Business Operations Management (Assignment Guide)

Inventory management refers to the process of ordering, storing, using, and selling a company's inventory. This includes the management of raw materials, components, and finished products, as well as warehousing and processing of such items. There are different types of inventory management, each with its pros and cons, depending on a company’s needs. | Investopedia (Website)

Definition and Types of Inventory. A business's stock or supplies, whether raw materials or finished goods, available on hand or in transit at any given time. | from The AMA Dictionary of Business and Management | Credo Reference (Library Database)

Article. Inventory refers to the stock of various items which is kept on site or in a facility in anticipation of a future use.| SAGE Key Concepts series: Key Concepts in Operations Management " Credo Reference (Library Database)

In a manufacturing context, inventory includes raw materials, work that is in process, and finished goods. Running out of a necessary component in the middle of production can be very costly for a manufacturer. The goal of inventory management is to balance the cost of ordering and storing material with the cost of not having that material available when it is needed. Effective inventory management combines elements of accounting, sales, and operations management. | LibreTexts (OER Textbook Collection)

Inventory management systems are sets of policies, processes, and controls that monitor levels of inventory within an organization and determine how much inventory a firm should order and when. | from SAGE Key Concepts series: Key Concepts in Operations Management | Credo Reference (Library Database

Key Concepts in Operations Management introduces a selection of key concepts and techniques in the field. Concise, informative and contemporary, with consideration given to explaining the principles of the topic, as well as the relevant debates and literature. | Author: Michel Leseure; Publisher: Sage UK; Copyright: © SAGE Publications Ltd 2010 |Credo Reference Database