Inventory Management and Contingency Planning

Inventory management is the process of overseeing and controlling a company's stock of goods. This includes tracking quantities, ensuring products are available for customers, and minimizing costs related to storage and waste. Contingency planning, on the other hand, involves creating strategies to address unexpected events, such as supply chain disruptions or natural disasters. By preparing for these scenarios, businesses can maintain operations and quickly adapt to challenges. Together, effective inventory management and contingency planning help organizations stay efficient, meet customer demands, and mitigate risks.