Examlex
What isinventory turnover and how is it calculated? Why is it important for a manager to track this ratio?
Lead Time
The timeframe between the initiation and completion of a process, such as from placing an order to its delivery.
Re-Order Point
The inventory level at which an order should be placed to replenish stock before it runs out, based on lead time and consumption rate.
Demand
The quantity of a product or service that consumers are willing and able to purchase at various prices at a given time.
Optimal Order Size
The quantity that minimizes the total cost of inventory, including holding and ordering costs.
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