The idea of providing an inventory accuracy definition may seem a bit redundant – after all the word accuracy is understood and who doesn’t want an accurate inventory? The purpose of providing this inventory accuracy definition, therefore, is to provide a useful inventory accuracy definition so that the actions required to maintain
Stock Turn Definition
Stock turn is one of, if not the, most important metrics that you can use to measure the effectiveness of your spare parts inventory management. However, like all metrics you do need to calculate it and use it in the right way. One of the most common issues with stock
Definition of Just In Time (JIT)
Glossary: Definition of Just In Time (JIT) Just In Time (JIT) is perhaps the most often quoted, and yet misunderstood, term in management. JIT, developed as one pillar in the Toyota Production System (the other being autonomation), is a production management method that aims to eliminate waste and improve product
Reorder Point Definition – What You Need to Know
Understanding the Reorder Point Definition is Vital Understanding the reorder point definition is a vital element of understanding and being able to effectively execute spare parts management. With a clear understanding of the reorder point definition companies can avoid two key problems: The problem of overstocking due to over-estimating the reorder
Economic Order Quantity Definition
Glossary: Economic Order Quantity Definition EOQ is often misunderstood to be the purchase quantity that provides the lowest purchase cost per unit – for example, when buying in bulk – and as a result many organizations overstock their inventory believing that they are doing the right thing. Economic Order Quantity (EOQ):
ABC Analysis Definition
An ABC analysis is an analytical approach to inventory management. The analysis aims to divide the inventory items into categories and then tries to identify the items that are most important. The remainder of this article is available to members and subscribers only. For complimentary access to this article
Safety Stock Definition
Glossary: Safety Stock Definition Understanding safety stock is one of the most important attributes of high performing spare parts inventory management. Companies that do not understand this will almost invariably over stock their inventory AND experience excessive stock outs. Here is the definition of safety stock. Safety Stock: Items held
MRO Definition (Plus Materials, and Spare Parts)
MRO Definition Here is a useful and practical MRO definition that identifies MRO separately from materials and spare parts. Often people refer in books, magazines, blogs, presentations and so on to MRO, materials, and spare parts; but what do these individual terms really mean? And does it really matter? This
Who is Phillip Slater?
That’s a fair question. After all if you are going to join SparePartsKnowHow.com for online training and information then you want to know who Phillip Slater is and why this website will work for you. Let’s face it, there is plenty of material on inventory management out there on the
MRP Definition
Glossary MRP Definition Is the technique known as Materials Resource Planning misunderstood? Well, in the world of materials and spare parts management for maintenance support I certainly think that it is. Here is our MRP definition: The remainder of this article is available to members