About This Chapter
Inventory Control in Business - Chapter Summary
Use these lessons to boost your understanding of the subject of inventory control in business. Take a look at the definition and methods of inventory cost, the definition of Just In Time inventory, and see an overview of materials planning. Review other lessons in this chapter on:
- The definition of inventory
- Merchandise inventory items
- Advantages of Just In Time inventory
- ABC inventory analysis and cost
Study.com subject-matter experts developed short text and video lessons, each with a quiz you can take to test your understanding of the material just presented. You can review video lesson material by referring to the video transcript or by using the keyword-based timeline tool to quickly find the exact point in the video you want to replay.
1. What Is Inventory? - Definition & Example
Most businesses carry some inventory. In this lesson, you'll learn about what inventory is, some related concepts and be provided examples along the way. A short quiz follows the lesson.
2. Items that Make Up Merchandise Inventory
In order to operate, merchandising companies must carry inventory. What exactly makes up merchandise inventory? In this lesson, you will not only learn the answer to that question, but also several other important factors that relate to merchandise inventory.
3. Inventory Cost: Definition, Methods & Types
Have you ever thought about how much it costs a business to keep inventory in stock? It's not just the price the business pays for the items that it keeps in stock. It is so much more. In this lesson, we will discuss exactly what constitutes actual inventory cost.
4. Just in Time Inventory: Definition, Advantages & Examples
Just In Time (JIT) is a production and inventory control system in which materials are purchased and units are produced only as needed to meet actual customer demand.
5. Independent Versus Dependent Demand Goods
When we buy products at a store, we are indicating to the company that we are demanding that product. In this lesson, we will learn about the different types of goods that we as consumers demand and how those goods affect the inventory of companies.
6. ABC Cost & Inventory Analysis: Examples
In this lesson, we will explore ABC cost and inventory analysis. We will define it, look at some examples, and explain why a company may use this type of system. The lesson will conclude with a summary and quiz.
7. Materials Planning: Process, Overview
In this lesson, we will use the concept of materials planning to find the information that you would need to complete a job or production process efficiently and profitably. You will learn about budgeting and inventory control.
Earning College Credit
Did you know… We have over 200 college courses that prepare you to earn credit by exam that is accepted by over 1,500 colleges and universities. You can test out of the first two years of college and save thousands off your degree. Anyone can earn credit-by-exam regardless of age or education level.
To learn more, visit our Earning Credit Page
Transferring credit to the school of your choice
Not sure what college you want to attend yet? Study.com has thousands of articles about every imaginable degree, area of study and career path that can help you find the school that's right for you.
Other chapters within the CM Leading & Controlling Exam Study Guide - Certified Manager course
- Workplace Leadership
- Employee Motivation in the Workplace
- Managing Change in the Workplace
- Workplace Conflict
- Organizational Politics at Work
- Managing Workplace Misbehavior
- Types of Workplace Misbehavior
- Privacy in the Workplace
- Time & Stress Management at Work
- Organizational Control in Business
- Controlling Operations Costs in Business
- Quality Management in Business
- Business Accounting Fundamentals
- Financial Statements for Business
- Financial Analysis for Business
- Financial Management for Business
- CM Leading & Controlling Exam Study Guide - Certified Manager Flashcards