MANAGEMENT

Detailed explanation-1: -More Productivity: Good inventory management solutions save time that could be spent on other activities. Increased Profits: A better understanding of both availability and demand leads to higher inventory turnover, which leads to greater profits.

Detailed explanation-2: -Inventory management describes the system businesses use to ensure optimal inventory levels at all times by organizing sourcing, storing and selling both raw materials and finished product. Good inventory management leads to optimal stock levels at the right price at all times and reduces overall costs.

Detailed explanation-3: -FIFO and LIFO. LIFO and FIFO are methods to determine the cost of goods. FIFO, or first-in, first-out, assumes the older inventory is sold first in order to keep inventory fresh. LIFO, or last-in, first-out, assumes the newer inventory is typically sold first to prevent inventory from going bad.

Detailed explanation-4: -Inventory management is crucial to prevent loss of items, quickly fulfill customer orders and know when you need to buy more of a given product. It contributes directly to profitability, and no business can successfully scale without an inventory management process in place.