Explain what is the origin and basic concepts of inventory problems ?
Explain what is the origin and basic concepts of inventory problems ?
Inventory management is an approach to the acquisition, storage, and sale of stock - including raw materials or finished products. . Inventory management in the market comprises ensuring that vital supplies are maintained in an adequate amount, location, and time frame and at an acceptable price and cost.
Inventory is the term used to describe the products that a company entity keeps on hand in anticipation of the future sale. In other words, inventories are groups of things that a business produces for sale and the components that make up the product. As a result, inventories act as a conduit between a commodity's place of production and the point of sale.
Step by step
Solved in 2 steps
