What is Inventory Management in Manufacturing , types , control techniques and its applicability.

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What Is Inventory Management? Inventory management is dynamic process of ordering, storing and using a company's inventory. This includes the management of raw materials, stores and spares, consumables and finished products as well as warehousing and processing of such items.
Inventory management helps companies identify which and how much stock to order at what time. It tracks inventory from purchase to the sale of goods. The practice identifies and responds to trends to ensure there's always enough stock to feed the users and proper warning of a shortage, if at all
The role of inventory management is to maintain a desired stock level of specific products or items. The desired level is a function of customer service requirements and the cost of inventory investment.
Inventory management is the part of supply chain management that aims to always have the right products in the right quantity for use by production.
Inventory control, also called stock control, is the process of managing a company’s inventory levels, whether that be in their own warehouse or spread over other locations. It comprises management of items from the time you have them in stock to their final destination (ideally to customers) or disposal (not ideal). An inventory control system also monitors their movement, usage, and storage.
This video on Inventory Management is basically a lecture given by V K Mathur , Ex officiating Executive Director, Materials Management, SAIL and covers all the aspects related to Inventory control applicable in a manufacturing environment. It covers definition, examples and inventory management techniques, inventory control mechanism and their uses. inventory types and other aspects such as why inventory goes up and how inventory can be controlled effectively. It also describes in details the control techniques such as Order point , periodic review , materials requirement planning, eoq model and safety stock etc

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