Much of inventory management involves lot sizing, which is the determination of how frequently and in what quantity to order inventory. The challenge is not to trim inventories to the bone to reduce costs or to have plenty around to satisfy all demands, but to have the right amount to achieve the competitive priorities of the business most efficiently. Effective inventory management is essential for realizing the full potential of any supply chain. This is an important concern for managers in all types of businesses. Inventory Management, which is the planning and controlling of inventories in order to meet the competitive priorities of the organization.
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