1. Two-Bin Inventory System

The Two-Bin Inventory System is an inventory systems that involves having two bins with inventory and replenishing/repurchasing inventory once the first bin has ran out of inventory.

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2. Perpetual Inventory System

A Perpetual Inventory System is an Inventory Counting Systems that keeps track of removals from inventory continuously, thus monitoring current levels of each piece of inventory.

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3. Periodic Inventory System

The periodic inventory counting system makes use of physically counting inventory on periodic intervals.

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4. Inventory Counting Systems

Inventory Counting Systems are used to keep track of inventory and insure minimal loss of inventory while also knowing how much inventory is on hand and when it will be necessary to reorder inventory.

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5. Ordering Cost

The cost of ordering activities when ordering, receiving, and transacting inventory.

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6. Carrying Cost

The carrying cost is the cost of holding an item in inventory. Carrying cost is usually calculated in periods of a year.

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7. Shortage Cost

The Shortage Cost is the cost of not having sufficient inventory, usually due to an attempt to reduce carrying costs (the cost of holding items). It is the opportunity cost of not having sufficient inventory to fulfill demand.

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8. ABC Approach

The ABC Approach is the approach to classifying inventory according to some measure of importance, and allocating control efforts accordingly. It is often seen in Inventory Management Systems in order to classify inventory in order to decide how...

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9. Inventory Management System

An Inventory Management System also frequently referred to as an Inventory Classification System is an important aspect of inventory management since items held in inventory are not of equal importance in terms of dollars invested, profit...

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10. ABC Inventory Classification

ABC Inventory Classification is an Inventory Classification System and is an important aspect of inventory management. ABC Inventory Classification involves classifying inventory according to some measure of importance and allocating control...

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