Related Essays

  • The Four Main Elements Of Inventory Cost

    Periodic Inventory Control System- this system the number of items in store is reviewed at a fixed time interval. 3. Perpetual Inventory System –Is a syste...

  • Consolidated Electric Case Study: Consolidated Electric Company

    Two of the most important issues in inventory control are order quantity and order timings. Hence my recommendation is to utilize a fixed order quantity sys...

  • Real World Inventory

    Summary: Inventory basics are a company’s merchandise, raw materials, and finished and unfinished products that have not yet been sold. Real world inventor...

  • Example Of Bullwhip Effect Examples

    Distributors stockpile inventory to avail discounts often ignoring higher inventory cost. Before placing an order each party should analyze what should b...

  • ABC Analysis: Limitations Of Inventory Control

    In management of inventories, the firm’s objective should be in consonance with the wealth maximization principle. To achieve this, the firm should determine...

  • Problem Of Inventory Management

    Inventory Management Introduction Inventory Management is controlling and balancing of the unit product which is going out and coming inwards in an existing ...

  • Theoretical Literature Of Working Capital Management

    It is said to have a direct impact on a firm’s value. In other words, it affects the net working capital (current assets minus current liabilities) as well a...

  • Case Study Of Reverse Manufacturing

    This section divided in two cases: a first case is an inventory model designed for retailer and second case is an inventory model designed for the supplier. ...

  • Khulood Pharmacy Case Study

    Introduction Inventory management involves the organizing and controlling of stock with the aim of sustaining the competitive needs of the company. Inventory...

  • A3501 Case Study

    BACKGROUND In OA3501, Inventory Models, a plethora of tools and models were introduced so Operations Research Supply Managers could clearly optimize on hand...

  • Shuffle
    Toggle On
    Toggle Off
  • Alphabetize
    Toggle On
    Toggle Off
  • Front First
    Toggle On
    Toggle Off
  • Both Sides
    Toggle On
    Toggle Off
  • Read
    Toggle On
    Toggle Off
Reading...
Front

Card Range To Study

through

image

Play button

image

Play button

image

Progress

1/19

Click to flip

Use LEFT and RIGHT arrow keys to navigate between flashcards;

Use UP and DOWN arrow keys to flip the card;

H to show hint;

A reads text to speech;

19 Cards in this Set

  • Front
  • Back
What is inventory turnover?
Ratio of average cost of goods sold to average inventory investment.
What is a periodic system?
Physical count of items in inventory made at periodic intervals.
What is a perpetual inventory system?
System that keeps track of removals from inventory continuously, thus monitoring current levels of each item.
What is a two-bin system?
Two containers of inventory; reorder whent eh first is empty.
What is a universal product code?
Bar code printed on a label that has informationa bout the item to which it is attached.
What is lead time?
Time interval between ordering and receiving the order.
What is a point of sale (POS)
system?
Method for electronically tracking sales and inventory.
What is holding(carrying) cost?
Cost to carry an item in inventory for a length of time, usually a year.
What is ordering costs?
Costs of ordering and receiving inventory.
What is shortage costs?
Costs resulting when demand exceeds the supply of inventory on hand; oft\etn unrealized profit per unit.
What is cycle counting?
A physical count of items in inventory.
What is EOQ?
Economic order quantity is the order size that minimizes total cost.
What is quantity discounts?
Price reductions for large orders.
What is safety stock?
Stock that is held in excess of expected demand due to variable demand rate.
What is service level?
Probability that demand will not exceed supply during lead time.
What is fixed-order-interval (FOI) model?
Orders are placed at fixed time intervals.
What is single-period model?
Model for ordering of perishablees and other items with limited useful lives.
What is the shortage cost?
Generally, the unrealized profit per unit.
What is the excess cost?
Differences between purchase cost and salvage value of items left over at the end of the period.