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22 Cards in this Set

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Materials that are usually purchased but have yet to enter the manufacturing process
Raw Material Inventory
Products or components that are no longer raw materials but have yet to become finished products
Work-in-Progress (WIP) Inventory
An item ready to be sold, but still an asset to the company's books
Finished-Goods Inventory
A method for Dividing on-hand inventory into three classifications based on annual dollar volume
ABC Analysis
Items that represent 15% of inventory, but 70-80% of the dollar volume
Class A Inventory Items
Items that represent 30% of inventory, but 15-25% of the dollar volume
Class B Inventory Items
Items that represent 55% of inventory, but 5% of the dollar volume
Class C Inventory Items
A continuing reconciliation of inventory with inventory records
Cycle Counting
Retail inventory that is unaccounted for between receipt and sale
Shrinkage
A small amount of theft
Pilferage
The cost to keep or carry inventory in stock
Holding Cost
The cost of the ordering process
Ordering Cost
The cost to prepare a machine or process for production
Setup Cost
The time required to prepare a machine or process for production
Setup Time
An inventory-control technique that minimizes the total of ordering and holding costs
Economic Order Quantity (EOQ) Model
Giving satisfactory answers even with substantial variation in the parameters
Robust
In purchasing systems, the time between placing an order and receiving it; in production systems, the wait, move, queue, setup and run times for each component produced
Lead Time
The inventory level (point) at which action is taken to replenish the stocked item
Reorder Point (ROP)
Extra stock to allow for uneven demand; a buffer
Safety Stock
An economic order quantity technique applied to production orders
Production Order Quantity Model
A reduced price for items purchased in large quantities
Quantity Discount
P. 487 to continue
P. 487 to continue