Statistical Inventory Control

Statistical Inventory Control is a method used by businesses to manage their stock efficiently using data and statistics. It involves tracking sales and inventory levels regularly to predict future demand accurately. By analyzing these patterns, companies can determine the optimal amount of stock to order—avoiding excess or shortages—while minimizing costs. This approach ensures that inventory is maintained at a level that meets customer needs effectively without tying up unnecessary resources, leading to improved efficiency, reduced waste, and better alignment of supply with actual demand.