Warehouse Management System, Wall-to-Wall Inventory, Warranty Costs

 

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Detailed terminology list , in pdf form, will soon be available

 
 

Wall-to-Wall Inventory
An inventory management technique in which material enters a plant and is processed through the plant into finished goods without ever having entered a formal stock area

Warehouse
Storage place for products. Principal warehouse activities include receipt of product, storage, shipment, and order picking

Warehouse Management System (WMS)
The systems used in effectively managing warehouse business processes and direct warehouse activities, including receiving, put away, picking, shipping, and inventory cycle counts. Also includes support of radio-frequency communications, allowing real-time data transfer between the system and warehouse personnel. They also maximize space and minimize material handling by automating put away processes

Warranty Costs
Includes materials, labor, and problem diagnosis for products returned for repair or refurbishment

Waste
1) In Lean and Just-in-Time, any activity that does not add value to the good or service in the eyes of the consumer

 2) A by-product of a process or task with unique characteristics requiring special management control. Waste production can usually be planned and controlled. Scrap is typically not planned and may result from the same production run as waste

Will Call
The practice of taking orders that will be picked up at the

 

selling facility by the buyer. An area where buyers can pick up an order at the selling facility. This practice is widely used in the service parts business

Work-in-Process (WIP)
Parts and subassemblies in the process of becoming completed finished goods. Work in process generally includes all of the material, labor and overhead charged against a production order which has not been absorbed back into inventory through receipt of completed products
 

waiver clause

A Waiver clause in a contract asserts a party's right to enforce terms even if a breach has been verbally waived, or assumed to be accepted due to the conduct of a party.

For example, a purchasing officer may accept a late delivery of product without complaint, but due to the Waiver Clause in the company's contract, this conduct by the purchasing officer would not waive the supplier's obligations to deliver goods on time.
 

 

 

 
 

 

Get terms alphabetically:  A B C D E F G H I J K L M N O P Q R S T U V W X Y Z   

 
 
 

 

 
 

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