Open Access Subscription Access
Open Access Subscription Access
Analysis of Different Inventory Control Techniques:A Case Study in a Retail Shop
The inventory of materials constitutes the most significant part of current assets and working capital in any organisation. A small saving in the inventory will mirror a crucial edge in benefit of the organisation. In Bangladesh, the retail shops generally face two types of inventory related problems which are either stock-out or overstock. As a result, most of the shops fail to maintain their product availability with lowest possible inventory cost. Through proper inventory control techniques, probability of stock-out as well as overstock situations in the retail shops can be minimised. The present paper is a case study of different inventory control techniques for efficient inventory management system of a retail shop of Bangladesh. The sole purpose of the study is to provide a guideline for inventory managers that will help them to ensure product availability at right quantity as and when required. Relevant data were collected from a renowned retail shop, namely, Pran RFL group, Bangladesh. This real case demonstration will certainly help the future researchers as well as the Bangladeshi manufacturers to maintain proper control & management of inventories.
Inventory Control, Profit, Stock-Out, Overstock, Retail Shop.
- Chase, R. B., Jacobs, F. R., & Aquilano, N. J. (2008). Operations and supply management (12th ed.). New York: The McGraw-Hill / Irwin.
- Chen, W. Z., Hung, L. C., Fu, F. E., & Peng, S. S. (2012). An abc analysis model for the multiple products inventory control - A case study of company X. Proceedings of the Asia Pacific Industrial Engineering & Management Systems Conference, pp. 495-503.
- Hatefi, S. M., Torabi, S. A., & Bagheri, P. (2014). Multicriteria ABC inventory classification with mixed quantitative and qualitative criteria. International Journal of Production Research, 52(3), 776-786.
- Heizer, J., & Barry, R. (2011). Operation management (10th ed.). United States of America: Pearson Prentice Hall.
- Johson, R. A., Newell, W. T., & Vergin, R. C. (1974). Production and operations management. London: Houghton Mifflin Company.
- Jose, T., Jayakumar, A., & Sijo, M. T. (2013). Analysis of inventory control techniques: A comparative study. International Journal of Scientific and Research Publications, 3(3), 1-6.
- Kumar, P., & Anas, M. (2013). An ABC analysis for the multiple products inventory management case study of scooters India limited. IJREAT International Journal of Research in Engineering & Advanced Technology, 1(5), 1-6.
- Kumar, Y., Lilhare, A., Sahu, A., Lal, B., Sinha, T., Khaparde, Y., & Janghel, S. (2016). HML Analysis for Inventory Management-Case Study of Steel Plant. International Journal for Research in Applied Science & Engineering Technology (IJRASET), 4(3), 521-526.
- Lee, H. H., & Kleiner, B. H. (2001). Inventory management in women’s retail clothing industry. Management Research News, 24(3/4), 40-44.
- Mahant, H., Chouhan, S. S., & Yadav, A. (2013). Inventory management by implementation of ABC analysis upon medium scale industry. International Journal of Scientific Research, 2(8), 162-165.
- Mitra, S., Pattanayak, S. K., & Bhowmik, P. (2013). Inventory control using ABC and HML analysis – A case study on a manufacturing industry. International Journal of Mechanical and Industrial Engineering, 3(1), 37-42.
- Mitra, S., Reddy, M. S., & Prince, K. (2015). Inventory control using FSN analysis - A case study on a manufacturing industry. International Journal of Innovative Science, Engineering & Technology, 2(4), 322-325.
- Mwangi, A. G. (2013). Inventory Management and Supply Chain Performance of Non-Governmental Organizations in the Agricultural Sector, Kenya. Thesis Masters, University of Nairobi, Kenya.
- Rambabu, B., & Malyadri, G. (2014). A study on inventory management at Amara Raja Electronics Ltd, Tirupati. Global Journal for Research Analysis, 3(1), 44-47.
- Raphella, A., Nathan, G., & Chitra, G. (2014). Inventory management: A case study. International Journal of Emerging Research in Management & Technology, 3(3), 94-102.
- Ravinder, H., & Misra, R. B. (2014). ABC analysis for inventory management: Bridging the gap between research and classroom. American Journal of Business Education - Third Quarter, 7(3), 257-264.
- Sukhia, K. N., Khan, A. A., & Bano, M. (2014). Introducing economic order quantity model for inventory control in web based point of sale applications and comparative analysis of techniques for demand forecasting in inventory. Management International Journal of Computer Applications, 107(19), 1-8.
- Tahir, N., & Choudhary, M. A. (2011). Development of a Decision Support System for Inventory Analysis and Control. IEEE Int’l Technology Management Conference, 2(5), 864-876.
- Verma, P. (2010). Inventory Management of Selected Shipyard Companies in India, thesis PhD, Saurashtra University.
Abstract Views: 318
PDF Views: 1