What is your opinion on this statement in terms of the objectives of a good equipment inventory control system?

Government agencies maintain inventories of supplies and materials to support their programs or to repair capital assets used to accomplish their goals. An operative inventory management system involves two components, supply control, and inventory control.

The objective of the supply control is to make available the availability of the inventory to meet anticipated needs. An adequate supply control system guarantees the availability of the necessary amount of supplies and materials are available for the program to meet its demand. This involves understanding the time when to order and how much to order so that enough stock is available.

The inventory controls objective is to keep accountability of the items received. An effective inventory control system guarantees a cost-effective receipt, storage, and accounting system of items. This involves accurately recording the quantities received, accounting for items until used, storing the items in a place that is accessible and protected against loss due to theft, damage, and deterioration. In addition to this, a periodic physical count of the inventory is performed, this physical count is then compared against the perpetual inventory records, and finally, the difference is explained.