MANAGEMENT

Detailed explanation-1: -Abstract. The American Production And Inventory Society (APICS ) defines Inventory Management as the branch of business management concerned with planning and controlling inventories. The role of Inventory Management is to maintain a desired stock level of specific products or items.

Detailed explanation-2: -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-3: -Inventory is the goods or materials a business intends to sell to customers for profit. Inventory management, a critical element of the supply chain, is the tracking of inventory from manufacturers to warehouses and from these facilities to a point of sale.

Detailed explanation-4: -Inventory management is the planning and controlling of inventories in order to meet the competitive priorities of the organization. When looking at inventory management, the term “lot size” refers to the physical dimensions of the area where the inventory is stored.

Detailed explanation-5: -What is Inventory Control and Planning? The process that any organization uses to determine the optimal quantity, as well as the timing, is known as inventory planning. This process aims to align such plans with the organization’s capacity to produce and make sales.