Defined term is a resource of legal, industry-specific, and uncommon defined terms to help lawyers draft more clearly, concisely, and accurately. Perpetual inventory definition keeping book inventory continuously in agreement with stock on hand within specified time periods in some cases, book inventory and stock on hand may be reconciled as often as after each transaction, while in some systems these two numbers may be reconciled less often. Inventory definition a current asset whose ending balance should report the cost of a merchandiser's products awaiting to be sold the inventory of a manufacturer should report the cost of its raw materials, work-in-process, and finished goods the cost of inventory should include all costs necessary to acquire the items and to get them. Popular terms simple inventory control in which a running total of all inventory (at cost) is kept by regularly adding all purchases to, and subtracting all sales from, the quantity at. Glossary of inventory management terms 227 short-term schedules – detailed timetables for all resources used in an organiza- tion simulation – uses a dynamic model to duplicate the continuous operation of a system over time sku – stock keeping unit (an alternative name for item) smoothing constant – a value used to set the sensitivity of.
Inventory definition is — such as a catalog of the property of an individual or estate such as a catalog of the property of an individual or estate how to. Glossary for microsoft system center 2012 configuration manager applies to: system center 2012 configuration manager term definition. The erp system definition, then, would be a set of software applications that organize, define and standardize the business processes necessary to effectively plan and control an organization essentially, erp applications are a computer model of your business, embodying the products and processes, information flow, procedures, and.
An inventory control system is a process businesses use to manage inventory three general types of inventory control systems include continuous review systems, periodic review systems, and just-in-time inventory control. Glossary of inventory replenishment terms terms used in inventory replenishment are described below term definition the system then assigns abc codes to.
When deciding between a fixed asset or inventory management system, this difference is crucial to understand, particularly for brick and mortar companies the basics. Inventory control that phase of military logistics which includes managing, cataloging, requirements determinations, procurement, distribution, overhaul, and disposal of materiel also called inventory management materiel control materiel management supply management.
This lesson defines a par level inventory system and its importance to an organization it also describes how the par system works and how. Inventory definition, a complete listing of merchandise or stock on hand, work in progress, raw materials, finished goods on hand, etc, made each year by a business concern see more. Phantom inventory definition the term inventory freezing has been coined by the only way to get the system out of an inventory freeze is a manual recount of.
An inventory control system or a computerized inventory system is a process for managing and locating objects or materials in common usage, the term may also refer to just the software components many shops now use stock control systems. What does par stand for in reference to inventory level is a medical term this stock are usually comes with a reporting system. Section 3 definition of terms/use of abbreviations added tas to paragraph to clarify the definition of terms/use of abbreviations inventory control system.