ECONOMICS

Detailed explanation-1: -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-2: -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.

Detailed explanation-3: -Inventory management is a technique of controlling, storing, and keeping track of your inventory items. Inventory management is an essential component of supply chain management, as it regulates all the operations that are involved from the moment an item enters your store until it has been dispatched.

Detailed explanation-4: -Inventory management is the supervision of noncapitalized assets–or inventory–and stock items. As a component of supply chain management, inventory management supervises the flow of goods from manufacturers to warehouses and from these facilities to point of sale.

Detailed explanation-5: -The 4 Types of Inventory Management The types of inventory management are Raw Materials, Works-In-Process, Maintenance, Repair and Operations or MRO and Finished Goods.