OBJECTIVES

PRIMARY OBJECTIVES
To study the Inventory Management, process the Turnomill Equipment’s [P]
Ltd.

SECONDARY OBJECTIVES

 To develop an application that deals with the day-to-day requirement of

any production organization
 
 To develop the easy management of the inventory
 
 To handle the inventory details like sales details, purchase details and
balance stock details.

 
 To provide competitive advantage to the organization.
 
 To provide details information about the stock balance.
 
 To make the stock manageable and simplify the use of inventory in the
organization.
SCOPE OF THE STUDY

The scope of an inventory system can cover many needs, including

valuing the inventory, measuring the change in inventory, and planning
for future inventory levels. The value of the inventory at the end of
each period provides a basis for financial reporting on the balance
sheet. Measuring the change in inventory allows the company to
determine the cost of inventory sold during the period. This allows the
company to plan for future inventory needs.

Inventory Management System (IMS) is targeted to the small or

medium organization Which doesn’t have many gods whom or
warehouses i.e., only to those organization that has single power of
authority.

 Only one person is responsible in assigning the details or

record.

 It is security driven.

 God own can be added as per the requirement.

LIMITATION OF THE STUDY

 The limitations of the periodic system include not knowing an

exact inventory count in the middle of the period and running the
risk of stockouts.

 With the periodic system, the company knows the inventory level
with certainty only when it physically counts the inventory at the
end of each period.

 The company takes customer orders without knowing the exact

inventory count or whether enough products are available to meet
customer demand.

 The limitations of a perpetual inventory system include a false

sense of reliability and dependence on human entry.

 Although a perpetual system updates each time a transaction

enters the system, it might lack information regarding stolen,
damaged, or scrapped units.

 The company remains unaware of the theft or waste, known as

shrinkage, until it performs a physical count at least once per
year.

 The other limitation is that an employee might enter data

incorrectly, introducing inaccurate information that can
compromise decision- making.