ENTREPRENEURSHIP

Detailed explanation-1: -An inventory management policy is a standard set of guidelines with boundaries that provides the framework for an organisation to make informed make or buy inventory investment decisions. An Inventory management policy relies on an understanding of your supply chain’s capability to support customer demand.

Detailed explanation-2: -Involved as part of the supply chain, logistics inventory management includes various aspects as control and supervision of purchases from the customers, maintenance of stock storage, command on the product sale, and order fulfillment.

Detailed explanation-3: -Inventory management helps companies identify which and how much stock to order at what time. It tracks inventory from purchase to the sale of goods. The practice identifies and responds to trends to ensure there’s always enough stock to fulfill customer orders and proper warning of a shortage.