Inventory Management

Managing Back Orders

What is a Back Order? A back order refers to a request by a customer to purchase a product that is currently out of stock. In this situation, the retailer or manufacturer will typically fulfill the order as soon as the product becomes available. The…


ABC method (Definition)

ABC Method Definition What is the ABC Method? ABC method classifies the inventories according to their uses. This inventory classification method is based on the concept that most of the production needs only a few amounts of inventory regularly.ABC…


The ABC Inventory System

The ABC Inventory System Under the ABC inventory system, inventory items can be categorized into three classifications. "A", "B", and "C". Here "A" classification refers that the inventories are highly useable…


ABC analysis (Definition)

ABC Analysis ABC analysis is a process of classification where items are categorized into "A", "B", and "C" according to their uses. This is a widely used analysis for inventory and in this analysis, high uses items ar…

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