Inventory Control | Definition | Advantage | Objective | Hospital and Clinical Pharmacy | Part 1

Definition - Inventory control is a system which indicates as to what to order, when to order, and how much to order, and how much to stock so that purchasing costs and storing costs are kept as low as possible.
OBJECTIVES OF INVENTORY CONTROL
To supply the materials in time.
To give maximum clients service by meeting their requirement timely, effectively, smoothly and satisfactorily.
FUNCTIONS OF INVENTORY CONTROL • To carry adequate stock to avoid stock-outs • To order sufficient quantity per order to reduce order cost • To stock just sufficient quantity to minimize inventory carrying cost • To make judicial selection of limiting the quantity of perishable items and costly materials

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