Inventory Planning and Control Models

Inventory Planning Author`s Name Institution Affiliation Inventory control, also known as stock control, can be defined as the activity of checking the stock of a specific shop or business (Swift & Piff, 2014). In a broader sense, inventory control is all about verifying a company’s inventory while focusing on different facets of inventory management or inventory control (such as forecasting future demand) in order to fulfill the requirements of customers and to meet the demand placed upon that company economically. According to Louise Swift and Sally Piff, different facets of inventory control such as production control, customer satisfaction, financial flexibility and supply chain management are necessary to ensure the success and prosperity of a business (Swift & Piff, 2014). Without inventory control, it may never be possible for a company to determine how many orders it can handle at a time, how to satisfy the customers and how to ensure quality years after years. Decisions related to lo...