MANAGEMENT

Detailed explanation-1: -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. The goal of inventory management is to have the right products in the right place at the right time.

Detailed explanation-2: -Inventory refers to all the items, goods, merchandise, and materials held by a business for selling in the market to earn a profit. Example: If a newspaper vendor uses a vehicle to deliver newspapers to the customers, only the newspaper will be considered inventory.

Detailed explanation-3: -Procurement has an impact on Plan, Source, and Enable. The procurement role in these processes ranges from the determining of resource requirements and establishing communications, developing approved practices and policies, obtaining the resources, and managing contracts, performance, and risk.