ECONOMICS

Detailed explanation-1: -Abstract. The American Production And Inventory Society (APICS ) defines Inventory Management as the branch of business management concerned with planning and controlling inventories. The role of Inventory Management is to maintain a desired stock level of specific products or items.

Detailed explanation-2: -Inventory management refers to the process of ordering, storing, using, and selling a company’s inventory. This includes the management of raw materials, components, and finished products, as well as warehousing and processing of such items.

Detailed explanation-3: -Inventory management is the planning and controlling of inventories in order to meet the competitive priorities of the organization. When looking at inventory management, the term “lot size” refers to the physical dimensions of the area where the inventory is stored.

Detailed explanation-4: -Inventory management is the planning and organization of a company’s inventory with the help of advanced and unique management systems.

Detailed explanation-5: -Inventory management controls all stock within a company. Supply chain management manages the process from supplier to delivering the product to the customer. Warehouse management is a part of inventory control and focuses on stock in a specific location.