© 2018 JETIR August 2018, Volume 5, Issue 8 www.jetir.org (ISSN-2349-5162) JETIRA006108 Journal of Emerging Technologies and Innovative Research (JETIR) www.jetir.org 614 AN INFORMATIVE LITERATURE REVIEW ON INVENTORY CONTROL SYSTEM Rashmi Mishra, Puneet Shukla Department.of Applied Science& Humanities (Mathematics) G.L. Bajaj Institute of Technology & Management, Greater Noida ABSTRACT – In supply chain management inventory control is a challenging problem. To fulfill customer demand , companies require to have sufficient inventories in stock meanwhile these inventories have holding costs and this is frozen fund that can be lost and burdens the company’s account. Therefore, the task of inventory management is to find the quantity of inventories that will fulfill the demand, avoiding overstocks. In the present paper , an attempt is made to provide an up-to-date and complete review of existing literature, concentrating on descriptions of the characteristics and types of inventory control models that have been developed by Indian as well as Foreign authors. KEY WORDS-Inventory Management, Survival, Working Capital, Liquidity and Profitability, models under uncertainty, EOQ, EPQ. INTRODUCTION The word inventory refers to the goods or resources used by a firm for the purpose of production and sale. Inventories include the matter, which are used as helpful materials to ease production. Every management problem is a decision problem. For any organization Decision is important task which they have to make in the interest of their organization. A very common issue to all organizations is the allocation of resource. For the achievement of their business’s objectives organizations have to acquire, allocate and control the factors of their production. A major preoccupation for any company’s survival and growth, Inventory control is one of the key activities of business logistics. To hold inventories at the least possible cost, given the objectives to ensure uninterrupted supplies for ongoing operations is the main purpose of inventory control. Management has to find a suitable compromise between the different cost components like the costs of supplying inventory, inventory holding costs and costs resulting from insufficient inventories, while making decisions on inventory. Inventory control consists of so many factors simultaneously for example storage, handling of seasonal products and variation in lead time in reference to date of expiration and application of preservation technology for the economy of the system. In the manufacturing process, supply of goods and service delivery the material management is one of the important stages. In the present paper we have reviewed the work of different researchers in the field of inventory control consisting of essential findings, theoretical as well as methodological contributions. Here ,we take a look on some symptoms of poor inventory control Symptoms of poor inventory control There are certain number of symptoms which are helpful in discovering poor inventory control. Following elements are mentioned byLambart and Stock ( 2001:254-255) in order to diagnose poor inventory control.  An increase in number of back orders  Increasing investment in inventory while back orders remaing constant  High turn over rate of customer.  An increase in number of cancelled order.  Periodic dearth of adequate storage space  Wide inconsistency in turn over of inventory circulation centres and among foremost inventory items.  Abating relationships with arbitrators as typified by supplier cancellations and declaring orders.  Enormous quantities of obsolescent items. In many occasions, inventory levels can be compressed by one or more of the following steps: (i) Multi-echelon inventory forecasting. ABC analysis is an example of such forecasting (ii) Lead time analysis. (iii) Delivery time analysis. This may lead to an amendment in carriers or intervention with existing carriers. (iv) Exclusion of turnover and / or obsolescent items. (v) Analysis of pack size and concession structure. (vi) Investigation of returned goods system. (vii) Reinforcement / automation of product substitution. (ix)Setting up of formal re-order review system. (x) Depth of fill rates by stock-keeping unit (SKU). (xi) Analysis of consumer demand individualities Now we review work of some researchers on inventory management control system. Abramovitz and Modigliani (1957) They highlighted association connecting capacity utilization and inventory investment. Existing level inventories was expected for adjust with required levels. Thus variable, existing stock of inventories, was essential to be negatively related with