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This web site is designed to help navigate
you through the mountain loads of information about inventory
management.
An important component of inventory planning involves access to an inventory database. A database is a collection of data items arranged in files, fields and records. Essentially, we are working with a structured framework that contains the information needed to effectively manage all items of inventory, from raw materials to finished goods. This information includes the classification and amount of inventories, demand for the items, cost to the firm for each item, ordering costs, carrying costs, and other data. The first component of an inventory
database deals with the movement of individual items and the second
component of inventory management data involves information needed to
make decisions on rendering or replenishing the items.
The three subsystems are tied together in a single inventory-management system. The inventory management system can also be illustrated in terms of the three subsystems that comprise it. The figure below ties each subsystem together and shows the three items of information needed for the decision to order additional inventory.
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