Inventory management is the process of ordering, storing, using, and selling a company's inventory. It includes the management of raw materials, components, and finished products, as well as warehousing and processing such items.
The oversight of materials, information, and finances as they move from supplier to manufacturer to wholesaler to retailer to consumer.
Just: In-Time (JIT) Inventory - A strategy that aligns raw-material orders from suppliers directly with production schedules to reduce warehouse space and costs by receiving goods only as they are needed in the production process.
A formula used by companies to determine the optimal order quantity that minimizes total inventory costs including holding, ordering, and shortage costs