Inventory management

Inventory management

The branch of management that identifies inventory requirements, sets targets, provides replenishment strategies and reports actual and projected inventory status.

Industry: Business administration

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Inventory management

average cost

Business administration; Inventory management

Inventory costing method that recalculates an item's cost at each receipt by averaging the actual cost of the receipt with the cost of the current inventory.

vendor-managed inventory (VMI)

Business administration; Inventory management

The practice that the supplier manages the inventory levels and purchases of the materials supplied to a customer. An example of the vendor-managed inventory is for the management of office or ...

A form of economic policy that emphasizes the importance of supply rather than demand in the workings of the economy. It encourages measures like the removal of restrictive practices, the reduction ...

just-in-time production (JIT)

Business administration; Inventory management

A Japanese approach to the process of production, which emphasizes tight scheduling of materials into and out of the process, with a very low inventory of stock carried onsite. The aim of the process ...

supply chain management

Business administration; Inventory management

The management of an organization’S inventory from its links with suppliers, through its own internal procedures, and on to its relationship with its customers. All the groups and individuals ...

push strategy

Business administration; Inventory management

A strategy in operations management, in which goods are efficiently produced and put on stock.

electronic product code (EPC)

Business administration; Inventory management

Electronic product code is the RFID version of the UPC barcode and is intended to be used for specific product identification. However, EPC goes beyond UPC by not only identifying the product as an ...