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Overstock
Overstock, excessive stock, or excess inventory arise when there is more than the "right quantity" of goods available for sale,Crandall, R. E. and Crandall, W. R.Managing Excess Inventories: A Life-Cycle Approach in ''The Academy of Management Executive'' (1993-2005), Vol. 17, No. 3 (August 2003), pp. 99-113, accessed 18 July 2023 or when "the potential sales value of excess stock, less the expected storage costs, does not match the salvage value". It arises as a result of poor management of stock demand or of material flow in process management. Excessive stock is also associated with loss of revenue owing to additional capital bound with the purchase or simply storage space taken. Excessive stock can result from over delivery from a supplier or from poor ordering and management of stock by a buyer for the stock. Excess or unnecessary inventory is listed as one of the seven wastes or " muda" in Taiichi Ohno's Toyota production system. When referring to overstock merchandise in ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Inventory Management Software
An inventory management software is a software system for tracking inventory levels, orders, sales and deliveries. It can also be used in the manufacturing industry to create a work order, bill of materials and other production-related documents. Companies use inventory management software to avoid product overstock and outages. It is a tool for organizing inventory data that before was generally stored in hard-copy form or in spreadsheets. Features Inventory management software is made up of several key components working together to create a cohesive inventory of many organization's systems. These features include: Reorder point Should inventory reach a specific threshold, a company's inventory management system can be programmed to tell managers to reorder that product. This helps companies avoid running out of products or tying up too much capital in inventory. Asset tracking When a product is in a warehouse or store, it can be tracked via its barcode and/or other t ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Material Flow
Material flow (or "materials flow") is the description of the transportation of raw materials, pre-fabricates, parts, components, integrated objects and final products as a flow of entities. The term applies mainly to advanced modeling of supply chain management In commerce, supply chain management (SCM) deals with a system of procurement (purchasing raw materials/components), operations management, logistics and marketing channels, through which raw materials can be developed into finished produc ... and its use has been largely subsumed under this heading.Mills, J., Schmitz, J. and Frizelle, G.A strategic review of "supply networks" ''International Journal of Operations & Production Management'', volume 24, No. 10, 2004, page 1012, accessed on 28 February 2025 As industrial material flow can easily become very complex, several different specialized simulation tools have been developed for complex systems. Typical tools include: * AnyLogic * AutoMod for logistics systems ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Product (business)
In marketing, a product is an object, or system, or service made available for consumer use as of the consumer demand; it is anything that can be offered to a domestic or an international market to satisfy the desire or need of a customer. In retailing, products are often referred to as Merchandising, merchandise, and in manufacturing, products are bought as raw materials and then sold as finished goods. A Service (economics), service is also regarded as a type of product. In project management, products are the formal definition of the Product breakdown structure, project deliverables that make up or contribute to delivering the objectives of the project. A related concept is that of a sub-product, a secondary but useful result of a production (economics), production process. Dangerous products, particularly physical ones, that cause injuries to consumers or bystanders may be subject to product liability. Product classification A product can be classified as tangible asset, ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Supply Chain Management
In commerce, supply chain management (SCM) deals with a system of procurement (purchasing raw materials/components), operations management, logistics and marketing channels, through which raw materials can be developed into finished products and delivered to their end customers. A more narrow definition of supply chain management is the "design, planning, execution, control, and monitoring of supply chain activities with the objective of creating net value, building a competitive infrastructure, leveraging worldwide logistics, synchronising supply with demand and measuring performance globally". This can include the movement and storage of raw materials, work-in-process inventory, finished goods, and end to end order fulfilment from the point of origin to the point of consumption. Interconnected, interrelated or interlinked networks, channels and node businesses combine in the provision of products and services required by end customers in a supply chain. SCM is the br ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Operations Management
Operations management is concerned with designing and controlling the production (economics), production of good (economics), goods and service (economics), services, ensuring that businesses are efficiency, efficient in using resources to meet customer requirements. It is concerned with managing an entire production system that converts inputs (in the forms of raw materials, Manual labour, labor, consumers, and energy) into outputs (in the form of goods and services for consumers). Operations management covers sectors like banking systems, hospitals, companies, working with suppliers, customers, and using technology. Operations is one of the major functions in an organization along with supply chains, marketing, finance and human resources. The operations function requires management of both the strategic and day-to-day production of goods and services. In managing manufacturing or service operations, several types of decisions are made including operations strategy, product ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Military Surplus
