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Cycle Count
A cycle count is a perpetual inventory auditing procedure, where you follow a regularly repeated sequence of checks on a subset of inventory. Cycle counts contrast with traditional physical inventory in that a traditional physical inventory ceases operations at a facility while all items are counted. Cycle counts are less disruptive to daily operations, provide an ongoing measure of inventory accuracy and procedure execution, and can be tailored to focus on items with higher value, higher movement volume, or that are critical to business processes. Although some say that cycle counting should only be performed in facilities with a high degree of inventory accuracy (greater than 95%), cycle counting is a means of achieving and sustaining high degrees of accuracy. Cycle counting can be used to identify root causes of problems in control processes and then monitor the effectiveness of the actions to eliminate the root causes. In contrast, identifying root causes of inventory errors, ag ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Inventory
Inventory (American English) or stock (British English) refers to 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 system. I ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Physical Inventory
Physical inventory is a process where a business physically counts its entire inventory. A physical inventory may be mandated by financial accounting rules or the tax regulations to place an accurate value on the inventory, or the business may need to count inventory so component parts or raw materials can be restocked. Businesses may use several different tactics to minimize the disruption caused by physical inventory. *Inventory services provide labour (economics), labor and automation to quickly count inventory and minimize shutdown time. *Inventory control system software can speed the physical inventory process. *A perpetual inventory system tracks the receipt and use of inventory, and calculates the quantity on hand. *Cycle counting, an alternative to physical inventory, may be less disruptive. The Finance or Business Manager of the unit is responsible for ensuring the annual physical inventory is properly performed, inventory records reflect actual quantities on hand, inve ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
ABC Analysis
In materials management, ''ABC analysis'' is an inventory categorisation technique. ABC analysis divides an inventory into three categories—"A items" with very tight control and accurate records, "B items" with less tightly controlled and good records, and "C items" with the simplest controls possible and minimal records. The ABC analysis provides a mechanism for identifying items that will have a significant impact on overall inventory cost, while also providing a mechanism for identifying different categories of stock that will require different management and controls. The ABC analysis suggests that inventories of an organization are not of equal value. Thus, the inventory is grouped into three categories (A, B, and C) in order of their estimated importance. 'A' items are very important for an organization. Because of the high value of these 'A' items, frequent value analysis is required. In addition to that, an organization needs to choose an appropriate order pattern (e.g. ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Pareto Principle
The Pareto principle states that for many outcomes, roughly 80% of consequences come from 20% of causes (the "vital few"). Other names for this principle are the 80/20 rule, the law of the vital few, or the principle of factor sparsity. Management consultant Joseph M. Juran developed the concept in the context of quality control and improvement after reading the works of Italian sociologist and economist Vilfredo Pareto, who wrote about the 80/20 connection while teaching at the University of Lausanne. In his first work, ''Cours d'économie politique'', Pareto showed that approximately 80% of the land in the Kingdom of Italy was owned by 20% of the population. The Pareto principle is only tangentially related to the Pareto efficiency. Mathematically, the 80/20 rule is roughly described by a power law distribution (also known as a Pareto distribution) for a particular set of parameters. Many natural phenomena distribute according to power law statistics. It is an adage of busin ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Accountants
An accountant is a practitioner of accounting or accountancy. Accountants who have demonstrated competency through their professional associations' certification exams are certified to use titles such as Chartered Accountant, Chartered Certified Accountant or Certified Public Accountant, or Registered Public Accountant. Such professionals are granted certain responsibilities by statute, such as the ability to certify an organization's financial statements, and may be held liable for professional misconduct. Non-qualified accountants may be employed by a qualified accountant, or may work independently without statutory privileges and obligations. Cahan & Sun (2015) used archival study to find out that accountants’ personal characteristics may exert a very significant impact during the audit process and further influence audit fees and audit quality. Practitioners have been portrayed in popular culture by the stereotype of the humorless, introspective bean-counter. It has bee ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Supply Chain Management
In commerce, supply chain management (SCM) is the management of the flow of goods and services including all processes that transform raw materials into final products between businesses and locations. 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. Supply-chain management has been defined as 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". SCM practice draws heavily on industrial engineering, systems engineering, operations management, logis ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Assembly Line
An assembly line is a manufacturing process (often called a ''progressive assembly'') in which parts (usually interchangeable parts) are added as the semi-finished assembly moves from workstation to workstation where the parts are added in sequence until the final assembly is produced. By mechanically moving the parts to the assembly work and moving the semi-finished assembly from work station to work station, a finished product can be assembled faster and with less labor than by having workers carry parts to a stationary piece for assembly. Assembly lines are common methods of assembling complex items such as automobiles and other transportation equipment, household appliances and electronic goods. Workers in charge of the works of assembly line are called assemblers. Concepts Assembly lines are designed for the sequential organization of workers, tools or machines, and parts. The motion of workers is minimized to the extent possible. All parts or assemblies are handled e ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Inventory Control System
Inventory control or stock control can be broadly defined as "the activity of checking a shop's stock". It is the process of ensuring 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 methodology (which may include the use of technological barriers) for handling loss preve ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Mobile Computer
Mobile computing is human–computer interaction in which a computer is expected to be transported during normal usage, which allows for the transmission of data, voice, and video. Mobile computing involves mobile communication, mobile hardware, and mobile software. Communication issues include ad hoc networks and infrastructure networks as well as communication properties, protocols, data formats, and concrete technologies. Hardware includes mobile devices or device components. Mobile software deals with the characteristics and requirements of mobile applications. Main principles * Portability: Devices/nodes connected within the mobile computing system should facilitate mobility. These devices may have limited device capabilities and limited power supply but should have a sufficient processing capability and physical portability to operate in a movable environment. * Connectivity: This defines the quality of service (QoS) of the network connectivity. In a mobile computing ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Barcode Scanner
A barcode reader is an optical scanner that can read printed barcodes, decode the data contained in the barcode to a computer. Like a flatbed scanner, it consists of a light source, a lens and a light sensor for translating optical impulses into electrical signals. Additionally, nearly all barcode readers contain ''decoder'' circuitry that can analyse the barcode's image data provided by the sensor and send the barcode's content to the scanner's output port. Types of barcode scanners Technology Barcode readers can be differentiated by technologies as follows: Pen-type readers Pen-type readers consist of a light source and photodiode that are placed next to each other in the tip of a pen. To read a barcode, the person holding the pen must move the tip of it across the bars at a relatively uniform speed. The photodiode measures the intensity of the light reflected back from the light source as the tip crosses each bar and space in the printed code. The photodiode generates a ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Data
In the pursuit of knowledge, data (; ) is a collection of discrete values that convey information, describing quantity, quality, fact, statistics, other basic units of meaning, or simply sequences of symbols that may be further interpreted. A datum is an individual value in a collection of data. Data is usually organized into structures such as tables that provide additional context and meaning, and which may themselves be used as data in larger structures. Data may be used as variables in a computational process. Data may represent abstract ideas or concrete measurements. Data is commonly used in scientific research, economics, and in virtually every other form of human organizational activity. Examples of data sets include price indices (such as consumer price index), unemployment rates, literacy rates, and census data. In this context, data represents the raw facts and figures which can be used in such a manner in order to capture the useful information out of it. ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
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