inventories

Vocabulary Word

Definition

'Inventories' are detailed lists of goods, materials, or items that a business or individual has. These could be things for sale in a shop, or tools in a mechanic's garage.

Examples in Different Contexts

In humanitarian aid, 'inventories' of supplies are critical. A relief coordinator might declare, 'Effective management of inventories is vital to allocate resources where needed most, respond promptly to emergencies, and optimize relief efforts.'

Practice Scenarios

Operations

Scenario:

Our production line has been quite efficient. However, we should strive for better cost management in our processes.

Response:

Agreed, reducing inventories can help minimize waste and save costs.

Tech

Scenario:

The processing speed of our system has improved drastically. It seems the database update has had a positive impact.

Response:

Great to hear that. Maintaining regularly updated inventories boosts our system's capability.