This is the third in a series of seven chapters that focuses on logistics. After completing this chapter you should be able to:
• Describe what inventory is and its importance.
• Define lead time and its effect on inventory.
• Determine the appropriate amount of inventory needed based on the situation.
• Define Just-In-Time inventory.
• Differentiate among the three types of inventory costs.
• Describe how inventory management works.
• Identify different types of inventory packaging.