Military surplus is goods, usually materiel, that are sold or otherwise disposed of when held in excess or are no longer needed by the military. Entrepreneurs often buy these goods and resell them at surplus stores. Usually the goods sold by the military are clothing, Military equipment, equipment, and tools of a nature that is generally useful to the civilian population, as well as embroidered patches, name tags, and other items that can be used for a faux military uniform. Occasionally, vehicles (jeeps, trucks, etc.) will be sold as well. Some military surplus dealers also sell military surplus firearms, spare parts, and ammunition alongside surplus uniforms and equipment. Demand for such items comes from various Collecting, collectors, Outdoor recreation, outdoorsmen, adventurers, hunters, survivalists, and players of airsoft and paintball, as well as others seeking high quality, sturdy, military issue garb. Historical reenactment, Reenactment groups usually seek historically ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Inventory Control System
Inventory control or stock control is the process of managing stock held within a warehouse, store or other storage location, including auditing actions concerned with "checking a shop's stock". These processes ensure that the right amount of supply is available within a business. However, a more focused definition takes into account the more science-based, methodical practice of not only verifying a business's inventory but also maximising the amount of profit from the least amount of inventory investment without affecting customer satisfaction. Other facets of inventory control include forecasting future demand, supply chain management, production control, financial flexibility, purchasing data, loss prevention and turnover, and customer satisfaction. An extension of inventory control is the inventory control system. This may come in the form of a technological system and its programmed software used for managing various aspects of inventory problems, or it may refer to a methodo ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Inventory
Inventory (British English) or stock (American English) is a quantity of the goods and materials that a business holds for the ultimate goal of resale, production or utilisation. Inventory management is a discipline primarily about specifying the shape and placement of stocked goods. It is required at different locations within a facility or within many locations of a supply network to precede the regular and planned course of production and stock of materials. The concept of inventory, stock or work in process (or work in progress) has been extended from manufacturing systems to service businesses and projects, by generalizing the definition to be "all work within the process of production—all work that is or has occurred prior to the completion of production". In the context of a manufacturing production system, inventory refers to all work that has occurred—raw materials, partially finished products, finished products prior to sale and departure from the manufacturing ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Web Search
A search engine is a software system that provides hyperlinks to web pages, and other relevant information on the Web in response to a user's query. The user enters a query in a web browser or a mobile app, and the search results are typically presented as a list of hyperlinks accompanied by textual summaries and images. Users also have the option of limiting a search to specific types of results, such as images, videos, or news. For a search provider, its engine is part of a distributed computing system that can encompass many data centers throughout the world. The speed and accuracy of an engine's response to a query are based on a complex system of indexing that is continuously updated by automated web crawlers. This can include data mining the files and databases stored on web servers, although some content is not accessible to crawlers. There have been many search engines since the dawn of the Web in the 1990s, however, Google Search became the dominant one in the 2000 ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Cash Flow
Cash flow, in general, refers to payments made into or out of a business, project, or financial product. It can also refer more specifically to a real or virtual movement of money. *Cash flow, in its narrow sense, is a payment (in a currency), especially from one central bank account to another. The term 'cash flow' is mostly used to describe payments that are expected to happen in the future, are thus uncertain, and therefore need to be forecast with cash flows. *A cash flow is determined by its time , nominal amount , currency , and account ; symbolically, . Cash flows are narrowly interconnected with the concepts of value, interest rate, and liquidity. A cash flow that shall happen on a future day can be transformed into a cash flow of the same value in . This transformation process is known as discounting, and it takes into account the time value of money by adjusting the nominal amount of the cash flow based on the prevailing interest rates at the time. Cash flow analy ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Process Management (Project Management)
In civil engineering and project management, process management is the management of "systematic series of activities directed towards causing an end result such that one or more inputs will be acted upon to create one or more outputs".PMI (2012), "Process" definition, in: ''A Guide to the Project Management Body of Knowledge'', 5th Ed. Process management offers project organizations a means of applying the same quality improvement and defect reduction techniques used in business and manufacturing processes by taking a process view of project activity; modeling discrete activities and high-level processes.Mitchell (2016). See Chapter 3 Process Management—Evolution and Definition. Overview The term ''process management'' usually refers to the management of engineering processes and project management processes where a ''process'' is a collection of related, structured tasks that produce a specific service or product to address a certain goal for a particular organization, acto ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Lean Manufacturing
Lean manufacturing is a methods of production, method of manufacturing goods aimed primarily at reducing times within the Operations management#Production systems, production system as well as response times from suppliers and customers. It is closely related to another concept called just-in-time manufacturing (JIT manufacturing in short). Just-in-time manufacturing tries to match production to Supply and demand, demand by only supplying goods that have been ordered and focus on efficiency, productivity (with a commitment to continuous improvement), and reduction of "wastes" for the producer and supplier of goods. Lean manufacturing adopts the just-in-time approach and additionally focuses on reducing Cycle time variation, cycle, flow, and Throughput (business), throughput times by further eliminating activities that do not add any Value (economics), value for the customer. Lean manufacturing also involves people who work outside of the manufacturing process, such as in marketi ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
