Study of Inventory management process and its Classification

Abstract

One of the most important aspects of inventory management is the discipline of minimizing the expenditures that are involved with inventory management while simultaneously maximizing your capacity to fulfill the requirements of your clients. This can be accomplished by the utilization of a wide range of inventory management strategies, such as minimizing dead stock (for more information on the meaning of dead stock), or determining the ideal reorder point by employing the reorder point formula. Inventory management is the most important part of the process since it requires a concentrated attention on inventory tracking. This is the reason why it is the most important component.