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Inventory Classification
The process of categorizing inventory items based on their importance, such as ABC analysis which ranks items by their impact on total inventory cost.
Fixed Quantity Systems
Inventory control systems where a fixed amount of inventory is reordered when stock levels reach a certain point.
Fixed Period Systems
An inventory management strategy where orders are placed at fixed intervals, regardless of the current stock level.
Perpetual Inventory System
A system that keeps track of each withdrawal or addition to inventory continuously, so records are always current.
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