Inventory management, an indispensable facet of operations management, embodies the systematic coordination and control of items either for sale or required to produce goods or services. Defined broadly, it comprises the orchestration of materials at various stages of readiness: raw, in-progress, or finished, ensuring an optimal balance between inventory levels and costs, while satiating demand requisites. It is positioned at the “Core Level” as part of the House of Operations Management framework.
