Inventory can be defined as a stored or warehoused resource used for current or future use and can be raw materials, or finished goods for sale. When a business loses control of inventory, it can have negative financial ramifications. Excessive and low inventory levels, or the wrong kind of inventory are just some examples of what can go wrong with inventory levels. As a top-level manager, formulate a system to control inventory that includes planning, forecasting demand, controlling levels, and feedback and revision methods.