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Inventory management is a critical component of work and entrepreneurship, directly influencing the operational efficiency, customer satisfaction, and profitability of a business. It refers to the process of ordering, storing, tracking, and controlling a company's inventory, which includes raw materials, work-in-progress (WIP), and finished goods. Effective inventory management ensures that a business has the right products in the right quantity at the right time, minimizing costs while meeting demand. In the context of entrepreneurship, particularly in small and medium enterprises (SMEs), inventory management becomes vital because of limited financial and storage resources. Entrepreneurs must strike a balance between understocking and overstocking. Understocking can lead to missed sales opportunities, loss of customers, and reputation damage, while overstocking ______ _____ __________ ________ ________ __________ ________ ______.
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