Inventory management refers to the process of overseeing and controlling the stock or goods produced, stored, sold in a business. It involves maintaining an accurate record of all inventory items, tracking their levels, and making decisions about when to order more products based on current demand and sales forecasts. The goal is to ensure that there's enough product available for customers while minimizing excess stock or stockouts (when the store runs out of a product). Effective inventory management helps businesses optimize their operations, reduce waste, and increase profits by making better use of resources.