Therefore, Fast moving items must be kept nearer to the point of issue and similarly Non- moving items can be kept in a remote place as they are required occasionally. The issue faced has caused profit loss, which companies cannot afford to lose if they want to stay competitive. INTRODUCTION Reference shows, In any industry today inventory optimization is such a vital function. ABC classification is based on the premise that not all inventory is of equal value. X – Very little variation: X items are characterised by steady turnover over time. inventory management system of an EMU coach manufacturing industry using FSN analysis. FSN Analysis is part of Inventory Management in Logistics and Supply Chain Management System. is That would be simplistic, as the other chapters of this book demonstrate, but without a healthy inventory management This analysis relates to the classifica­tion of maintenance spare parts and denotes the essentiality of stocking spares. Methods of Inventory Control Materials Management. ABC analysis is the analysis of the store items cost criteria. FSN analysis is usually conducted for inventory control purposes. ABC Analysis (Always Better Control) VED Analysis (Vital, Essential, Desirable) HML Analysis (High, Medium, Low) FSN Analysis (Fast, Slow moving and Non-moving) SDE Analysis (Scarce, Difficult, Easy) ABC Analysis. FSN analysis pptx Business. FSN Analysis aims at classifying items on the basis of their movement from Inventory. Although the concepts […] For doing this the preliminary steps are 1) the calculation of the Average Stay and the Consumption rates for all the items/variants involved in the Analysis and 2) the classifications of the items into F,S and N purely on the basis of Average Stay and Consumption rate. 23 / Inventory management 23.3 23.1 Introduction Inventory management is the heart of the pharmaceuti-cal supply system; in fact, the nonspecialist might say that inventory management pharmaceutical management. VED Analysis, SDE Analysis and FSN Analysis! Future demand can be reliably forecast. These systems can track goods from the moment a company orders it to when it arrives in a customer’s hands. ABC analysis (or ABC classification) is used by inventory management teams to help identify the most important products in their portfolio and ensure they prioritize managing them above those less valuable. SDE Analysis (Scarce, Difficult, Easy) 5. H-M-L analysis is similar to ABC analysis except the difference that instead of “Annual Inventory Turnover”, cost per unit criterion is used. Key Words: FSN analysis, inventory management, inventory control. This study mainly focuses on ABC analysis. FSN “ (Fast, Slow moving and Non-moving) 4. 10 Best Inventory Management Books EMERGE App. The items are classified according to their rate of consumption. It ensures the availability of the right type of stock, at the right time, at the right place and in the desired quantity. FSN Analysis in Inventory takes in to account both these criterion in determining the final FSN status for an item/variant. INTRODUCTION Here we have applied the inventory analysis techniques on an EMU manufacturing industry. This analysis in Inventory can be done for specified financial period/s or for a range of dates as specified by the user. They are categorized in three groups , which are as follows H-High Price Items M-Medium Price Items L-Low Price Items DOI: 10.22214/ijraset.2017.2008 Corpus ID: 168741541. Just-In-Time (JIT) […] To deal with the problems of inventory management effectively, it becomes necessary to be conversant with the different techniques of inventory control. HML “ (High, Medium, Low) FSN analysis is based on the assumption that all items of inventory are not required all the time in stores. FSN analysis reveals that 6 items were of „F‟ class, 44 items of „S‟ class and the remaining 44 items of This paper goes through the inventory management system of the chemical firm using combined FSN and XYZ analysis. Now to understand the application of the analysis on this particular industry we Offering insights on how to classify inventory more effectively, you’ll find helpful tips for improving your inventory management processes. Short Notes # VED Analysis: VED stands for vital, essential and desirable. We analyze the various factors and functions, which affect the raw materials inventory management and perform the value analysis of the Inventory. REFERENCES [1] Ashwini R. Patil, Smita V. Pataskar Analyzing Material Management Techniques on Construction Project (IJEIT) Volume 3, Issue 4, October 2013 [2] Yogesh Kumar, Rupesh Kumar Khaparde , Komal Dewangan, Gautam Kumar Dewangan, Jalam Singh Dhiwar, Devprakash Sahu Students, Department of Mechanical Engineering, CSVTU Bhilai India FSN Analysis for Inventory Management – … Some items are required on regular basis and some once in a while. VED “ (Vital, Essential, Desirable) 3. Keywords- FSN analysis, EMU coach, Inventory control I. XYZ inventory management What is it? Definition: Inventory management techniques can be seen as a useful tool in the hands of the management. Abstract— Inventory management is the process of efficiently overseeing the constant flow of units into and out of an existing ... consumption rate and material average stay in inventory is shown in Table IV. INVENTORY CONTROL Inventory Warehouse. This inventory management software helps the user in tracking inventory levels in the organization. Techniques in Inventory Control. prioritized abc – fsn analysis of inventory management in private and hospital pharmacy followed by questionnaire manivel p 1*, rajesh ranganathan2 ABC analysis stands for Always Better Control Analysis. The items under this analysis are classified based on their unit prices. Raw materials, goods in process and finished goods all represent various forms of inventory. VED Analysis (Vital, Essential, Desirable) 3. FSN Analysis (Fast, Slow moving and Non-moving) 4. The FSN inventory management system is another classification of what you have in stock. 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