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: -Businesses use barcode inventory management systems to assign a number to each product they sell. They can associate several data points to the number, including the supplier, product dimensions, weight, and even variable data, such as how many are in stock.

Detailed explanation-3: -Inventory management is a technique of controlling, storing, and keeping track of your inventory items. Inventory management is an essential component of supply chain management, as it regulates all the operations that are involved from the moment an item enters your store until it has been dispatched.

Detailed explanation-4: -The inventory management system allows you to view the stock amount of all consumables on the ship instantly, to follow the materials that are added to and removed from stock, to manage the requisitions and supplies for the products to be procured to the fleet ships.

Detailed explanation-5: -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.