example: Inventory Control System Customer profile Nature of business: Trading Purchases consumer products from China and repacks them. Distributes repackaged products to wholesalers and retailers in Singapore‚ Malaysia‚ and Indonesia. ♦ Background and problems Daily business operation involves procurement management‚ shipment schedule‚ consolidating sales orders‚ and delivery. Shortage of administrative personnel in handling the growing volume of supplies (Purchase Order)‚ shipment schedule
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of a real business is AJINOMOTO (MALAYSIA) BERHAD. Ajinomoto is the world’s largest manufacturer of aspartame‚ sold the trade name Aminosweet.It is acquired its aspartame business in 2000 from Monsanto for US$67 million. There are few types of inventories in an ajinomoto manufacturing business :(a) Raw materials – these are components that are purchased from suppliers‚ such as garlic‚ chili flakes and corn syrup ; (b) Work-in-progress – these are the partly-completed products in the various stages
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Resources are scarce; profit making organization should know how to utilize these resources effectively and efficiently. The inventory control section of a company is responsible for these activities‚ in order to continue the operation of the organization through out the year they have to use the rules and principles to handle different kinds of materials. Since it improves inventory handling activities with in the organization‚ it will help to avoid utilization of resources for un authorized purpose and
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"Proposal" has been canonized as a satirical model of wit. As will be discussed shortly‚ Swift’s essay is often seen as an allegory for England’s oppression of Ireland. Swift‚ himself and Irishman (Tucker 142)‚ would seem to have pointed his razor wit against the foreign nation responsible for his city’s ruin. Wearing the lens of a New Historicist‚ however‚ requires that we reexamine the power structures at work in Swift’s society. We must delve into not only Swift’s "Proposal‚"
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