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What does take inventory mean?

Looking for the meaning or definition of the word take inventory? Here's what it means.

Verb
  1. (intransitive, often with of) to compile an inventory; to take stock; to inventory.
  2. (intransitive, often with of) to assess a situation
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Examples
When planning a sport club, it is suggested that the school take inventory of the sport equipment.
More important, if we look at the way a pump is made and the way retailers take inventory, to skew the numbers to try to play games for a couple of days would only hurt their inventory.
With the continuous inventory method, you take inventory for a certain number of storage bins in a storage type.
This method is recommended if you want to take inventory of only a few materials.
In practice, he might slow down slightly to take inventory on, say, whether his right elbow is perfectly straight.
You take inventory for batch-managed material or special stocks in the same way as for materials without batch or special stock information.

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