MANAGEMENT

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: -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.

Detailed explanation-3: -Materials management uses inventories and production requirements for planning and control to ensure materials are available as required to meet production schedules. This material planning includes managing logistics, stock levels, materials quality, cost and more.

Detailed explanation-4: -Raw material inventory management is the process you or your managers will follow to ensure enough stock on hand, from direct materials to indirect materials, to keep production moving. As your orders increase, you may order a ton of extra materials, assuming that the more safety stock you have, the better.