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Inventory control or stock control can be broadly defined as "the activity of checking a shop's stock". [ 1] It is the process of ensuring that the right amount of supply is available within a business. [ 2] However, a more focused definition takes into account the more science-based, methodical practice of not only verifying a business's ...
Inventory ( American English) or stock ( British English) refers to the goods and materials that a business holds for the ultimate goal of resale, production or utilisation. [ nb 1] Inventory management is a discipline primarily about specifying the shape and placement of stocked goods. It is required at different locations within a facility or ...
Vendor-managed inventory ( VMI) is an inventory management practice in which a supplier of goods, usually the manufacturer, is responsible for optimizing the inventory held by a distributor. Under VMI, the retailer shares their inventory data with a vendor (sometimes called supplier) such that the vendor is the decision-maker who determines the ...
IAS 2 defines inventories as assets which are: in the form of materials or supplies to be consumed in the production or rendering of services. IAS 2 requires that those assets that are considered inventory should be recorded at the lower of cost or net realisable value. Cost not only includes the purchase cost but also the conversion costs ...
Inventory management software is a software system for tracking inventory levels, orders, sales and deliveries. [ 1] It can also be used in the manufacturing industry to create a work order, bill of materials and other production-related documents. Companies use inventory management software to avoid product overstock and outages.
Configuration management ( CM) is a management process for establishing and maintaining consistency of a product's performance, functional, and physical attributes with its requirements, design, and operational information throughout its life. [ 1][ 2] The CM process is widely used by military engineering organizations to manage changes ...
Inventory management Inventory management is concerned with ensuring the right stock at the right levels, in the right place, at the right time and the right cost. Inventory management entails inventory planning and forecasting: forecasting helps planning inventory. Procurement process
Field inventory management, commonly known as inventory management, is the task of understanding the stock mix of a company and the handling of the different demands placed on that stock. The demands are influenced by both external and internal factors and are balanced by the creation of purchase order requests to keep supplies at a reasonable ...