Parts Inventory 2025

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The five types of inventory Raw materials. Work-in-progress (WIP) inventory. Finished goods. Maintenance, repair operations (MRO) goods. Packing materials.
Popular inventory control models are Economic Order Quantity (EOQ), Inventory Production Quantity, ABC Analysis, and Just-in-Time Inventory. Each of these models takes a different approach in assessing how much inventory you should have in stock.
Inventory management includes forecasting, planning, procurement, tracking, and optimization.
Inventory is almost always an asset, and businesses typically consider inventory to be a current asset. Inventory that your organization records as current assets include those products and materials that staff sells or uses within a year of the products manufacture or supplies purchase.
Spare part inventory refers to a list of stock items maintenance technicians use to replace failed equipment parts. Manufacturing facilities keep spare part supplieslike belts, motors, gears, and greaseon hand so they can fix equipment failures without needing to order and then wait for a part to be delivered.
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While inventory spans a variety of specific types, there are four major ones to make note of. These include raw materials and components, work-in-progress items, finished goods, and maintenance, repair, and operating (MRO) supplies.

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