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Inventory Management is the strategic process of overseeing and managing a company’s stock of goods and materials. It looks after the quantity of products, and raw materials, ensuring resources, meeting customer demands and catching up with shortages. It closely studies demand forecasting and fills the gap. Effective organisation helps businesses optimise operations, and improve the performance of a business.
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It means Planning, carrying out, and evaluating an organization's long-term goals and strategies in order to gain a competitive edge in its sector. For long-term success, it focuses on matching resources with market opportunities.
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Business analytics is the process of using statistical techniques and data analysis to extract useful information from business data. Using data-driven methods, facilitates better decision-making, operational enhancement, and a deeper comprehension of numerous business facets.
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What Topics Come Under Inventory Management?
ABC Analysis: ABC analysis divides stock items into three groups- A, B, and C according to their worth and significance. This approach facilitates the closer handling of high-value stock by helping to prioritize resources and attention.
Inventory forecasting: To guarantee ideal stock levels, this study entails calculating future demand for goods or resources. Precise forecasting reduces the possibility of stockouts or overstock scenarios, maximizing consumer demand.
Systems for controlling inventory: These procedures are used to keep an eye on and adjust stock levels. To cut expenses while maintaining sufficient stock availability, these systems assist in deciding what, when, and where to store goods.
Supply Chain Management: This entails managing the entire process of locating, acquiring, producing, and distributing products. It seeks to shorten lead times, boost productivity, and keep the right amount of products at all times along the supply chain.
Inventory Valuation Techniques: These techniques calculate the value of ending inventory as well as the cost of goods sold. FIFO (First-In, First-Out), LIFO (Last-In, First-Out), and weighted average cost are common methods of valuation. It has varying effects on profitability, tax obligations, and financial reporting.
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Secondary schools lay the foundation for a strong career. Students are offered a variety of subjects to choose from and study what they find most interesting. The years are full of challenges and opportunities. Every student progresses on their own pace. Some might struggle with issues like lack of subject matter understanding, completion of homework or poor performance in their exams.
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Dr. Lily holds a Ph.D. in operations management from MIT. Her specialty is retail businesses optimising their inventory control strategies. She provides informative content on stock turnover, effective management, demand forecasting and supply chain optimization. Through her knowledge, she has been able to guide many scholars.
Professor Andrew Patel has a doctorate in industrial engineering. His studies are concentrated on optimization in manufacturing processes. Writings by Professor Patel place a strong emphasis on streamlining production schedules, cutting waste, and improving manufacturing processes.
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