Inventory controlrefers to the processes and systems used to manage stock levels, including determining how much inventory to keep on hand, reordering stock, and maintaining optimal levels to meet operational needs while minimizing costs.
Determining stock levels is a central function of inventory control, ensuring the organization has the right amount of inventory to meet demand without overstocking or understocking.
Why Other Options Are Incorrect:
B. Safeguard control:This refers to protecting inventory from theft, damage, or loss, not determining stock levels.
C. Management control:This is a broader term encompassing oversight and governance, not specific to inventory.
D. Supply control:This typically refers to managing supply chains and suppliers, not the internal control of inventory levels.
References and Documents:
GAO Inventory Management Guide:Defines inventory control as the process of determining and maintaining appropriate stock levels.
Best Practices in Government Inventory Management (AGA):Emphasizes the role of inventory control in balancing supply and demand.
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