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What is Inventory?
Stock of any ITEM or RESOURCE used in an organization. Not just what you sell. Also includes what you need to run the business on a day-to-day business
What is an "Independent Demand" Item
- Items for which demand is influenced by market conditions.
- Demand is not related to demand for other items in stock or produced.
What is a "Dependent Demand" Item
Items that are required as components or inputs to other products or services.
What is "Lead Time"
Time elapsed between customer placing order and order being received by customer
What is "Lot Size"
Typically the order size
What is "SKU"
- Stock Keeping Unit.
- Unique identifying number used to track each unique product customers can purchase.
What does the term "Shrinkage" mean?
Pilferage, Security, Lost Items, Damaged, Obsolescence