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Questions and Answers
What is the primary purpose of ABC analysis in inventory control?
What is the primary purpose of ABC analysis in inventory control?
What does 'A' signify in ABC analysis?
What does 'A' signify in ABC analysis?
What is the main objective of inventory control?
What is the main objective of inventory control?
What does ABC analysis help in?
What does ABC analysis help in?
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What is the purpose of categorizing goods in ABC analysis?
What is the purpose of categorizing goods in ABC analysis?
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What is the result of ABC analysis?
What is the result of ABC analysis?
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Which of the following is NOT a function of inventory control?
Which of the following is NOT a function of inventory control?
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What is the main goal of inventory control?
What is the main goal of inventory control?
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What is the purpose of categorizing goods in A, B, and C categories?
What is the purpose of categorizing goods in A, B, and C categories?
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What is the benefit of using ABC analysis in inventory control?
What is the benefit of using ABC analysis in inventory control?
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Study Notes
Types of Stores
- Linen stores, Stationary Stores, Dietary stores, Engineering and Maintenance stores, and Stores with Special Storage Requirements
Stores with Special Storage Requirements
- Inflammable Store, Corrosive Items Store, Medical Gas Store, Quarantined Item Store, Non-Conformance / Condemned Item Store
Inventory Control
- A scientific system to decide how much to order, when to order, and how often to order, ensuring the availability of vital and essential drugs while minimizing costs
- Functions of Inventory Control:
- Maintaining an optimum level of idle resources at the least possible cost
- Providing maximum supply service with maximum efficiency and optimum investment
- Minimizing inventory costs and facilitating purchasing economies
- Eliminating duplication in ordering
- Better utilization of available stocks
- Providing a check against the loss of materials
- Enabling management in cost comparison
- Locating and disposing of inactive and obsolete store items
Methods of Inventory Control
- ABC Analysis
- VED Analysis
- FSN Analysis
- Economic Order Quantity (EOQ)
ABC Analysis
- Categorizes goods into three categories, A, B, and C, based on their revenue
- A: Most important goods, 10% of drugs, 70% of total cost
- B: Moderately necessary goods, 20% of drugs, 20% of total cost
- C: Least essential goods, 70% of drugs, 10% of total cost
- Based on Pareto's Law, where 20% items account for 80% of total cost annually
ABC Analysis Categories
Class A
- Most essential goods with the highest value
- 20% of products, 80% of revenue generation
- Small category with minimal goods, but maximum revenue
Class B
- Slightly higher value than Class C
- 30% of goods, 15% revenue generation
- More in number, but less in utility
Class C
- More in numbers, but least valuable
- 50% of stock, 5% revenue generation
VED Analysis
- Based on the criticality of an item in healthcare service
- V: Vital items, without which the hospital cannot run healthcare service (e.g. Adrenaline injection, steroid preparations)
- E: Essential items, without which a hospital can function but may affect quality of services (e.g. Life supporting items such as transfusion fluids)
- D: Desirable items, unavailability of which will not interfere with the functioning of the hospital (e.g. Aspirin, other analgesics, vitamins, enzymes)
FSN Analysis
- Classifying items in stock based on their frequency of issue/consumption
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Description
Test your knowledge of pharmacy inventory management, including types of stores, inventory control, and functions. Learn about the different types of stores, such as inflammatory stores and quarantined item stores, and how to ensure availability of essential drugs while keeping costs minimal.
