As technology is influencing the field of project management, the role of teamwork and communication becomes important in the modern business scenario. Inventory management is being influenced by all these management factors. The cost of inventory in a company is not being fully identified, tracked, and therefore, effectively controlled, against the expected benefits which the inventory reduction can bring to the company. Accuracy and completeness are important in inventory management to allow an organization to make informed investment decisions. Monitoring inventory is important for executives to determine if the investment is progressing as expected. And, after carefully collecting all inventory reduction costs, the organization can evaluate the return on investment and determine the amount of profit that was generated due to the efforts. By improving the inventory management, a company can determine the most efficient and cost effective ways to deliver, faster, cleaner and higher quality products to its customers. In this paper, the case study based approach is used by collecting data related to inventory management in a reputed American manufacturing company and then a model of efficient inventory management is put forward using recommendations which are based on the inventory problems.

In today's fast moving economy, organizational pressures continue to increase rapid and accurate market response. New developments within the organizations must be planned and managed in an environment of fast changing technology, markets, regulations and socio-economic factors. Team-based work relying on resource and power-sharing is also very crucial (West and Markiewicz, 2004). For effective management in organizations, there is a need for project management. The project management integrated with the technology gives organizations, the leading edge towards effective management of projects and processes (Zipf, 2000). The project management and technology together help the organizations to effectively execute business ventures. Additionally, the roles, knowledge and skills of team members need to match the real time data based technology (Wiles, 2007). Another business hurdle is the ability of strategic integration of projects with the business of the company. In organizations, there is a need for cross-functional sharing (Gronroos, 1989; and Martin and Grbac, 2003). So, to be a successful organization today, appropriate tools, techniques and processes (technology) along with sophisticated teamwork skills are also required.

"On January 3, 2006 at around 11:50 pm, CNN reported that 12 of 13 miners trapped in the Sago Mine (Sago, West Virginia, USA) were alive. Families of the victims celebrated for three hours before mine company officials informed them that the report was wrong and 12 of the 13 miners were dead. The families later reported that a mine foreman, who had overheard the rescue team, had contacted them with the information. And this information was picked by the media from the families. Beyond the mental anguish of the families, many professional news media outlets appeared unprofessional and the mine company experienced an unimagined public relations problem.

Supply Chain Management Journal, Modeling Inventory Management, Project Management, Inventory Management, Just-In-Time, JIT, Performance Measures, Corporate Goals, Corporate Strategies, Strategic Decision-Making, Corporate Culture, Material Requirement Planning, MRP.