2.3 Definition of Terms
Asset – Equipment that is utilized, but not consumed, in the production of goods or services supporting the program mission. An asset is a resource controlled by the enterprise as a result of past events and from which future economic benefits are expected to flow to the enterprise.
Damage – A condition that impairs either value or use of material; may occur in unpredictable degrees. Material may be damaged in appearance or in expected useful life without rendering it unserviceable or less useful.
Goods Receipts – A goods receipt in the Warehouse Management system (WMS) is the physical inbound movement of goods or materials into the warehouse. It is a goods movement that is used to post goods received from external vendors or from in–plant production. All goods receipts result in an increase of stock in the warehouse.
Goods Issue – Goods issue from the Warehouse Management System (WMS) is the physical issue of goods or materials from the warehouse. Goods issue posting results in a decrease in stock in the warehouse.
In WMS, you post a goods issue for the following business transactions:
a. Delivery of goods to customers
b. Material staging for production
c. Internal material consumption (to a cost center or project)
Government–Furnished Material (GFM) – GFM is government material that may be incorporated into, or attached to, an end item to be delivered under a contract or which may be consumed in the performance of a contract. It includes, but is not limited to, raw and processed material, parts, components, assemblies, and small tools and supplies.
Hazardous Material (HAZMAT) – Hazardous material refers to any material which under conditions incident to transportation is liable to cause fires, cre...
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...longer usable for its original purpose, despite the reason for its condition.
Work in Process (WIP) – In N–ERP terms, WIP is material that is issued to the work site from inventory or just–in–time receipt to be consumed into the next higher assembly (Research, Development, Test and Evaluation development project, repair process, manufacturing process, kit development, etc.). While the piece part material used in the repair process is a WIP, the item of repair remains tracked in N–ERP with the appropriate condition codes in order to maintain accountability. Material shall not be issued to WIP longer than needed to stage for the work being conducted. Ideally, material should not be issued as WIP until it is actually ready for consumption. Do not allow material issued to WIP be left untouched for prolonged periods of time (generally no longer than two to three weeks).
Physical damage is something that, once done, can not be undone. It is something that is going to follow her for the rest of her life, that will not allow her to grow as a person physically.
The inventory issue also ties in with transportation problems where accurate lead and delivery times are non-existent. The inventory turnover is not at its full potential because if the DC has merchandise yet the stores are stocked out, the inventory is frozen and will become obsolete.
The information that is provided by the tags that identify the inventory may be so limited that it proves to be of no assistance. Sometimes the tag may be defective in that the machine that is programmed to derive information from it is unable to do so. This means that the inventory will not be delivered where it is supposed to be at the correct time messing up the entire supply chain system. Therefore, care must be taken when information is being fed into the tag.
The intentional or accidental release of a hazardous material is responsible for major injury or fatality
In manufacturing perspective, where the manufacturer "adds value" by taking a raw material of little use to the end user (for example, woods) and converting it into something that people are willing to pay money for such as paper. Firms or Companies can use inputs of time, knowledge, equipment, technology and systems to create services of real value to the
The methodology of Woolworths supply chain management is to develop the optimum product flow across their products and goods in regards to quality, cost, inventory and strategies. It is completely a fair procurement and logistics to provide customer satisfaction in terms of needs.
Logistic management encompasses all materials flows management, from the inflow of purchased materials into works (i.e. materials planning of raw materials components and other products, transport of materials from suppliers to works, receiving and inspection and storage of materials) materials flow through manufacturing processes (i.e. materials issues and materials handling) and material (flow to customers (physical distribution (Refer fig.1 for these relationships)
It is undeniable that Inventory Management is an important key to success at Walmart this paper will discuss the two main methods of Inventory Management used by Wal-Mart: Material Requirements Planning and Just-in Time. Next we write about the technical means of keeping track of inventories like RFID tags. We conclude with discussing how
GM uses this system by containment, disposition, separation, and classification. Such a system guarantees that any outcome that does not comply with specified requirements is restricted from unintended use, restrained, and dispositioned by the administrators. Accompanied by this quality control is the verifying position where first-time quality and process capacity is advanced (Drew, 2011). Every team member is informed about any modifications in the production process and who and when to summon for assistance in the event of any quandary. Every team is also included in the problem solving to reach any improvement in goals.
Asset are the resources for running the business work. As a business, if get more assets it means that the business is powerful. Asset also be divided into two categories which is non-current assets and current assets. Non-current assets are long-term use for
The figure shown above depicts processes that are involved in the movement of raw materials and finished goods from suppliers to producer and from producer to consumers respectively. The movement of raw materials from suppliers to producer is known as inbound logistics and the movement of finished goods from producer to consumers is known as outbound logistics.
Inventory management involves planning, coordinating, and controlling the acquisition, storage, handling, movement, distribution, and possible sale of raw materials, component parts and subassemblies, supplies and tools, replacement parts, and other assets that are needed to meet customer wants and needs (Collier & Evans, 2009). In order for business and supply chains to run smoothly, they must meet all the listed requirements for effective inventory management. Thus, inventory management must be managed wisely in order to be a successful an...
“ a bundle of goods and services that is provided in some environment ” 1
There are two main phases that are important in the movement of materials: material management and physical distribution. Materials management is the timely movement of raw materials, parts, and supplies. The physical distribution is the movement of the firm’s finished products to the customers. Both phases involve every stage of the process including storage. The ultimate goal of logistics is to coordinate all efforts of the company to maintain a cost effective flow of goods.
Assets are those things that are owned by an organization which have future economic value that are measurable and expressed in terms of monetary value. Basically assets are those resources which are acquired by a company through various transactions. (accounting coach, 2016)