UPSC Exam > UPSC Videos > Commerce & Accountancy Optional Notes for UPSC > Techniques of Material Control - Stock Level Settings
Techniques of Material Control - Stock Level Settings Video Lecture | Commerce & Accountancy Optional Notes for UPSC
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FAQs on Techniques of Material Control - Stock Level Settings Video Lecture - Commerce & Accountancy Optional Notes for UPSC
| 1. What are the different techniques of material control? |  |
Ans. The different techniques of material control include ABC Analysis, Just-In-Time (JIT) Inventory System, Economic Order Quantity (EOQ), Material Requirement Planning (MRP), and Vendor Managed Inventory (VMI).
| 2. How does setting stock levels impact material control? | |
Ans. Setting stock levels is crucial in material control as it helps in maintaining the right amount of inventory to meet customer demand while minimizing excess stock and carrying costs.
| 3. What is ABC Analysis in material control? | |
Ans. ABC Analysis is a technique used to categorize inventory items based on their importance. A items are the most important and require tight control, while C items are less critical and can be managed with less scrutiny.
| 4. How does the Economic Order Quantity (EOQ) technique help in material control? | |
Ans. EOQ helps in determining the optimal order quantity that minimizes total inventory costs, including ordering costs and holding costs. By using EOQ, organizations can ensure efficient inventory management.
| 5. How does the Just-In-Time (JIT) Inventory System benefit material control? | |
Ans. JIT Inventory System focuses on producing goods only as they are needed, reducing the need for excess inventory. This helps in minimizing storage costs and improving overall efficiency in material control.
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Dec 22, 2024 Last updated |
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