Stock+Management

Definition
====Stock Management - Assessing a stock of a business company by assuring that it meets demands of consumers.For instance, in the case study each family is responsible for the purchase of stock for themselves, which is not effcient and may result mistakes, because every one is doing different stock management. They also use different forms of stock ordering, some do it via phone call, some do it online, some handle this operation using database, it will cause conflicts when data is collected in one major database at the main office in Mexico city.====

Description
====Stock Management is affected by INTERNAL and EXTERNAL factors. Working principle is based on purchase order requests(to keep balance in supplies and preferences). For instance, selling slow-moving items through sale, reduces profits, but improves cash flow and frees up storage. (Government of Queensland, 29 September 2014)====

[[image:inventory.jpg]]
Figure 1. Inventory Management Software, DRPU

When internally small stores make purchase requisition to the purchasing department of the main office on services and items needed to be purchased, their cost, source, quantity, expiry date are considered. It is a control system on goods which are sold in stores, inventories. The main elements of which this system consists are shown on the figure above. Important part is to keep control of the stock which is sold. Based on that stock managers order the item again. It is problematic if it is perishable purchase, some companies use method "first-in, first-out", where they immediately sell out products according to the date and time they arrived.

Specific examples
====JIT - Just-in-time Inventory, it is a method for stock control. Cutting stock to a minimum reduces the cost company pays. It requires keeping the exact amount of stock at any one point. Hence, the supplier has to be ready and have more of that product in stock, in case when you instantly demand more. Also, there's a risk on running out of stock, it shall be considered in risk management plan. Here's an example, where McDonalds runs JIT.==== "Made For you" JIT system implemented by McDonalds. media type="youtube" key="FpwwcpubUIw" width="560" height="315"

[[image:stock management_131656292-thumb-380xauto-2376.jpg width="184" height="135"]]
So now when you see these labels, you know what is happening beside the curtains, in the __stock management__ or __inventory control__ of the company.

Contributor: Kenzhe Omarali (look below)

Resources

 * Figure 1. Inventory Management Software, DRPU (n.d.) Retrieved on 30 November, 2014 from 
 * Managing your Stock. (September 29, 2014). Government of Queensland. retrieved on 30 November, 2014 from 