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An inventory management software is a software system for tracking inventory levels, orders, sales and deliveries. [1] It can also be used in the manufacturing industry to create a work order, bill of materials and other production-related documents. Companies use inventory management software to avoid product overstock and outages.
While it is sometimes used interchangeably, inventory management and inventory control deal with different aspects of inventory. Inventory management is a broader term pertaining to the regulation of all inventory aspects, from what is already present in the warehouse to how the inventory arrived and where the product's final destination will be. [2]
Google Drawings is a diagramming software included as part of the free, web-based Google Docs Editors suite offered by Google. The service also includes Google Docs, Google Sheets, Google Slides, Google Forms, Google Sites, and Google Keep. Google Drawings is available as a web application and as a desktop application on Google's ChromeOS.
In materials management, ABC analysis is an inventory categorisation technique which divides inventory into three categories: 'A' items, with very tight control and accurate records, 'B' items, less tightly controlled and with moderate records, and 'C' items, with the simplest controls possible and minimal records.
Inventory Turn is a financial accounting tool for evaluating inventory and it is not necessarily a management tool. Inventory management should be forward looking. The methodology applied is based on historical cost of goods sold. The ratio may not be able to reflect the usability of future production demand, as well as customer demand.
Control charts are graphical plots used in production control to determine whether quality and manufacturing processes are being controlled under stable conditions. (ISO 7870-1) [1] The hourly status is arranged on the graph, and the occurrence of abnormalities is judged based on the presence of data that differs from the conventional trend or deviates from the control limit line.
Google Sheets is a spreadsheet application and part of the free, web-based Google Docs Editors suite offered by Google. Google Sheets is available as a web application; a mobile app for: Android, iOS, and as a desktop application on Google's ChromeOS. The app is compatible with Microsoft Excel file formats. [5]
If loss rates were more than 1% for two years in a row, this would indicate that a full inventory was needed. [12] "A random sampling of the collection serves as an indicator for the rest of the collection. If all the items are accounted for in a random sampling, then it can be assumed that rest of the collections' records is just as reliable.