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What is Inventory Management Strategies Explained about?

This document defines inventory and inventory systems. It discusses the different types of inventory including raw materials, works-in-process, and finished goods. It also covers reasons for holding inventory like improving customer service and hedging against uncertainties. The document discusses how to measure and classify inventory using ABC analysis. It introduces concepts like economic order quantity and reorder point that are used to optimize inventory levels.

Author

Sudip Kumar

Language

EN