Inventory

(redirected from Stockout)
Also found in: Dictionary, Thesaurus, Medical, Legal, Financial.

inventory

[′in·vən‚tȯr·ē]
(engineering)
The amount of plastic in the heating cylinder or barrel in injection molding or extrusion.

Inventory

 

the control of the presence and condition of material values (fixed and working capital) in kind as well as monetary resources, balances in bank accounts, and accounts with debtors and creditors. Taking inventory is one of the most important methods of control over the safeguarding of socialist property, over the qualitative preservation of raw and other materials and finished goods, and over the accuracy of warehouse management and current accounting. In the USSR, taking inventory is obligatory for all state, cooperative, and public enterprises, organizations, and institutions.

Inventories may be complete or partial, planned or unexpected. A complete inventory includes checking of all resources of the enterprise and of all its accounting relations; it is held on the basis of the Statute on Accounting Reports and Balances of State, Cooperative (Except Kolkhoz), and Public Enterprises and Organizations (this statute was confirmed by the Council of Ministers of the USSR of Sept. 12, 1951, with subsequent amendments and supplements). The purpose of a complete inventory is to ensure that the bookkeeping balances as of the end of the year are real and by the same token to prove the reality of the financial results of the enterprise’s activity as shown in these balances. Such an inventory is taken also at the time of organization or liquidation of an enterprise. Partial inventories are taken to check the existence of those resources which according to their physical properties are subject to natural loss when stored; they are also taken when writing off goods that have become worthless and when hiring personnel responsible for material values. Planned inventories are taken during the whole year according to a calendar chart confirmed by the manager of the enterprise or of the economic organization. Unexpected inventories are made to prevent embezzlement and misappropriation of material or monetary resources and to establish the extent of losses in case an embezzlement has taken place. Dates and the number of inventories during the year are established with due regard to different kinds of resources.

The taking of inventories is entrusted to a commission that is appointed by the manager of the enterprise and in which the chief (senior) accountant takes part. This commission is headed by the manager of the enterprise or by his deputy. The procedure of taking the inventory is determined by ministries and government departments.

References in periodicals archive ?
Zinn W and Liu PC, Consumer response to retail stockouts, Journal of Business Logistics, 2001, 22(1):49-71.
This concern is reflected in both component stockouts and lack of cash flow coming from high investments due to high inventory value.
As healthcare workers we must redouble our efforts and contribute our part to strengthening the health system, whether it's reporting medicine stockouts, corruption or inefficiencies within the system.
Variable and parameters Description Note Ordering cost from s to n [MATHEMATICAL EXPRESSION NOT REPRODUCIBLE IN ASCII] Production function parameters u,[gamma] Manufacturer holding cost [MATHEMATICAL EXPRESSION NOT REPRODUCIBLE IN ASCII] Manufacturer stockout [B.
s], to be positive for two non-exclusive reasons: higher overall inventories mean fewer stockouts of individual models; and excess inventories above target could lead dealers to cut prices or find other ways to reduce excess inventory.
The observed quantity levels for each day in a month included: (1) starting inventory, (2) received goods, (3) available inventory, (5) end inventory, and (4) stockout level occurred.
The primary benefit is the reduced risk of unsold products, but at the risk of increased stockout costs associated with limited amounts of finished goods that can be quickly shipped to customers.
In Figure 4, the stockout from Figure 3 is repeated, but in this case, the safety stock is available to meet demands until the order is received.
For example, one or more grade thicknesses may be skipped in the current production cycle because of a special order (or stockout, or excessive inventory).
The optimal order quantity is the quantity for which the cumulative density function of sales is two thirds, and the probability of demand exceeding Q (the stockout probability) is one third.
3) West (1986) and others recognized that when firms maintain inventory for stockout avoidance, production smoothing will not be [TABULAR DATA FOR TABLE 1 OMITTED] confirmed in the data.
XYZ not only represents the greatest risk, but it also requires expediting, since a stockout situation is expected after the eight WOS are used.