Lesson 5 Glossary

Just-In-Time - A set of techniques aimed at reducing waste by reducing inventory.

Manufacture To Inventory - Manufactured to stock as inventory.

Manufacture To Order - Manufactured after order is placed.

Order Point - A set inventory level. If the total stock on hand and on order falls to or below that point, action is taken to replenish the stock.

Replenishment Quantity - The quantity ordered each time the available stock falls below the order point.

Sales Forecast - An estimate of future demand.

Store Inventory - The stock of items available for sale at a store.