MANAGEMENT

Detailed explanation-1: -Managing inventory is important for all aspects of a business. Not having enough inventory means you run the risk of losing sales during a stock out. On the other hand, having too much can also be costly in many ways. Without an inventory management system, you risk these costs and other areas of inefficiency.

Detailed explanation-2: -Why Is Inventory Management Important? Inventory management is vital to a company’s health because it helps make sure there is rarely too much or too little stock on hand, limiting the risk of stockouts and inaccurate records.

Detailed explanation-3: -Regardless of the size of your company, having a proper inventory management system is very important for any business. It can help you keep track of all your supplies and determine the exact prices. It can also help you manage sudden changes in demand without sacrificing customer experience or product quality.

Detailed explanation-4: -Answer. Explanation: True, inventory is a stock variable, as it is measured at a particular time and not over a time period .

Detailed explanation-5: -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.