Saturday 18 June 2022

Inventory

It is a stock of goods. These goods are maintained on hand near a business location.
 

It is refer to the items/goods/material held by a construction firm/contractor for to be used at site.
 
        Example of inventory items on a construction site include items on a construction site include cement, steel, bolts, nails, dozer, bricks, paint, etc.

                    
        
cement inventory
                                  

steel inventory

                                   

Inventory Management

  • Construction inventory management is a means by which construction companies and suppliers can keep track of materials, equipment and plant. 
                    
  • This is particularly important when a construction company has multiple projects to manage, as efficient scheduling can become very complicated.
  • Two major methods for inventory management are just in time (JIT) and material requirement planning (MRP).

Objectives 

  • To ensure that the supply of raw material and finished goods will remain continuous.
  • To minimize carrying cost of inventory. 
  • To keep investment in inventory at optimum level. 
  • To reduce the losses of theft, obsolescence and wastage etc.
  • To make arrangement for use of slow moving items.
  • To minimize inventory ordering cost.

Inventory Control Methods 

  • Inventory control is a very complex process and multiple information sources are require to define the control mechanism.
  • In order to control the wastages through misplacing, improper stacking, different types of inventory techniques are followed.
  • Most commonly used inventory control method are :
  1. ABC classification ( Always Better Control )
  2. VED Analysis ( Vital, Essential, Desirable )
  3. SDE Analysis ( Scarce, Difficult, Easy to obtain )
  4. JIT (Just In Time )

Problems  in Inventory control at construction site -

  • Material are scattered in different areas of the project.
  • The location of the stores frequently get changed which indeed to lose materials.
  • If two contractors are working on the same premises, the chances of the losing material are very high.

4 comments:

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Lifestrokes said...

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Unknown said...

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Aryan Agnihotri said...

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Inventory

It is a stock of goods. These goods are maintained on hand near a business location.   It is refer to the items/goods/material held by a con...