Inventory managment is the artwork and science of attaining the set targets of deciding to buy thematerials at the lowest viable costs, making sure sufficient go with the flow and making the mosteconomical use of such materials in order that the total cost of production is minimizedhrough the creation of such an environment that would enable the humans make a contribution tothe success of the objectives with least quantity of such inputs as money, time, materialetc. On the different hand, inventory manipulate is the science primarily based art of making sure that enoughinventory is held via an agency to meet economically both its internal and externaldemand commitments. There can be dangers in holding both too a good deal or too littleinventory, as such, inventory control is principally concerned with acquiring the correctbalance or compromise between these two extremes. It is therefore, the extent that should be held that administration is interested in.
there is an inventory problem when it is necessary to store goods or material goods to satisfy the demand in a certain period of time. almost all commercial organizations must store assets and raw materials to ensure smooth and efficient operation of their operations. the decisions related to how much and when to order are the typical inventory problems. the inventory management and control systems ensure the correct and adequate use of the materials and the determination and maintenance of the optimum level of investment of materials. currently, the quantitative economic order model (EOG) is the most widely used model to control inventory in most manufacturing companies