Inventory management

Inventory management,

Definition of Inventory management:

  1. Activities employed in maintaining the optimum number or amount of each inventory item.

    The objective of inventory management is to provide uninterrupted production, sales, and/or customer-service levels at the minimum cost. Since for many companies inventory is the largest item in the current assets category, inventory problems can and do contribute to losses or even business failures. Also called inventory control. See also inventory analysis.

  2. For companies with complex supply chains and manufacturing processes, balancing the risks of inventory gluts and shortages is especially difficult. To achieve these balances, firms have developed two major methods for inventory management: just-in-time and materials requirement planning: just-in-time (JIT) and materials requirement planning (MRP).

  3. Inventory management refers to the process of ordering, storing, and using a company's inventory. These include the management of raw materials, components, and finished products, as well as warehousing and processing such items.

How to use Inventory management in a sentence?

  1. You should have great inventory management so that you know where everything is and can locate it when you need.
  2. Department stores such as Wal-Mart and Target have grown successful due to proper staffing and inventory management , making sure that all stock is accounted for.
  3. For companies with complex supply chains and manufacturing processes, balancing the risks of inventory gluts and shortages is especially difficult.
  4. Inventory management refers to the process of ordering, storing, and using a company's inventory. These include the management of raw materials, components, and finished products as well as warehousing and processing such items.
  5. To achieve these balances, firms have developed two major methods for inventory management: just-in-time and materials requirement planning: just-in-time (JIT) and materials requirement planning (MRP).
  6. We had to hire more people for our inventory management team, because we really needed some help in that area.

Meaning of Inventory management & Inventory management Definition