Inventory is an idle stock of physical goods that contain economic value, and are held in various forms by an organization

in its custody awaiting packing, processing, transformation, use or sale in a future point of time.

The control of raw materials and purchased materials in stores and regulation of investment.

Efficient utilization of resources/useful in minimising loss/economically benefit for purchasing/ increases co-ordinations with other department/maintain the best consumer services.

Inventory models are quantitative formula the following costitem cost/ordering cost/cost of carrying inventory/shortage cost/fixed overheads.

1.it should provide a proper check against losses 2.proper records should be maintaine 3.separate storerooms must be equipped with all facilities 4.Inventory should be classified clearly. Each item give separate code and identification 5.materials received from time to time(purchase) ECQ /JUST IN TIME INVENTORY/ABC..ETC