10. Purchase order
This is a document that includes terms of sale. It is used to track, process and approve purchases.
11. Material requirements planning (MRP)
This is the production planning and inventory control system that will integrate the production schedules, BOM data, and inventory and use that data to calculate both purchasing and shipping schedules for component or materials that are needed to create a product.
12. Reorder point
This is the set inventory level which triggers the replenishment of specific items.
13. Safety stock
This refers to the quantity of the inventory which is used to cover the deviations in either supply or demand.
14. Slotting
This is the process used to determine the appropriate placement for individual items in the warehouse.
15. Inventory management system
This is an information management system that deals with data needed for stock control.
16. Consignment inventory
This is inventory in the possession of customers but still owned by suppliers.
17. Cost of goods sold (COGS)
It is a term used in accounting to describe the total cost of products that have been sold within a specific period of time.
18. Fast moving consumer goods (FMCG)
The terms describe high volume products like hygiene products, food and cleaning supplies. These are products average consumers frequently purchase for example toothpaste, soda or dish soap.