What encompasses all raw materials, work in process, and finished goods in a supply chain?

The term that encompasses all raw materials, work in process, and finished goods in a supply chain is inventory. Inventory is a broad category that includes all the items a company holds for the purpose of resale or production. This includes everything from the initial raw materials needed to create a product, any components that are in the assembly process, and the final products that are ready for sale.

Understanding inventory is crucial in supply chain management, as it plays a significant role in determining the efficiency and responsiveness of the supply chain. Effective inventory management helps businesses balance supply and demand, minimize holding costs, and prevent stockouts, ensuring that products are available when they are needed.

The other choices refer to related concepts but do not capture the full scope of inventory. “Stock” generally refers to the items available for sale but does not explicitly include work in process. “Materials” typically refer to raw inputs rather than finished products. “Assets” is a broader financial term that includes any resources owned by a company, not just the goods involved in the supply chain. Therefore, inventory is the most comprehensive term that covers all aspects mentioned in the question.