Accurate, Correct and free from errors, Agile, Able to adapt quickly to changes, Component, A part used in making a product, Continuous flow manufacture, Production with constant movement between stages, Current demand, The present level of customer need, Estimate, An approximate calculation or judgment, Forecast, A prediction of future demand, Inventory / Stock, Goods and materials held for use, Just-In-Time (JIT), Receiving goods only when needed, Kanban, A visual signal to control supply, Lead time, Time between ordering and receiving, Lean production, Production focused on reducing waste, Logistics, Planning and movement of goods, Manual, Done by hand, not automated, Manufacturing Resources Planning (MRP), System for planning materials and production, Pull strategy, Production based on actual demand, Push strategy, Production based on forecast demand, Replenish, To fill stock again, Replenishment strategy, Plan for when stock is replaced, Safety lead time, Extra time added to avoid delays, Safety stock, Extra inventory kept as backup, Stockless production, Production with little or no inventory, Checkout counter, Place where customers pay for goods, Conveyor belt / Conveyor stream, Moving system for transporting items, Distribution center, Facility that stores and sends goods, Loading dock, Area for loading and unloading trucks, Merchandise, Goods available for sale, Point-of-sale signal, Sales data triggering stock updates, Reordering, Buying stock again when levels fall, Supplier, Company that provides goods or materials

Logistics & Inventory Terms

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