Examlex
Explain the four stages of the product life cycle.
Lot Size
The quantity of items that are processed, produced, or ordered as a batch.
Cycle Counting
An inventory auditing process where a small subset of inventory is counted on a specific day without having to count the entire inventory.
Annual Physical Inventory
An Annual Physical Inventory is the yearly process of counting all physical inventory to verify records and ensure accuracy in stock level reporting.
Remedial Action
Measures taken to correct or mitigate a problem, often after it has been identified through analysis or inspection.
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