Introduction and scope of inventory management?

Answer 1

Inventory management is a very simple concept - don't have too much stock and don't have too little. Since there can be substantial costs involved in straying above and below the optimal range, careful inventory management can make a huge difference in the profitability of a business. Although the concept is simple, the process of getting the right balance can be quite a complex and time consuming task without the right technology. There are two fundamental questions that must be answered, in order to manage the inventory of any physical item - when to order and how much to order. More info: http://excelevolution.wordpress.com/

Answer 2

Inventory management is the process of overseeing and controlling a company's inventory. It involves tracking inventory levels, determining optimal reorder points, and managing stockouts and overstocks. Effective inventory management ensures that a business has the right quantity of products on hand to meet customer demand while minimizing costs and maximizing profitability. It is a crucial aspect of supply chain management and impacts various areas of a business, including production, sales, and customer satisfaction.