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Safety stock is a term used by logisticians to describe a level of extra stock that is maintained to mitigate risk of stockouts (shortfall in raw material or packaging) caused by uncertainties in supply and demand. Adequate safety stock levels permit business operations to proceed according to their plans. [1]
Better raw materials and manufacturing processes can improve durability. For home appliances and automobiles, durability is a primary characteristic of quality. Reliability refers to the time until a product breaks down and has to be repaired, but not replaced. This feature is very important for products that have expensive maintenance.
A bill of materials or product structure (sometimes bill of material, BOM or associated list) is a list of the raw materials, sub-assemblies, intermediate assemblies, sub-components, parts, and the quantities of each needed to manufacture an end product. A BOM may be used for communication between manufacturing partners or confined to a single ...
Inventory (American English) or stock (British English) refers to the goods and materials that a business holds for the ultimate goal of resale, production or utilisation. [ nb 1 ] Inventory management is a discipline primarily about specifying the shape and placement of stocked goods.
Strategic and Critical Materials Stock Piling Act of 1939; Long title: An Act to provide for the common defense by acquiring stocks of strategic and critical materials essential to the needs of industry for the manufacture of supplies for the armed forces and the civilian population in time of a national emergency, and to encourage, as far as possible, the further development of strategic and ...
Materials management is a core supply chain function and includes supply chain planning and supply chain execution capabilities. Specifically, materials management is the capability firms use to plan total material requirements. The material requirements are communicated to procurement and other functions for sourcing.
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A master production schedule (MPS) is a plan for individual commodities to be produced in each time period such as production, staffing, inventory, etc. [1] It is usually linked to manufacturing where the plan indicates when and how much of each product will be demanded. [2]