What you’ll learn2 learning objectivesChoose one objective for a focused lesson, or study the complete topic.4.2.1Managing inventory• Managing inventory- the purpose of inventory within a business (raw materials, work in progress, finished products)- the costs and benefits of holding inventory- buffer inventory, re-order level and lead time- interpretation of simple inventory control charts- the importance of Supply Chain ManagementSyllabus objective4.2.2Just in Time (JIT)• Just in Time (JIT)- the purpose of JIT and JIC (Just in Case) inventory management- the impact of adopting a JIT approach on a businessSyllabus objective