Industry Terms

A quantity that has been shipped from one fecility and yet to arrive at another facility

An assumption stating that the deamnd of one item is independant of the other

Definition:  An information system is an integrated and coordinated network of components, which are combined together to convert data into a useful set of information. Any amount of data with basic values or facts is of no use until organized into a database and analyzed into insightful information that can answer questions or solve problems. […]

an EOQ that does not fall on the valid cost curve when discounted costs are applied

Typically a list of items being stocked in a warehouse or any physical facility

Business processes intended to account for receipt of raw materials and quantities of products or other inventory. As a regular business practice, inventory control provides timely and accurate analytical, optimization, and forecasting data to ensure that enough stock is on hand to meet buyer demand while minimizing excess that results in dead stock.

A software program to manage stock keeping and forecasting of inventory

Inventory planning Inventory planning is the process of determining the optimal quantity and timing of inventory for the purpose of aligning it with sales and production capacity.

Occurs when physical inventory count is lower than the amount recorded on the company balance sheet. The discrepancy may be attributed to factors such as employee theft, shoplifting, administrative error, vendor fraud, damage, and cashier error.