INVENTORY MANAGEMENT

Inventory Management System for Small Medium Enterprise with a stock management system and data prediction graph for stock using data mining

Abstract

Inventory management is a big issue that companies have to deal with nowadays. Without implementing an information system, processes may become complicated and accountability is difficult. Companies that make good use of inventory management systems are far better equipped to succeed than those that rely on outdated or unwieldy methods of inventory management.

To solve such problems there has been the introduction of inventory management systems that can help organizations better management their inventory as well as the data between departments. These inventory management systems can help control inventory costs when properly utilized.

Going about this work, I had to look at the different types of available inventory systems comparing their functions, what environment suits them and the different algorithms and programming languages they were written in.

After development of the inventory management, the solution should be able to solve to solve all the problems that the organization. The solution will be a strategic tool in implementing IT in the current business environment.

Acknowledgement

I highly appreciate the dedicated supervision of my project supervisor, Mr Marshal Al-Qudah, and I am thankful of the continuous assistance and confidence he gave me through the completion of my studies. His suggestions and guidance are highly important in helping me complete this project.

I also thank my family for the support they have given through my studies. Without them I would not have been able to attend university and complete this study. This study has opened a whole new world to me and I now embrace it with a better understanding. My special thanks go to my brother Richard Mutsunge, who introduced me to the world of computer science and software development. I also thank my friends for the support they gave me through the sharing of ideas during my time of my studies.

Last but not least I would like to thank Eastways Investments who gave me the opportunity to complete this project for organization.

Table of Contents

CHAPTER 1- INTRODUCTION6

Background of Study6

Problem statement6

Aim8

Objectives8

Significance of Study9

Scope11

CHAPTER 2 - LITERATURE REVIEW13

Introduction13

Inventory Management13

Management System14

Inventory Management System14

Management System Classification16

Network Inventory Management System16

Stand Alone Inventory Management System16

Web Based Inventory Management System17

Advantages and Disadvantages of the kinds of IMS17

Concepts and Building Blocks of IMS19

Current Based IMS Technologies21

Silver Inventory System21

Golden Inventory System22

Features of Silver and Golden Inventory Systems23

Compare and Comparison of Golden Inventory system and Silver Inventory System25

Global Issues26

Generic Growth Strategies30

CHAPTER 3 - METHODOLOGY35

Introduction35

Awareness of the problem36

Suggestion36

Development36

Evaluation36

Conclusion37

Development Methodology37

Planning37

Analysis38

Design38

Implementation38

System prototype38

Advantages and Disadvantages of Prototyping39

Time line39

CHAPTER 4 - FINDINGS AND ANALYSIS41

Case study of inventory control systems41

Modeling of irregular demand42

Problem description45

Demand modeling48

Faster-moving items50

Results55

CHAPTER 5 - DISCUSSION AND CONCLUSION67

Discussion69

Implications and limitations73

Conclusion74

REFERENCES81

APPENDIX87

Chapter 1- Introduction

 

Background of Study

Inventory management is a large-scale issue that companies have to deal with nowadays. Without implementing an information system, processes may become perplexing and responsibility is difficult. To explain such difficulties there has been the introduction of inventory management systems that can assist association's better management their inventory as well as the data between ...