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Inventory & Warehouse

209

Stock control — item master and locations, counts and adjustments, transfers and approvals, traceability and quality holds, replenishment, and warehouse operations.

Operations Glossary

Min/Max Inventory

A replenishment rule that orders up to a maximum whenever stock hits a minimum.

Operations Glossary

Safety Stock

A buffer of extra inventory held to protect against demand or supply variability.

Operations Glossary

Request for Quotation

An invitation to suppliers to submit priced quotes for specified items.

Operations Glossary

Lot & Batch Tracking

Grouping stock by production batch for traceability and expiry control.

Operations Glossary

Negative Stock

A recorded quantity below zero, signalling a sequencing or accuracy failure.

Operations Glossary

Signature Capture

Taking a hand-drawn signature on screen at the moment goods change hands.

Operations Glossary

Quick Ratio

A liquidity test of whether assets excluding stock cover current liabilities.

Operations Glossary

Par Level

The standard quantity a location should hold at the start of each period.

Operations Glossary

Proof of Delivery

Evidence that a consignment was received by the intended party.

Operations Glossary

Stock Keeping Unit

A unique code identifying a single, distinct product variant.

Operations Glossary

Just in Time

Receiving stock only as it is needed, holding inventory near zero.

Operations Glossary

Reorder Point

The stock level that triggers a new purchase or production order.

Operations Glossary

Pick List

The instruction set telling a picker what to collect and where from.

Operations Glossary

Quality Hold

Blocking stock from use or sale pending inspection or a decision.

Operations Glossary

Stock on Hand

The physical quantity of an item currently in your possession.

Operations Glossary

Inventory Write-Off

Removing worthless stock from the books as an expense.

Operations Glossary

Lead Time

The total time between placing an order and receiving the goods.

Operations Glossary

Service Level

The target probability of meeting demand without a stockout.

Operations Glossary

Stock Transfer

Moving inventory between locations, warehouses or branches.

Operations Glossary

Kitting

Combining separate items into a single sellable or issuable unit.

Operations Glossary

Putaway

Moving received goods to their correct storage locations.

Operations Glossary

Stockout

Running out of an item so demand cannot be fulfilled.

Operations Glossary

Picking

Retrieving items from storage to fulfil an order.

Page 8 of 9 · 209 articles

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