4 team members working on computers. everything is made of goldIt is the period or method of periodically monitoring assets in which the products and services of a company are counted at regular intervals (for example, at the end of each month).

For the executive subsystem to operate properly, the supply system  -and the stock management system via virtual stock management- is a key solution to the daily resource problems faced by any executive.

The periodical management method

The periodical management method allows companies to analyze how many periods they have available at the start and end of the project management process. In turn, this helps analyze and plan resources (inventory control, stock level and order points).

Given that this monitoring by management only takes place at certain times, the virtual periodical management method does not require the services of a company to review how many measurements for stock an executive has available nor does it require knowledge of how many will be taken on a day-to-day basis.

By periodically managing production and manufacturing times, company procurement, the cost of sold products and the stock in physical storage, a count is not usually made until the end of the accounting period (for example, at the end of the month), which is when the countable physical stock has been transformed. Once the final stock has been determined, its value can be calculated using one of the standard validation methods, such as FIFO, LIFO or Weighted Average Price.

By using combined tables that organize weeks, product lines, outputs, inputs and schedules (What is a Schedule?) and diagrams, a highly visual comparison can be made of final stock against initial stock plus new procurement.

Finally, the output of products or services in stock will be automatically cross-checked against the other variables for each product quickly and easily.

Risks and limitations,  Spend Time considering the Project Risks

Given that virtual periodical stock management allows a company to know its initial and final stock but not monitor actions on a daily basis, there is a risk of information loss. Company CEOs will be unable to monitor stock according to each item and will be required to make assumptions on which of them have been sold.

This risk is especially magnified in cases where management is undertaken using older and more traditional methods without the support of next-generation project manager support tools.

Online project, program, portfolio and service management software guarantees absolute alignment between periodical management and business targets. ITM Platform enables all your tasks to be managed. Try it now for free here and enjoy a free 30-minute demo with one of our professionals.

Once the risks have been identified, it will be easier to classify them, document them and implement corrective measures. Above all, stock management will be easier and this will also help create synergies with all the other subsystems within the organization.

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