1. A computer implemented method of managing inventory used in a manufacturing operation to manufacture a product, the method comprising: a processor communicating with at least one database containing manufacturing operation data about the product and importing the manufacturing operation data to a storage device; identifying, within the manufacturing operation data, a plurality of inventory locations associated with the manufacturing operation; identifying, within the manufacturing operation data, a plurality of components stored at each of the inventory locations that are used in manufacturing the product; retrieving a current component inventory and space data from the manufacturing operation data, the current component inventory and space data containing a current inventory quantity and space occupied for each of the components at each of the inventory locations; retrieving a historical component usage data from the manufacturing operation data, the historical component usage data indicative of a magnitude of a historical consumption of the component during a first time period for each of the components at each of the inventory locations; retrieving at least one demand forecast for the components, the demand forecast for the components indicative of a magnitude of future component usage during a second time period; performing a statistical analysis on the current component inventory and space data, the historical component usage data and the demand forecast to obtain a target inventory level range for each of the components at each of the inventory locations; and generating, based on the statistical analysis, at least one inventory level control chart for at least one selected component associated with at least one inventory location.