Comprehensive study for the inventory control management strategies

Abstract

In any business, the majority of current assets and working capital is made up of the inventory of materials. A tiny inventory reduction will reflect a significant advantage for the company. Stock-out and overstock are the two main inventory-related issues that retail establishments deal with. Consequently, most stores are unable to keep their inventory costs as low as feasible while maintaining product availability. Effective inventory control management strategies can reduce the likelihood of both overstock and stock-out scenarios in retail establishments. This study offers a review of several works in diverse fields of application that discuss inventory control management and its control mechanisms. The methodology used in this study to compile the literature on ABC, XYZ, HML, FSN, SS, ROP and EOQ strategies of inventory control management is used. The main goal of the study is to provide inventory control management guidelines that will allow them to warranty availability of products at the right quantity when needed.