Inventory Control: This involves determining optimal inventory levels to meet customer demand while minimizing holding costs. Inventory control methods include ABC analysis, economic order quantity (EOQ), and just-in-time (JIT) inventory management.

Inventory Tracking: Accurate tracking of inventory is essential for effective management. Barcode systems, radio-frequency identification (RFID), and inventory management software are commonly used to track inventory levels, locations, and movements in real-time.

Inventory Classification: Items in inventory are often classified based on criteria such as value, demand, and turnover rate. This classification helps prioritize inventory management efforts and allocate resources efficiently.

Reorder Point: The reorder point is the inventory level at which a new order should be placed to replenish stock before it runs out. It is calculated based on factors such as lead time, demand variability, and desired service level.

Safety Stock: Safety stock is extra inventory held to mitigate the risk of stockouts due to unexpected fluctuations in demand or supply disruptions. Determining the appropriate level of safety stock involves balancing the cost of carrying excess inventory with the risk of stockouts.

Inventory Turnover: Inventory turnover measures how quickly inventory is sold and replaced within a given period. High inventory turnover indicates efficient inventory management, while low turnover may suggest overstocking or slow-moving inventory.

Supplier Management: Effective inventory management relies on strong relationships with suppliers. Collaborating closely with suppliers helps ensure timely deliveries, manage lead times, and address supply