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 the retail industry, 'inventory management' refers to the process of managing stock levels, orders, sales, and deliveries. A retail manager might explain, 'Proper inventory management ensures that we have the right products in the right quantity for sale, at the right time.'

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.