e-ISSN: 2582-5208 International Research Journal of Modernization in Engineering Technology and Science ( Peer-Reviewed, Open Access, Fully Refereed International Journal ) Volume:03/Issue:08/August-2021 Impact Factor- 5.354 www.irjmets.com www.irjmets.com @International Research Journal of Modernization in Engineering, Technology and Science [24] INVENTORY MANAGEMENT IN PRECIOUS ALLOYS PRIVATE LIMITED Mr. Moinuddin B. Khan *1 , Dr. M. R. Nagare *2 *1 M. Tech. Student, Department of Project Management, Veermata Jijabai Technological Institute, Mumbai, Maharashtra, India. *2 Professor, Department of Project Management, Veermata Jijabai Technological Institute, Mumbai, Maharashtra, India. ABSTRACT These project is based on a study of inventory management in Precious Alloys Pvt. Ltd. Problems which have been identify during analysis are stock out of inventory because of inaccurate prediction, no proper data about maximum stock level, minimum stock level, danger stock level and average stock level, no categorization of raw-material according to its importance in terms of consumption cost and availability, doesn’t follow economic number of order, economic order quantity pattern and no proper utilization of storage space. With the help of various analysis it had been calculated that in an organization there are some raw-material which are most important in terms of cost and for smooth run of work flow, average raw-material are moderate important and most are minimum important in terms of cost and for smooth run of work flow. Efficiency and responsiveness had been achieved by calculating various stock levels, reordering points, replenishment time, consumption of raw-material time and lead time of each raw-material. Proposed Project had been satisfied by reducing uncertainty, total inventory cost and by inventory turnover ratio which shows inclining trend. Keywords: ABC-VED Analysis, Inventory Categorization, Safety Stock Inventory Pattern, Stock Levels, Order Replenishment Time, Inventory Turnover Ratio. I. INTRODUCTION Inventory management is primarily about specifying the size and placement of stocked goods which are required at different locations within a facility or within multiple locations of a supply network to protect the regular and planned course of production against the random disturbance of running out of materials or goods. In this project the scope of inventory management concerns with the inventory pattern company should adopt according to uncertainty, work flow, customer demand and supply of raw-material from supplier. Understanding the way to make inventory flow more superior by demand forecast, inventory valuation, visibility and availability of physical space, economic order quantity and economic number of order. These has achieved by categorization of raw-material according to its importance in terms of consumption cost and smooth run of work flow, ABC, VED and ABC-VED analysis, calculating percentage of annual consumption, total cost minimization, enhancing inventory turnover ratio, balancing ordering and carrying cost. Then determining which respected inventory pattern should be followed by which respected raw-materials so that it should satisfy the calculated result. Then after calculation of various stock levels, lead time, replenishment time, economic order quantity and economic number of orders of each raw-material, so according to that inventory flow must go on to maintain smooth and uninterrupted supply of raw-material and to utilize the existing infrastructure at installed capacities to maximize production and enhance efficiency. II. METHODOLOGY [1] ABC, VED and ABC-VED Analysis. [2] Economic order quantity and Economic number of order. [3] Total cost minimization. [4] Inventory turnover ratio. [5] Safety stock inventory pattern. III. MODELING AND ANALYSIS Table 1. Result of ABC analysis Group No. of items in the group Percentage of items in the group approximately (%) Annual consumption in Rupees (Rs) Percentage of Annual Cumulative percentage of