what are the 3 main methods of inventory control?

The three main methods of inventory control are:

1. Just-In-Time (JIT) Inventory: This method is aimed at reducing inventory carrying costs by only ordering and keeping in stock what is immediately needed for production or sales. The focus is on efficiency and reducing waste by receiving goods only as they are needed in the production process, which minimizes inventory levels.

2. Economic Order Quantity (EOQ): This method is used to determine the optimal order quantity that minimizes the total costs associated with ordering and holding inventory. The EOQ formula considers factors such as demand rate, ordering costs, and holding costs to calculate the most cost-effective quantity to order.

3. ABC Analysis: This is an inventory categorization method where inventory items are classified into three categories (A, B, and C) based on their importance. 'A' items are the most valuable, usually constituting a small percentage of inventory that makes up a large percentage of the cost. 'C' items are the least valuable, often making up a large percentage of inventory but a small percentage of the cost. 'B' items fall in between. This method helps businesses prioritize their inventory management efforts and resources on the most important items.