The procedure of placing orders, holding items, using them, and then selling them is referred to as inventory management. This concept covers managing raw materials, parts, and completed goods, as well as their storage and processing. Ordering, stocking, and efficiently using supplies or goods are all parts of inventory management.

By prioritizing your inventory, you may better understand the necessary ordering and manufacturing frequencies to satisfy your consumers.

Tracking sales, routinely buying and delivering material, and using specialist inventory management software are all helpful inventory management strategies.

From your experience and by conducting research online (at least two sources that are not blogs), detail major types of inventories and their relationships to inventory decisions and discuss at least three methods/concepts for managing inventory. Include how a company can control inventory internally as well as throughout its supply chain activities. How may these actions affect supplier relationships and customers demands?