What Does Inventory Mean?


8 Answers

Matthew Porter Profile
Matthew Porter answered
The word inventory is a noun and comes from the Latin, inventorium, meaning list of things found. The verb for inventory is inventories or inventoried.
An inventory is a formal and complete list of goods or articles that can be found in a particular place such as things for sale in a shop or furniture or belongings in a house.
Also known as a stock-take in England and inventory is an important aspect of a business and inventory management is a vital skill. It is primarily about specifying the shape and percentage of stocked goods. It is required at different locations within a facility or within many locations of a supply network to proceed the regular and planned course of production and stock of materials. 
An inventory will include the raw materials, work-in-process goods and completely finished goods, that are considered to be the portion of a business's assets that are ready or will be ready for sale. An inventory represents one of the most important assets that most businesses possess because the turnover of inventory represents one of the primary sources of revenue generation and subsequent profits for the company's shareholders/owners.
Owning a large amount of inventory for long periods of time is not usually good for a business because of inventory storage, obsolescence and spoilage costs. However, possessing too little inventory isn't good either because the business runs the risk of losing out on potential sales and potential market share as well.
Inventory management forecasts and strategies, such as a just-in-time inventory system, can help minimise inventory costs because goods are created or received as inventory only when needed.
There is even a Canadian-based magazine named Inventory, which they say was created as an extension of the culture and lifestyle they are a part of. The magazine claims to value products and clothing for more than just their appearance, admiring how they're made, by whom and why.
Mukesh Khanna Profile
Mukesh Khanna , Business Analyst, answered

Inventory means a collection of products that is stored in a warehouse for selling purpose.

Joan Profile
Joan answered
When you make an inventory, you are making a list of items in your hands or in stock.
Anonymous Profile
Anonymous answered
It means when someone buys something but they put it on hold intill they want their object
Vikash Swaroop Profile
Vikash Swaroop answered
The word inventory is used for the list of the objects and furniture that that has been kept in a particular building. The following sentence can help you in understanding the concept well: The inventory of the contents of the gallery is kept in that register. The sentence says that the particular register is maintained to record the objects that are in that gallery.

But one of the uses that was particular for America but these days getting worldwide acceptance is that of the stock of some goods in a shop. This use is getting popular because in businesses the term is often used when they want to reduce the burden of extra place and manufacture only the ordered goods and thus saving the cost of storage.
Jordan Park Profile
Jordan Park answered

Inventory is an advantage that is claimed by a business that has the express purpose of being sold to a customer. This includes items sold to end customers or distributors. It includes raw materials, work in process, and finished goods. The management of inventory is a key concern of all businesses. Inventory represents a large cost to the humanitarian supply chain. Inventory management systems are somewhat simpler, in that an inventory management system can give you an indication of the total amount of stock that you have for one specific storage location.

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