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Inventory Management
What is inventory management and why is it important for businesses?
Inventory management involves overseeing the flow of goods from production to customer delivery. It is important for businesses to maintain optimal inventory levels, reduce costs, and meet customer demands.
What are the different types of inventory and their roles in the business?
The different types of inventory include raw materials (used in production), work in progress (partially completed goods), finished goods (ready for sale), and maintenance, repair, and operations (MRO) inventory (supplies necessary for operations). Each type of inventory plays a role in ensuring a smooth production process, meeting customer demand, and supporting overall business operations.
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