Modern management principle of inventory control
Inventory control is one of the critical job which should be taken sincerely by the people working on board as well as by the people managing the vessels on ashore. Over period of time the inventory management has been streamlined quite a bit. Spare parts and stores lying idle on board ships are a matter of concern as they bloc the money which can be used elsewhere. Similarly if there are not enough spares available, in critical situations, it will lead to off hire of the vessels. Now a days most of the companies have started centralized computer based software to enter the inventories, which are also directly accessible to the office. The very best principle which can be used as inventory control on board can be A-B-C Analysis: Step 1: Categorize the inventory on board into three categories, A, B and C. ‘A’ being the most “valuable” items whereas ‘C’ being the least valuable ones. The aim of this method is to draw your attention on the critical few (A-items...