Shaikh Sajid Ahmed
Student of Viva Institute of Technology, Virar Department of Mechanical Engineering, Mumbai University, Mumbai
Niyati N. Raut
HoD of Mechanical Engineering Department of Viva Institute of Technology, Virar Department of Mechanical Engineering, Mumbai University, Mumbai
Abstract
Businesses desire growth and energy to lower overall costs in today’s global marketplaces, and management companies are likely to enhance quality, efficiency, and energy efficiency without spending more money. Many businesses’ success is fortunate to have the opportunity to deliver the promised service at the proper time and place. Various innovative management solutions have been adopted by the company to manage and control the stock and residual protection list. The manufacturing business case is investigated in this research. The paper presents and displays a research of Economic Order Quantity (EoQ) technology for asset management in a sample of 12 high-speed machinery firms. The company’s stock control, from the other hand, is out of date, that’s why there is a residue. The two procedures adopted by these companies, along with others proposed by the model, are compared in this research, and expenses are estimated to compare them. Techniques and computations have been shown to be beneficial in assessing present inventory management techniques and determining development efforts
Keywords- Inventory Management Technique, Economic Order Quantity, EOQ, Ordering Cost, Reorder Point, Quality and Productivity, Material Management, Inventory Control.