inventory management
31inventory turnover — stock turnover A ratio that measures the number of times items of stock are used annually. To obtain an accurate measure of stock turnover the following formula is used for each commodity: number of units used per annum/number of units in stock.… …
32inventory valuation — stock valuation The valuation of stocks of raw material, work in progress, and finished goods. According to Statement of Standard Accounting Practice 9, stocks should be valued at the lower of cost or net realizable value and the costs incurred… …
33inventory valuation — stock valuation The valuation of stocks of raw material, work in progress, and finished goods. According to Statement of Standard Accounting Practice 9, stocks should be valued at the lower of cost or net realizable value and the costs incurred… …
34Supply chain management — (SCM) is the process of planning, implementing and controlling the operations of the supply chain as efficiently as possible. Supply Chain Management spans all movement and storage of raw materials, work in process inventory, and finished goods… …
35production management — or operations management Planning, implementation, and control of industrial production processes to ensure smooth and efficient operation. Production management techniques are used in both manufacturing and service industries. Production… …
36Stock management — is the function of understanding the stock mix of a company and the different demands on that stock. The demands are influenced by both external and internal factors and are balanced by the creation of Purchase order requests to keep supplies at… …
37Operations management — is an area of management concerned with overseeing, designing, and redesigning business operations in the production of goods and/or services. It involves the responsibility of ensuring that business operations are efficient in terms of using as… …
38Service management — is integrated into Supply Chain Management as the joint between the actual sales and the customer. The aim of high performance Service Management is to optimize the service intensive supply chains, which are usually more complex than the typical… …
39Warehouse management system — A warehouse management system, or WMS, is a key part of the supply chain and primarily aims to control the movement and storage of materials within a warehouse and process the associated transactions, including shipping, receiving, putaway and… …
40American Production and Inventory Control Society — APICS The Association for Operations Management, is a not for profit international education organization, offering certification programs, training tools and networking opportunities to increase workplace performance. It was founded in 1957 as… …
