Project File On Inventory Control System for Class 10 Information Technology 402

Project File On Inventory Control System for Class 10 Information Technology 402

 

 

Introduction:  Inventory Control System

 

Inventory control or stock control can be broadly defined as “the activity of checking a shop’s stock.” It is the process of ensuring that the right amount of supply is available within a business. However, a more focused definition takes into account the more science-based, methodical practice of not only verifying a business’ inventory but also maximizing the amount of profit from the least amount of inventory investment without affecting customer satisfaction. Other facets of inventory control include forecasting future demand, financial flexibility, purchasing data, loss prevention and turnover, and customer satisfaction.

An extension of inventory control is the inventory control system. This may come in the form of a technological system and its programmed software used for managing various aspects of inventory problems, or it may refer to a methodology (which may include the use of technological barriers) for handling loss prevention in a business. The inventory control system allows for companies to assess their current state concerning assets, account balances, and financial reports.

 

The Inventory Control Processing refers to the management of inventories. In other words, It refers to managing transactions in such a way so that decisions regarding the inventory management can easily be taken. 

 

For instance, in a departmental store, many items are kept and sold. When these items are sold out, the store orders for more quantity so as to meet the customers’ demands.

In order to successfully manage the departmental store, the authorities have to decide about various things like 

(i) What all items are being sold every day and how much stock is left for them.

(ii) If the stock for a particular item is below reorder level i.e., the minimum stock maintained for an item, then the same item is reordered.

(iii) When an item is sold, the quantity sold out is subtracted from the Stock in Hands i.e., the current stock so as to keep it updated.

(iv) Similarly, if some quantity for an item is purchased, then this quantity is added to Stock in Hands to keep the stock updated.

In order to make such decisions, the information related to inventories i.e., the products and their transactions is stored in files. Following sample project is based on these guidelines.

In this project, we have created three tables namely Items, Supplier, and Transactions table.

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