Required plan of ABC selective inventory control

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The required plan of ABC selective control can now be drawn as follows:

ABC PLAN

Items in Item % of total Value cum. %
Order of number items total category value.
ranking

MONITORING OF STORES AND SPARES

Just like ABC Analysis for classification of inventories, there is an inventory management technique called VED. Analysis for monitoring and control of stores and spares inventory by classifying them into 3 categories viz., Vital, Essential and Desirable. The mechanics of VED analysis are similar to those of ABC Analysis.

PRICING OF INVENTORIES

There are different ways of valuing the inventories and knowledge of these methods of valuing stocks is essential for an efficient inventory management process.

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