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Inventories
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] |
Holding Cost
In marketing, carrying cost, carrying cost of inventory or holding cost refers to the total cost of holding inventory. This includes warehousing costs such as rent, utilities and salaries, financial costs such as opportunity cost, and inventory costs related to perishability, ''shrinkage'' ( leakage) and insurance. Carrying cost also includes the opportunity cost of reduced responsiveness to customers' changing requirements, slowed introduction of improved items, and the inventory's value and direct expenses, since that money could be used for other purposes. When there are no transaction costs for shipment, carrying costs are minimized when no excess inventory is held at all, as in a Just In Time production system. Excess inventory can be held for one of three reasons. Cycle stock is held based on the re-order point, and defines the inventory that must be held for production, sale or consumption during the time between re-order and delivery. Safety stock is held to account for v ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Teenage Engineering Pocket Operators - PO-14 Sub & Stock Cartons - 2015 NAMM Show
Adolescence () is a transitional stage of physical and psychological development that generally occurs during the period from puberty to adulthood (typically corresponding to the age of majority). Adolescence is usually associated with the teenage years, but its physical, psychological or cultural expressions may begin earlier and end later. Puberty now typically begins during preadolescence, particularly in females. Physical growth (particularly in males) and cognitive development can extend past the teens. Age provides only a rough marker of adolescence, and scholars have not agreed upon a precise definition. Some definitions start as early as 10 and end as late as 25 or 26. The World Health Organization definition officially designates an adolescent as someone between the ages of 10 and 19. Biological development Puberty in general Puberty is a period of several years in which rapid physical growth and psychological changes occur, culminating in sexual maturity. The ave ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Not-for-profit
A nonprofit organization (NPO) or non-profit organisation, also known as a non-business entity, not-for-profit organization, or nonprofit institution, is a legal entity organized and operated for a collective, public or social benefit, in contrast with an entity that operates as a business aiming to generate a profit for its owners. A nonprofit is subject to the non-distribution constraint: any revenues that exceed expenses must be committed to the organization's purpose, not taken by private parties. An array of organizations are nonprofit, including some political organizations, schools, business associations, churches, social clubs, and consumer cooperatives. Nonprofit entities may seek approval from governments to be tax-exempt, and some may also qualify to receive tax-deductible contributions, but an entity may incorporate as a nonprofit entity without securing tax-exempt status. Key aspects of nonprofits are accountability, trustworthiness, honesty, and openness to eve ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Setup Cost
In manufacturing, changeover is the process of converting a line or machine from running one product to another. Changeover times can last from a few minutes to as much as several weeks in the case of automobile manufacturers retooling for new models. Reducing changeover times became a popular way to reduce waste in Lean manufacturing after Taiichi Ohno and Shingo Shigeo popularized the SMED (Single Minute Die Exchange) method in the, now famous, Toyota Production System (TPS). The terms ''set-up'' and ''changeover'' are sometimes used interchangeably however this usage is incorrect. Set-up is only one component of changeover. Example: A soft drink bottler may run 16oz glass bottles one day, perform a changeover on the line and then run 20oz plastic bottles the next day. The 3 Ups Changeover can be divided into the 3 Ups: Clean-up ''Clean-up product, materials and components from the line. It may range from minor, if only the label of a package is being changed (for example ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Ordering Cost
Order, ORDER or Orders may refer to: * Categorization, the process in which ideas and objects are recognized, differentiated, and understood * Heterarchy, a system of organization wherein the elements have the potential to be ranked a number of different ways * Hierarchy, an arrangement of items that are represented as being "above", "below", or "at the same level as" one another * an action or inaction that must be obeyed, mandated by someone in authority People * Orders (surname) Arts, entertainment, and media * ''Order'' (album), a 2009 album by Maroon * "Order", a 2016 song from ''Brand New Maid'' by Band-Maid * ''Orders'' (1974 film), a 1974 film by Michel Brault * ''Orders'', a 2010 film by Brian Christopher * ''Orders'', a 2017 film by Eric Marsh and Andrew Stasiulis * ''Jed & Order'', a 2022 film by Jedman Business * Blanket order, purchase order to allow multiple delivery dates over a period of time * Money order or postal order, a financial instrument usually intende ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Factory Outlet
An outlet store, factory outlet or factory shop is a brick and mortar or online store in which manufacturers sell their stock directly to the public. Traditionally, a factory outlet was a store attached to a factory or warehouse, sometimes allowing customers to watch the production process, such as in the original L.L. Bean store. In modern usage, outlet stores are typically manufacturer-branded stores such as Gap or Bon Worth grouped together in outlet malls. The invention of the factory outlet store is often credited to Harold Alfond, founder of the Dexter Shoe Company. History Outlets first appeared in the eastern United States in the 1930s. Factory stores started to offer damaged or excess goods to employees at a low price. After some time, the audience expanded to include non-employees. In 1936, Anderson-Little (a men's clothing brand) opened an outlet store independent of its existing factories. Until the 1970s, the primary purpose of outlet stores was to dispose of exces ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Finished Goods
