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.