A company's merchandise, raw materials, and finished and unfinished products which have not yet been sold. These are considered liquid assets, since they can be converted into cash quite easily.
Policies, procedures, and techniques employed in maintaining the optimum number or amount of each inventory item. The objective of inventory management is to provide uninterrupted production, sales, and/or customer-service levels at the minimum cost.
Techniques: -
• ABC
• JIT
• FSN
• VED
• BILLS OF MATERIAL
• BIN CARDS
• EOQ-ECONOMIC RE-ORDER QUANTITY
• INVENTORY/TURNOVER
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