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27 Cards in this Set
- Front
- Back
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ABC analysis
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n analysis that rank orders SKUs by a profitability measure to determine which items should never be out of stock, which should be allowed to be out of stock occasionally, and which should be deleted from the stock selection.
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advanced shipping notice (ASN)
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n electronic document received by the retailer's computer from a supplier in advance of a shipment.
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backup stock
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he inventory used to guard against going out of stock when demand exceeds forecasts or when merchandise is delayed. Also called safety stock or buffer stock.
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basic stock list
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he descriptive and recordkeeping function of an inventory control system; includes the stock number, item description, number of units on hand and on order, and sales for the previous periods.
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buffer stock
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merchandise inventory used as a safety cushion for cycle stock so the retailer won't run out of stock if demand exceeds the sales forecast. Also called safety stock.
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collaboration, planning , forecasting, and replenishment (CPFR)
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collaborative inventory management system in which a retailer shares information with vendors. CPFR software uses the data to construct a computer-generated replenishment forecast that is shared by the retailer and vendor before it's executed.
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core assortment
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relatively large proportion of the total assortment that is carried by each store in the chain, regardless of size.
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cycle stock
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inventory that results from the replenishment process and is required to meet demand when the retailer can predict demand and replenishment times (lead times) perfectly.
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electronic data interchange (EDI)
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he computer-to-computer exchange of business documents from retailer to vendor, and back.
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extranet
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A collaborative network that uses Internet technology to link businesses with their suppliers, customers, or other businesses.
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fill rate
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he percentage of an order that is shipped by the vendor.
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intranet
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A secure communication system that takes place within one company.
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inventory
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Goods or merchandise available for resale.
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lead time
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The amount of time between recognition that an order needs to be placed and the point at which the merchandise arrives in the store and is ready for sale
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logistics
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Part of the supply chain process that plans, implements, and controls the efficient, effective flow and storage of goods, services, and related information from the point of origin to the point of consumption in order to meet customers' requirements
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open-to-buy
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The plan that keeps track of how much is spent in each month, and how much is left to spend.
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order point
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The amount of inventory below which the quantity available shouldn't go or the item will be out of stock before the next order arrives.
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pull distribution strategy
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Strategy in which orders for merchandise are generated at the store level on the basis of demand data captured by point-of-sale terminals.
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push distribution strategy
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Strategy in which merchandise is allocated to stores based on historical demand, the inventory position at the distribution centre, as well as the stores' needs.
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quick response (QR) delivery system
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System designed to reduce the lead time for receiving merchandise, thereby lowering inventory investment, improving customer service levels, and reducing distribution expenses; also known as a just-in-time inventory management system.
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Radio Frequency Identification (RFID) Technology
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A technology that provides real-time data collection and detection of product via automated messages received by an antenna which reads radio frequency tags on product.
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security policy
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Set of rules that apply to activities in the computer and communications resources that belong to an organization
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sell-through analysis
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A comparison of actual and planned sales to determine whether early markdowns are required or whether more merchandise is needed to satisfy demand
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shrinkage
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An inventory reduction that is caused by shoplifting by employees or customers, by merchandise being misplaced or damaged, or by poor bookkeeping.
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stock-to-sales ratio
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Specifies the amount of inventory that should be on hand at the beginning of the month to support the sales forecast and maintain the inventory turnover objective. The beginning-of-month (BOM) inventory divided by sales for the month. The average stock-to-sales ratio is 12 divided by planned inventory turnover. This ratio is an integral component of the merchandise budget plan.
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supply chain management
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The integration of business processes from end user through original suppliers that provides products, services, and information that add value for customers
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weeks of inventory
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The number of months of supply times four weeks.
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