The Use of Supply Chain Management in Manufacturing Organisation to Control Inventory Levels While Providing Adequate Service to Customers
Inventory has been defined in so many ways by different authors. The various definitions given by these authors are influenced by their orientations and their specific fields or areas of interest. Among these definitions are the following.
Garet and Silver (1973), define inventory as an idle resources of any kind that posses economic value. It includes physical goods, stock, pile of managerial and personal information, cash and production equipment. It is a list or schedule of articles, human or material resources that are needed in the production process. [Read more…]