Inventory managementInventory management

The processes a business uses to manage their inventory levels and the issues associated with overstocking and understocking are important factors in the survival and success of that business.

Part ofBusiness managementManagement of operations

Inventory management

Three types of inventory - raw materials, works in progress and finished products

is the materials held by a business in order to produce the product being sold to the customer. Inventory is sometimes referred to as stock.

However, inventory can exists in three types:

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