Inventory planning and control are functions relating to inventory management. Business owners pay close attention to inventory as it usually represents the second largest expense in their businesses.

Learn how average cost flow assumption helps businesses manage costs efficiently in inventory, COGS, and ending inventory. Explore its applications and benefits.

Editorial Note: We earn a commission from partner links on Forbes Advisor. Commissions do not affect our editors' opinions or evaluations. Learning how to manage inventory efficiently is critical to ...

Various inventory control methods exist. For the small business, the inventory control method used has a major impact on the business's cash flow and operational cost. Whatever inventory control ...

For anyone selling truck parts, managing inventory is the most basic part of the business. Automated inventory systems have been in use in the aftermarket business for years , but today they are ...

From a pandemic-induced supply shock to a ship stuck in the Suez Canal, the past few years severely put the traditional Just-in-Time (JIT) approach to inventory under strain. Given the impossibility ...

In machine shops, the “parts” — i.e., the raw materials, MRO supplies and equipment, works-in-progress, and the finished goods — are vital role in the success of the business. Without effective ...

For companies of all sizes and across all industries, cash is not only crucial—it’s king. It sounds simple: In order to survive, businesses must ensure that payments aren’t going out faster than ...