Question

What is the importance of Inventory Management?

Hint:

Effective inventory management ensures smooth operations, minimizes costs, and prevents resource wastage.

Answer 1

1. Resource Tracking: Helps monitor available stock and ensure optimal usage.
2. Prevents Shortages: Avoids delays caused by insufficient resources.
3. Cost Control: Reduces wastage and unnecessary purchases.
4. Maintenance of Equipment: Ensures regular checks and upkeep of inventory..