Inventory Planning and Management is an essential business practice for any organization that needs to balance inventory levels with customer demand. This process involves forecasting future demand, setting inventory goals, and maximizing profits while minimizing costs. An effective inventory planning and management system helps organizations ensure they have the right amount of inventory in the right place at the right time. It involves cost-efficient ordering, efficient stocking, and accurate tracking of inventory items, so that businesses can make the best decisions to meet their organizational goals.