Inventory refers to a stock of goods, commodities, or other economic resources that are held by firms at a particular time for their future production requirements and for meeting future demands. Inventory management assists organizations in minimizing their inventory cost without compromising on their ability to respond quickly to customer demand. Inventories can be direct or indirect. Direct inventories include goods that play an important role in manufacturing of a product and become a part of the finished product. Direct inventories include raw materials, work-in-progress goods, etc. Indirect inventories include goods that are necessary to run the production process but do not become part of the end product. For example, lubricants, grease, oils, stationery etc., are indirect inventory goods.

Raw materials are the items waiting to be used in the manufacturing of products. Work-in-progress goods are semi-finished items that are stored temporarily during the production process. Finished goods are items that are waiting in stores for delivery. Apart from these items, inventory includes machinery and other capital equipment, furniture, components or machinery under repair or maintenance etc. In several firms, effective management and control of inventory is important to keep the cost associated with the inventory at minimum level. Organizations have to carefully select the level of inventory they need to maintain. Stocking large amount would lead to increased inventory costs. On the other hand, fewer inventories would lead to frequent disruptions in the production process. The objective of inventory management is to order the right quantity, at the right time without disrupting the production process. In this chapter we shall discuss the importance of inventory management, and how proper control can be exercised over inventory, optimum level of inventory to be maintained and the determination of right order size and time for acquiring inventory.                           

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