Inventory built in anticipation of future demand.
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Anticipation inventory
Items in process throughout the plant.
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Work-in-process (wip)
Implies that about 20 percent of the inventory items will account for about 80 percent
of the inventory value.
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Pareto's law
A result of the quantity ordered or produced.
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Lot-size inventory
Incurred when demand exceeds supply.
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Shortage costs
Modifies the EOQ process to consider cases where quantity discounts are available.
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Quantity discount model
What is the purpose of periodic counting?
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, To satisfy auditors that inventory records match on-hand values
Products sold to customers.
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Finished goods
Provides a cushion against unexpected demand.
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Fluctuation inventory
The ability to satisfy customer requirements.
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Customer service
How can both the just-in-time (JIT) and EOQ inventory theories effectively be
reconciled?
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Give this one a try later!
Anticipation inventory
Items in process throughout the plant.
Give this one a try later!
Work-in-process (wip)
Implies that about 20 percent of the inventory items will account for about 80 percent
of the inventory value.
,Give this one a try later!
Pareto's law
A result of the quantity ordered or produced.
Give this one a try later!
Lot-size inventory
Incurred when demand exceeds supply.
Give this one a try later!
Shortage costs
Modifies the EOQ process to consider cases where quantity discounts are available.
Give this one a try later!
Quantity discount model
What is the purpose of periodic counting?
Give this one a try later!
, To satisfy auditors that inventory records match on-hand values
Products sold to customers.
Give this one a try later!
Finished goods
Provides a cushion against unexpected demand.
Give this one a try later!
Fluctuation inventory
The ability to satisfy customer requirements.
Give this one a try later!
Customer service
How can both the just-in-time (JIT) and EOQ inventory theories effectively be
reconciled?
Give this one a try later!