Finished goods are goods that have completed the manufacturing process but have not yet been sold or distributed to the end user. Manufacturing Manufacturing has three classes of inventory: # Raw material # Work in process # Finished goods A good purchased as a "raw material" goes into the manufacture of a product. A good only partially completed during the manufacturing process is called "work in process". When the good is completed as to manufacturing but not yet sold or distributed to the end-user, it is called a "finished good". This is the last stage for the processing of goods. The goods are ready to be consumed or distributed. There is no processing required in term of the goods after this stage by the seller. Though there maybe instance that seller finished goods become buyer’s raw materials Finished goods is a relative term. In a Supply chain management flow, the finished goods of a supplier can constitute the raw material of a buyer Procurement is the me ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Work In Process
Work in process (WIP), work in progress (WIP), goods in process, or in-process inventory refers to a company's partially finished goods waiting for completion and eventual sale, or the value of these items. The term is used in supply chain management, and WIP is a key input for calculating inventory on a company's balance sheet. WIP inventory in supply chain management WIP inventory calculations can help a company assess their supply chain health and guide in supply chain planning. In most cases, it is ideal to have low WIP inventory levels, and companies that manage their inventory level efficiently tend to have lower costs. Managing WIP inventory requires coordination between several functions within a company, as well as with suppliers and customers. Higher WIP inventory levels are advantageous in that they can support a surge in demand, as well as improve cycle time since there is more material in production. However, this can also increase storage costs and obsolescence risk ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Raw Materials
A raw material, also known as a feedstock, unprocessed material, or primary commodity, is a basic material that is used to produce goods, finished goods, energy, or intermediate materials that are feedstock for future finished products. As feedstock, the term connotes these materials are bottleneck assets and are required to produce other products. The term ''raw material'' denotes materials in unprocessed or minimally processed states; e.g., raw latex, crude oil, cotton, coal, raw biomass, iron ore, air, lumber, logs, water, or "any product of agriculture, forestry, fishing or mineral in its natural form or which has undergone the transformation required to prepare it for international marketing in substantial volumes". The term ''secondary raw material'' denotes waste material which has been recycled and injected back into use as productive material. Ceramic While pottery originated in many different points around the world, it is certain that it was brought to light mostly ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Consumer
A consumer is a person or a group who intends to order, or uses purchased goods, products, or services primarily for personal, social, family, household and similar needs, who is not directly related to entrepreneurial or business activities. The term most commonly refers to a person who purchases goods and services for personal use. Consumer rights “Consumers, by definition, include us all," said President John F. Kennedy, offering his definition to the United States Congress on March 15, 1962. This speech became the basis for the creation of World Consumer Rights Day, now celebrated on March 15. In his speech : John Fitzgerald Kennedy outlined the integral responsibility to consumers from their respective governments to help exercise consumers' rights, including: *The right to safety: To be protected against the marketing of goods that are hazardous to health or life. *The right to be informed: To be protected against fraudulent, deceitful, or grossly misleading informatio ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Customers
In sales, commerce, and economics, a customer (sometimes known as a client, buyer, or purchaser) is the recipient of a good, service, product or an idea - obtained from a seller, vendor, or supplier via a financial transaction or exchange for money or some other valuable consideration. Etymology and terminology Early societies relied on a gift economy based on favours. Later, as commerce developed, less permanent human relations were formed, depending more on transitory needs rather than enduring social desires. Customers are generally said to be the purchasers of goods and services, while clients are those who receive personalized advice and solutions. Although such distinctions have no contemporary semantic weight, agencies such as law firms, film studios, and health care providers tend to prefer ''client'', while grocery stores, banks, and restaurants tend to prefer ''customer'' instead. Clients The term client is derived from Latin ''clients'' or ''care'' meaning "to incl ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Retailing
Retail is the sale of goods and services to consumers, in contrast to wholesaling, which is sale to business or institutional customers. A retailer purchases goods in large quantities from manufacturers, directly or through a wholesaler, and then sells in smaller quantities to consumers for a profit. Retailers are the final link in the supply chain from producers to consumers. Retail markets and shops have a very ancient history, dating back to antiquity. Some of the earliest retailers were itinerant peddlers. Over the centuries, retail shops were transformed from little more than "rude booths" to the sophisticated shopping malls of the modern era. In the digital age, an increasing number of retailers are seeking to reach broader markets by selling through multiple channels, including both bricks and mortar and online retailing. Digital technologies are also affecting the way that consumers pay for goods and services. Retailing support services may also include the provision ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
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