Outline five techniques used to manage inventory: 1. ABC Analysis 2. Just-in-Time (JIT) Inventory Management 3. Economic Order Quantity (EOQ) 4. Vendor-Managed Inventory (VMI) 5. Safety Stock.

1. ABC Analysis: This technique categorizes inventory items into three groups based on their importance and value. A items are high-value items that require tight control and frequent monitoring, B items are moderate-value items that require regular monitoring, and C items are low-value items that require minimal monitoring.

2. Just-in-Time (JIT) Inventory Management: JIT is a strategy that aims to minimize inventory levels by only ordering and receiving goods as they are needed in the production process. This helps reduce carrying costs and minimize the risk of excess inventory.

3. Economic Order Quantity (EOQ): EOQ is a formula used to determine the optimal order quantity that minimizes total inventory costs, including ordering costs and holding costs. By calculating the EOQ, businesses can ensure they are ordering the right amount of inventory to meet demand without overstocking.

4. Vendor-Managed Inventory (VMI): VMI is a collaborative approach where the supplier takes responsibility for managing the inventory levels of their products at the customer's location. This allows for better coordination between the supplier and customer, leading to improved inventory management and reduced stockouts.

5. Safety Stock: Safety stock is extra inventory held to protect against fluctuations in demand or supply chain disruptions. By maintaining a buffer of safety stock, businesses can ensure they have enough inventory on hand to meet unexpected increases in demand or delays in supply without running out of stock.

1. ABC Analysis:
- Classifies inventory items into three groups (A, B, and C) based on their annual usage value.
- Focuses on managing high-value items (A) more closely than low-value items (C).

2. Just-in-Time (JIT) Inventory Management:
- Aims to reduce inventory levels by only ordering and receiving items when needed.
- Minimizes holding costs and improves inventory turnover.

3. Economic Order Quantity (EOQ):
- Determines the optimal quantity to order at a time to minimize inventory holding and ordering costs.
- Considers factors such as demand, inventory holding cost, and ordering cost.

4. Vendor-Managed Inventory (VMI):
- Transfers inventory management responsibility to the supplier.
- Supplier monitors inventory levels and automatically replenishes when needed.

5. Safety Stock:
- Maintains a buffer stock above the average demand to mitigate uncertainties in supply or demand.
- Helps prevent stockouts and ensures uninterrupted operations.