Which of the following is a key function of working capital management?

Working capital management primarily focuses on ensuring a company can continue its operations and meet its short-term liabilities. One of the key functions of this management is inventory management, which involves overseeing the company's inventory levels to ensure that it has enough stock to meet demand without overstocking, which can tie up cash unnecessarily. Efficient inventory management helps maintain liquidity and ensures that the business can operate smoothly, as it directly impacts the flow of goods and services, cash flow, and overall operational efficiency.

The other choices revolve around long-term strategies or investments. Long-term investment concerns allocating capital for future growth and expansion, which is outside the day-to-day management of working capital. Real estate acquisition involves significant capital expenditures that aren't typically classified as short-term working capital needs. Market expansion strategies may require substantial investment and research, focusing on the long-term growth of the business rather than the immediate, operational focus that working capital management entails. Thus, inventory management stands out as the core function directly related to working capital management.