Question
Download Solution PDFThe best tool to ensure that there is neither piling up of stocks nor shortage of materials in a project to run it economically is
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UPSC ESE 2019 Paper 1
Answer (Detailed Solution Below)
Option 3 : Inventory Control and Management
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ST 1: UPSC ESE (IES) Civil - Building Materials
20 Qs.
40 Marks
24 Mins
Detailed Solution
Download Solution PDFExplanation:
- Inventory control with optimum stock level to minimize annual cost by controlling inventory.
- The purpose of inventory management is to ensure availability of materials in sufficient quantity as when required and also to minimize investment in inventories.
- EOQ is the order size at which the sum of carrying cost and ordering cost is minimum.
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