【正文】 tion Unit 2 Warehouse and Inventory Operations Unit 3 Manage and Forecasting Inventory Unit 4 Inventory Planning Unit 5 Warehouse Planning and Systems 5 Units : 3/29/2023 3 Copyright: International Trade Centre Module 11 —— Managing Inventory Unit 1 Introduction ? What is inventory? ? Why keep inventory? ? What is inventory Management? ? Why is it important? ? What does inventory Management include? 3/29/2023 4 Copyright: International Trade Centre Module 11 —— Managing Inventory What is inventory? Inventory – or stock, as it is also called – is defined in supply management as the stored accumulation of material resources to be used in a transformation process. It includes: ? Raw materials – the inventory of individual ingredients or ponents used in production. ? Work in process (WIP) the inventory of partially produced products at various stages in the manufacturing process. ? Finished goods pleted products, or products that have been manufactured. 3/29/2023 5 Copyright: International Trade Centre Module 11 —— Managing Inventory Why keep inventory ? An enterprise may hold inventories for many good reasons, the most mon of which is to be a buffer in the supply chain. Supply Sell Production First Procedure Last Procedure Raw materials inventory WIP inventory Finished Products inventory 3/29/2023 6 Copyright: International Trade Centre Module 11 —— Managing Inventory Why keep inventory ?(cont.) The specific reasons includes : ? Prevent from shortage of goods ? Quick delivery and raise customer satisfaction ? Continuous or bestscale batch production ? Lessen purchase times and the related cost ? Purchase price advantage ? And so on ……… 3/29/2023 7 Copyright: International Trade Centre Module 11 —— Managing Inventory What is inventory Management? Inventory Management is