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2.02 BM2

2.02 BM2 Inventory Management

TermDefinition
Inventory Idle stock of physical goods with economic value held by an organization for future use or sale.
Inventory planners Department or job function monitoring, controlling, and reviewing inventory.
Raw materials inventory Stock of materials required for production held by a manufacturing organization.
Finished goods inventory Assortment of finished items for sale held by a business.
Spare parts inventory Inventory of parts held by organizations to service products.
Defective products inventory Inventory including defective products, parts, and scrap with economic value.
Input inventory Raw materials required for processing.
Process inventory Work in process inventory at various production stages.
Output inventory Inventory of finished goods ready for distribution.
Consumables inventory Inventory of items like fuel, stationary, bolts & nuts required in manufacturing.
Production waste and scrap inventory Inventory of waste and scrap generated during production.
Reasons for holding raw material inventory To meet production demand variations, cater to seasonal demand, benefit from procurement economies of scale, etc.
Reasons for holding finished goods inventory Market and supply chain factors, production strategy, market size, transportation barriers, etc.
Reasons to avoid holding inventories To prevent excess costs, maintain working capital, fulfill customer orders, etc.
Inventory buildup signs of hidden problems Can indicate supplier inefficiencies, bad quality, production delays, loss, theft, or obsolescence.
Inventory shrinkage Loss, theft, pilferage, or obsolescence of inventory over time.
Created by: user-1872252
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