Operations Glossary
Inventory Aging
A breakdown of stock by how long it has been held.
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Stock control — item master and locations, counts and adjustments, transfers and approvals, traceability and quality holds, replenishment, and warehouse operations.
Operations Glossary
A breakdown of stock by how long it has been held.
Operations Glossary
The ability to trace any item forward and backward through the chain.
Operations Glossary
How many times inventory is sold and replaced over a period.
Operations Glossary
Assigning a monetary value to the stock you hold.
Operations Glossary
Removing worthless stock from the books as an expense.
Operations Glossary
Receiving stock only as it is needed, holding inventory near zero.
Operations Glossary
Combining separate items into a single sellable or issuable unit.
Operations Glossary
The total time between placing an order and receiving the goods.
Operations Glossary
Grouping stock by production batch for traceability and expiry control.
Operations Glossary
A replenishment rule that orders up to a maximum whenever stock hits a minimum.
Operations Glossary
A recorded quantity below zero, signalling a sequencing or accuracy failure.
Operations Glossary
The standard quantity a location should hold at the start of each period.
Operations Glossary
The instruction set telling a picker what to collect and where from.
Operations Glossary
Retrieving items from storage to fulfil an order.
Operations Glossary
Evidence that a consignment was received by the intended party.
Operations Glossary
Moving received goods to their correct storage locations.
Operations Glossary
Blocking stock from use or sale pending inspection or a decision.
Operations Glossary
A liquidity test of whether assets excluding stock cover current liabilities.
Operations Glossary
The stock level that triggers a new purchase or production order.
Operations Glossary
An invitation to suppliers to submit priced quotes for specified items.
Operations Glossary
A buffer of extra inventory held to protect against demand or supply variability.
Operations Glossary
Tracking individual units by a unique serial number.
Operations Glossary
The target probability of meeting demand without a stockout.
Operations Glossary
Taking a hand-drawn signature on screen at the moment goods change hands.
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