Industry Terms
- In-Transit Quantity
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A quantity that has been shipped from one fecility and yet to arrive at another facility
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- Independant Demand Methods
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An assumption stating that the deamnd of one item is independant of the other
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- Information System
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Definition: An information system is an integrated and coordinated network of components that combines computer hardware and software to convert data into a useful set of information. Any amount of data with basic values or facts is of no use until organized into a database and analyzed into insightful information that can answer questions or […]
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- Invalid Minimum
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an EOQ that does not fall on the valid cost curve when discounted costs are applied
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- Inventory control
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Business processes intended to account for receipt of raw materials and quantities of products or other inventory. As a regular business practice, inventory control provides timely and accurate analytical, optimization, and forecasting data to ensure that enough stock is on hand to meet buyer demand while minimizing excess that results in dead stock.
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- Inventory Management System
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A software program to manage stock keeping and forecasting of inventory
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- Inventory Planning
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Inventory planning Inventory planning is the process of determining the optimal quantity and timing of inventory for the purpose of aligning it with sales and production capacity.
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- Inventory shrinkage
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Occurs when physical inventory count is lower than the amount recorded on the company balance sheet. The discrepancy may be attributed to factors such as employee theft, shoplifting, administrative error, vendor fraud, damage, and cashier error.
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