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Inventory Management

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Business

Lessons no : 7

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Lessons | 7

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What are the 4 types of inventory? There are four main types of inventory: raw materials/components, WIP, finished goods and MRO.What are the methods of inventory management? Inventory Management Techniques Economic order quantity. ... Minimum order quantity. ... ABC analysis. ... Just-in-time inventory management. ... Safety stock inventory. ... FIFO and LIFO. ... Reorder point formula. ... Batch tracking.What is the main purpose of inventory management? The primary purpose of inventory management is to ensure there is enough goods or materials to meet demand without creating overstock, or excess inventory.