inventory management
Part One: Inventory Management and its role within the Supply Chain Inventory management is a method through, which a business handles tangible resources and materials to ensure availability of resources for use. It is a collection of interdisciplinary processes including a full circle from the demand forecasting, supply chain management, inventory control and reverse logistics.
Inventory management - is the optimization of inventories of manufactured goods, work in progress, raw materials, and other features of companies in order to reduce storage costs while providing a high level of service and smooth operations. Inventory management in logistics is the optimization of operations directly related to the processing and registration of goods, and to the coordination with the procurement and sales service, it is the calculation of the optimal number of stores and their locations. Effective inventory management allows an organization to meet or exceed customers ' expectations. Several technical applications of inventory management models are incorporated by the inventory management so as to achieve efficiency. Critical role of the inventory management is therefore played by the concepts such as safety stock, cost of goods, economic ordering quantity, customer managed inventory, a vendor managed inventory, and the inventory turnover. The key principles of inventory management remain the same across all the industries; however, some critical areas of emphasizing these principles may vary from one sector of business to another. Inventory management in the supply chain is a complex of supply chain optimization techniques. This is a key element in the supply chain management. Experts emphasize companies’ attention on what constantly improving efficiency in the supply chain has become a market requirement and prerequisite for competitiveness. Global trends for the largest industrial and commercial companies integration lead to the formation of the global
Inventory management - is the optimization of inventories of manufactured goods, work in progress, raw materials, and other features of companies in order to reduce storage costs while providing a high level of service and smooth operations. Inventory management in logistics is the optimization of operations directly related to the processing and registration of goods, and to the coordination with the procurement and sales service, it is the calculation of the optimal number of stores and their locations. Effective inventory management allows an organization to meet or exceed customers ' expectations. Several technical applications of inventory management models are incorporated by the inventory management so as to achieve efficiency. Critical role of the inventory management is therefore played by the concepts such as safety stock, cost of goods, economic ordering quantity, customer managed inventory, a vendor managed inventory, and the inventory turnover. The key principles of inventory management remain the same across all the industries; however, some critical areas of emphasizing these principles may vary from one sector of business to another. Inventory management in the supply chain is a complex of supply chain optimization techniques. This is a key element in the supply chain management. Experts emphasize companies’ attention on what constantly improving efficiency in the supply chain has become a market requirement and prerequisite for competitiveness. Global trends for the largest industrial and commercial companies integration lead to the formation of the global
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