Inventory Management

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Across
  1. 3. (First-In, First-Out): An inventory valuation and management method where the oldest inventory is sold or used first, ensuring items are not kept in storage for too long.
  2. 5. Turnover Ratio: A measure of how quickly inventory is being sold or used within a specific period, indicating the efficiency of inventory management.
  3. 8. (JIT): An inventory management approach that aims to minimize inventory by receiving goods or materials just in time for production or sale.
  4. 9. (Stock Keeping Unit): A unique identifier assigned to each distinct item in inventory for tracking and management purposes.
  5. 12. Point (ROP): The inventory level at which a new order should be placed to replenish stock before it runs out, considering lead time and demand variability.
  6. 13. Inventory: Items that are no longer in demand or usable and have little or no resale value.
Down
  1. 1. Stock: Extra inventory kept on hand to mitigate uncertainties in demand, lead time, or supply disruptions.
  2. 2. A situation where a product is not available when a customer wants to purchase it due to insufficient inventory.
  3. 4. Order Quantity (EOQ): The optimal quantity of inventory to order that minimizes the total cost of ordering and holding inventory, considering factors such as ordering costs and carrying costs.
  4. 6. Keeping: The process of monitoring and managing inventory levels, ensuring accurate records, and performing regular audits.
  5. 7. The stock of goods or materials that a business holds for production, sales, or distribution.
  6. 9. Chain: The network of organizations involved in the production, distribution, and delivery of a product or service, from raw material suppliers to end customers.
  7. 10. (Last-In, First-Out): An inventory valuation method where the most recently acquired inventory is sold or used first.
  8. 11. Time: The time it takes for an order to be fulfilled from the moment it is placed until it is received.
  9. 14. Analysis: A classification technique that categorizes inventory into three groups based on their value and importance: A-items (high-value items requiring tight control), B-items (moderate-value items), and C-items (low-value items).