It refers to the stocks or stored goods a business keeps for use or sale.

This cost results when demand exceeds the supply of inventory on hand.

It is the amount a vendor or supplier pays to buy the inventory.

It is a concept of combining similar products/services into one group

A strategy use when trying to adjust the demand to match the capacity

This is the cost of keeping inventory in storage over time.

This is the cost of placing and receiving orders.

This approach depends on how willing the customer are to wait for delivery.

This is a cost for recruitment, screening and training to bring new workers "up to speed"

It is an inventory application of the Pareto Principle 80/20 rule: there are a critical few and trivial many.

It enables planners to acquire temporary capacity, although it needs more control over the output and may lead to higher costs and quality problems.

This is a seasonal work requiring low-to-moderate job skills that is  generally cost less than regular workers in hourly wages and fringe benefits.

These aggregate planning techniques work simultaneously with a few variables to allow planners to compare projected demand with existing capacity

This model is used to identify a fixed order size that will minimize the sum of the annual costs of holding and ordering inventories.

A point wherein the firm will place an order when the inventory level for that item reaches zero and that it will receive the ordered items immediately

A price reductions for large rorders offered to customers to induce them to buy in large quantities.