Inventory and Warehouse Management Processes

Flashcards covering key vocabulary and concepts related to Inventory and Warehouse Management processes.

Inventory Management (IM)

Concerned with the movement of goods in and out of plants.

Warehouse Management (WM)

Involves processes that permit sophisticated management of materials within and between plants.

Goods Movement

The movement of materials into or out of inventory, which can include goods receipt, goods issue, stock transfer, and transfer posting.

Goods Receipt

A movement of materials into inventory, resulting in an increase in inventory.

Goods Issue

A movement of materials out of inventory, resulting in a decrease in inventory.

Stock Transfer

Used to move materials within the enterprise from one organizational level or location to another.

Transfer Posting

A straightforward way to change the status or type of stock without necessarily involving the physical movement of goods.

Stock Transport Order (STO)

A process that simulates one plant purchasing materials from another plant.

Storage Location

A physical area where materials are kept and tracked.

Storage Type

A division of a warehouse based on the characteristics of the space, materials, or activity needed.

Storage Bin

The smallest logical unit of storage in WM where actual materials are stored.

Transfer Requirement (TR)

A document used to plan the movement of materials into and out of bins in a warehouse.

Transfer Order (TO)

A document that authorizes warehouse employees to physically move materials.

Master Data in WM

Includes the material master and storage bin data necessary for warehouse operations.

Interim Storage Areas

Designated spaces in a warehouse where materials are temporarily held before being moved to final storage locations.

Quants

Quantities of materials with similar characteristics stored in a single storage bin.