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Terms in this set (60)

Backward Scheduling
scheduling backward from a due date to determine when to begin a job
Bill of Material (BOM)
a list of all the materials, parts, and assemblies that make up a product including quantities, parent component relationships, and order of assembly
Enterprise resource planning ERP
software that organizes and manages company business processes by sharing information across functional states
Item master file
a file that contains inventory status and descriptive information on every item in inventory
lot sizing
determining the quantities in which items are usually made or purchased
Master production
a schedule for the production of end items (usually final products). It drives the MRP process that schedules the production of component parts
Material requirement planning
a computerized inventory control and production
Modular bill of material
a special bill of material used to plan the production of products with many optional features
Netting
the process of subtracting on hand quantities and scheduled receipts from gross requirements to produce net requirements
Ordering costs
the cost of replenishing the stock of inventory including requisition cost, transportation and shipping, receiving, inspection, handling and so forth
Periodic inventory system
a system in which the inventory level is checked after a specific time period and a variable amount is ordered, depending on the inventory stock
production quantity model
also known as the production lot sized model; an inventory system in which an order is received gradually and the inventory level is depleted at the same time it is being replenished
quantity discount
a pricing schedule in which lower prices are provided for specific (higher) order quantities
safety stock
an amount added to the expected amount demanded during the lead time as a hedge against a stock out
shortage costs
temporary or permanent loss of sales that will result when customer demand cannot be met
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