Project Management

Inventory Management—A Critical Issue Can Lead Or Lag Project

last edited by: Latha Thamma reddi on Apr 14, 2023 11:49 PM login/register to edit this page
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There are various factors that play a crucial role in the project, but some aspects are critical which decides the project value. Inventory management is one of them. What are inputs of it? Why is it critical? What’s the output? This I will explain with reference to my project experience.

Every project requires certain inputs which are required for the projects, they may be of many forms.

The various forms of inventory are as:-

•Raw Material required (For Processing)

•Human Resource require (If insufficient Man Power will be there then it will be difficult to run the project, hence minimum requirement is always there which is to be maintained)

•Machine, Equipments etc.

'They are broadly classified as:-

•Tangible ( Raw Material, Machines, Equipment, Human Recourse) •Intangible (Facilities, Policies, Moral etc.) ' I have handles various projects that require the regular maintenance of the inventory. In one of my project stated in my profile I was required to maintain all aspects of the inventory management. Since the project was first of its type, so manpower, resources, were to be managed asap. Time was one of the constraints for me. We ordered everyone not to take leave till completion of the project & additional manpower was arranged if there would be any issue. Regarding the Raw material we require only 20 Ton of the HR Steel coil but we took extra 20 ton of 4

  • 2000 mm coil since there was disturbance due to local people agitation against the government & we assumed that if anything wrong happened than we may lose our Brand. There was a reporting mechanism on daily basis DPR (Daily Processing Report), which was shared with the management daily, weekly with client. There was also other facilities viz. room accommodation, water requirement which was also monitored regularly, to avoid any discomfort to the manpower associated.
This described that for inventory management we have to think out of the box & broaden the area, it has no limits no constraints…..

Thus this way we managed all the aspects of Inventory management & with team work we were able to complete the project on time though there were certain issues, but "Yes We Did It". '''

last edited by: Latha Thamma reddi on Apr 14, 2023 11:49 PM login/register to edit this page

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