UPSC Exam > UPSC Videos > Commerce & Accountancy Optional Notes for UPSC > Inventory Control Methods - VED, Perpetual Inventory System & Double Bin System
Inventory Control Methods - VED, Perpetual Inventory System & Double Bin System Video Lecture | Commerce & Accountancy Optional Notes for UPSC
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FAQs on Inventory Control Methods - VED, Perpetual Inventory System & Double Bin System Video Lecture - Commerce & Accountancy Optional Notes for UPSC
| 1. What is the VED inventory control method? |  |
Ans. The VED inventory control method categorizes inventory items into Vital, Essential, and Desirable categories based on their importance to the organization's operations.
| 2. How does the Perpetual Inventory System work? | |
Ans. The Perpetual Inventory System continuously tracks inventory levels in real-time, updating them with each transaction to provide an accurate and up-to-date view of stock levels.
| 3. What is the Double Bin System in inventory control? | |
Ans. The Double Bin System involves using two bins for each inventory item - one for current stock and one for reserve stock. When the current bin is empty, reserve stock is used while new stock is ordered.
| 4. How does VED classification help in inventory management? | |
Ans. VED classification helps in prioritizing inventory management efforts by focusing on ensuring the availability of Vital items while allowing for more flexibility with Desirable items.
| 5. What are the benefits of implementing a Perpetual Inventory System? | |
Ans. Some benefits of implementing a Perpetual Inventory System include improved accuracy in inventory tracking, reduced stockouts, better decision-making based on real-time data, and increased efficiency in managing inventory levels.
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Nov 24, 2024 Last updated |
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