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Knowledge Center

A B C D E F G H I J K L M N O P U V W Y
In-Transit Quantity

A quantity that has been shipped from one fecility and yet to arrive at another facility

Independant Demand Methods

An assumption stating that the deamnd of one item is independant of the other

Information System

Definition:  An information system is an integrated and coordinated network of components, which are combined together 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 solve problems. […]

Invalid Minimum

an EOQ that does not fall on the valid cost curve when discounted costs are applied

Inventory

Typically a list of items being stocked in a warehouse or any physical facility

Inventory Classification

Inventory Classification, as the name says, is classifying the products in an inventory as per their demands, value, the revenue they bring in, carrying costs, etc. This is more or less like ABC analysis, wherein the products in the inventory are segregated into three categories: Category A holds the 20% of the products that bring […]

Invntory Management System

A software program to manage stock keeping and forecasting of inventory