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Glossaries

Term Definition
ABC inventory Classification
Glossaries: Supply Chain
Glossaries Description:

A method for dividing inventory into classifications either by transaction volume or cost. Typically category A includes that 20% of inventory involving 60% of all costs or transactions while category B includes the next 20% of inventory involving 20% of all costs or transactions and category C includes the remaining 60% of inventory involving 20% of all costs or transactions.

 

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Backflush
Glossaries: Supply Chain
Glossaries Description:

Deduction from inventory of the component parts used in an assembly by exploding the bill of materials based on the quantity being produced.

 

Author: Bethany Pacheco
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Bill of Lading
Glossaries: Supply Chain
Glossaries Description:
Author: Bethany Pacheco
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Contract of Carriage
Glossaries: Supply Chain
Glossaries Description:

A Contract covering transportation between a party and a carrier.

 

Author: Bethany Pacheco
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Control Group
Glossaries: Supply Chain
Glossaries Description:

A small sample of items that are repeatedly counted over a period of time to identify process problems.

 

Author: Bethany Pacheco
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Cycle Count rate
Glossaries: Supply Chain
Glossaries Description:

The rate at which an individual can perform a cycle count in a specific zone storage area etc.

 

 

Author: Bethany Pacheco
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Cycle Counting
Glossaries: Supply Chain
Glossaries Description:

The physical counting of stock on a perpetual basis, rather than counting stock annually (annual physical inventory).

A cycle is the time required to count all items in the inventory at least once.

Author: Bethany Pacheco
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Dynamic Operations
Glossaries: Supply Chain
Glossaries Description:

Supply Chain Operations that respond dynamically or quickly to changing conditions.

 

Author: Bethany Pacheco
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Environmental Health and Safety
Glossaries: Supply Chain
Glossaries Description:
Author: Bethany Pacheco
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Gross Inventory variance
Glossaries: Supply Chain
Glossaries Description:

The absolute sum of all variances divided by the total inventory.

 

Author: Bethany Pacheco
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Incoterms
Glossaries: Supply Chain
Glossaries Description:

Three character abbreviation for a trade term used in business to business contracts for the sale of goods. Incoterm rules define the responsibilities of buyers and sellers for the delivery of goods under sales contracts. Incoterms 2010 are the current version of the Incoterm rules.

 

Author: Bethany Pacheco
Hits: 327
Inventory Adjustment
Glossaries: Supply Chain
Glossaries Description:

Any transaction that increases or decreases system inventory records.

 

Author: Bethany Pacheco
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Inventory Control
Glossaries: Supply Chain
Glossaries Description:

Inventory control is the act of ensuring accurate inventory records. It is a staff position that supports the various inventory management decision makers.

 

Author: Bethany Pacheco
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Inventory Count
Glossaries: Supply Chain
Glossaries Description:

Used to calculate inventory accuracy within a warehouse a inventory count is equal to a specific material in a specific slot/bin. i.e. a bin in the warehouse has 4 different materials located within for purposes of Inventory accuracy this would count as 4 counts.

 

Author: Bethany Pacheco
Hits: 252
Inventory Method
Glossaries: Supply Chain
Glossaries Description:

Method used to take inventory possibilities include

 

Author: Bethany Pacheco
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