Inventory Management of Automobile Shop using ABC Analysis & EOQ Model |
Author(s): |
| Shripad Narale , Walchand Institute of Technology, Solapur, Maharashtra, India; Rakesh Kodam, Walchand Institute of Technology, Solapur, Maharashtra, India; Narendra Sharma, Walchand Institute of Technology, Solapur, Maharashtra, India; Kishor Gorantala, Walchand Institute of Technology, Solapur, Maharashtra, India; Prof. Sanjeev Naik, Walchand Institute of Technology, Solapur, Maharashtra, India |
Keywords: |
| Inventory management, retail inventory, ABC analysis, EOQ, spare parts inventory, Operations Research |
Abstract |
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In the day-to-day management of the firm, it's essential to manage the inventory so on maintain the proper supply of products at the proper time. Too much and too low inventories bring down the extent of profitability of a corporation. Therefore, it is necessary to maintain a proper level of inventory. In this paper, we focus on the inventory management of an automobile spare part shop. This study aims to reduce inventory variable costs, spot the key factors that influence finished inventory management practices, investigate efficient and effective inventory management approaches. The methodology uses various Operations Research (OR) tools like ABC Analysis, EOQ models, safety stock & replenishment policies. |
Other Details |
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Paper ID: IJSRDV9I20102 Published in: Volume : 9, Issue : 2 Publication Date: 01/05/2021 Page(s): 183-185 |
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