Inventory Management

The procedures and policies that maintain the size and placement of stocked goods in a distribution center, warehouse, or retailer. This system of product control is utilized throughout the supply chain network to provide efficient production, sales, and customer service by handling all aspects related to the tracking and management of material goods. Fundamental characteristics of this process include inventory forecasting, carrying costs, value, shelf space, quality control, replenishment, returns, and demand forecasting. Optimal levels of inventory are the direct result of Inventory Management, which is still an ongoing process due to the changes in logistics and distribution over time.

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