inventory-management

Vocabulary Word

Definition

Still confused about 'inventory-management?' Think of it as managing the products in a store. It's keeping checks on what's in stock, what's selling fast, and what needs to be ordered.

Examples in Different Contexts

In manufacturing, 'inventory management' is critical for tracking raw materials, work-in-progress goods, and finished products to optimize production and reduce waste. A manufacturing manager might state, 'Through inventory management, we're able to streamline our production process and reduce unnecessary inventory costs.'

Practice Scenarios

Operations

Scenario:

Our current supply chain model seems to be inefficient. Should we reassess our approach to minimizing stockout and overstock conditions?

Response:

You're right, revamping our inventory management could help us avoid both overstocking and stockouts.

Business

Scenario:

We should consider adding more items in the children's section. Let's look at the sales statistics to gauge the demand.

Response:

Let's use our inventory management system to analyze sales and identify the popular items in the children's section.