CORE CONCEPTS OF MANAGEMENT
MARKETING MANAGEMENT
FINANCIAL MANAGEMENT
HUMAN RESOURCES MANAGEMENT
OPERATIONS & PRODUCTION MANAGEMENT

Purchase and Inventory Control
This lesson illustrates the function of Integrated Materials Management (IMM). The author Dr. J P Char is a former Adviser of the Indian Railway Board and a renowned consultant in this area. He traces the history of the discrete function of Purchase Management, to highlight the logic of IMM. Purchase processes across various industries, ‘Bayesian Analysis’ for decision making under uncertainty and some of the ethical issues involved are covered. (Also see CC/BF5 and CC/MIS2). Starting with the objectives of the purchase function, the author leads into the merits of the various inventory models. The Simple Lot Size Models, the Uncertain Demand Model, and the Batch Production Model are illustrated. Specifi c techniques are focused upon through a study of three types of Inventory Control Systems and logic of ABC/VED Analysis.
OP/PM07

24 Mins

19 Mins

75 Pages
Equivalent classroom time: 8hrs