What is lead time and how the inventory management is maintained?

Agreed with the answers already provided.

What is lead time and how the inventory management is maintained?

Lead time is the time that elapses between the placing of an order (either a purchase order or a production order issued to the shop or the factory floor) and actually receiving the goods ordered.

If a supplier (an external firm or an internal department or plant) cannot supply the required goods on demand, then the client firm must keep an inventory of the needed goods. The longer the lead time, the larger the quantity of goods the firm must carry in inventory.

A just-in-time (JIT) manufacturing firm, such as some automobile manufacturing fims, can maintain extremely low levels of inventory. Some of these companies take delivery of some goods as many as18 times per day. However, steel mills may have a lead time of up to three months. That means that a firm that uses steel produced at the mill must place orders at least three months in advance of their need. In order to keep their operations running in the meantime an on-hand inventory of three months' steel requirements would be necessary.

The lead time is total time taken (from requisition trigger to part reception) to acquire part of inventory.

In other words, total processing time to acquire parts.

How is inventory management maintained is full topic by itself, and would a long writing.

Very briefly, it depend upon type of inventory i.e. perishable, non-perishable etc.

Based on that, a methodology is adopted such as FIFO, LIFO, and FEFO

Inventory is categorized as A, B, and C

There are so many other  things to perform in order to manage inventory effectively and efficiently.