2. Inventory Management Fundamentals

Types of Inventory

There are many different types of stock or inventory and many different ways of classifying them. In this book we spend more time talking about the different types of stock than most books on inventory management, and we classify them in more ways than most books classify them. You will also notice that many of the definitions overlap. We do this because how you should manage the stock depends heavily on the type of stock, what it is used for, how it is affected by antecedents, and what it affects. There is no need to be laconic on defining stock and no need to worry about too much overlap. It is more important to come up with the smallest set of items in the classification that gets the ...

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