Various types of inventory management are used in business to ensure goods are on hand to meet customer demand. Inventory management is the function of understanding the stock mix of a company and the different demands on that stock.
Economic Order Quantity
What Every Business Should Learn about Inventory Management
Inventory management helps business identify which and how much stock to order at what time. It tracks inventory from purchase to the sale of goods. The practice identifies and responds to trends to ensure there’s always enough stock to fulfill customer orders and proper warning of a shortage.