Inventory is any kind of resource that is stocked to satisfy the present and future needs of any organization. Fred Hansman has defined Inventory as "An idle resource of any kind provided such a resource has economic value." Such resources may be classified into three categories: physical resources such as raw materials, semi-finished goods, finished goods, spare parts, lubricants etc, human resources such as unused labour and finance resources such as working capital etc. Inventory of resources is held to provide desirable service to users and to achieve sales turnover target. Though...