APICS, The Association for Operations Management uses the following Supply Chain Management definition: ‘design, planning, execution, control, and monitoring of supply chain activities with the objective of creating net value, building a competitive infrastructure, leveraging worldwide logistics, synchronizing supply with demand and measuring performance globally.’ That’s quite a mouthful

Definition of Spare Parts Inventory The International Accounting Standards define inventory as follows. ‘Inventories’ are assets: (a) held for sale in the ordinary course of business; (b) in the process of production for such sale; or (c) in the form of materials or supplies to be consumed in the production process or in