Glossary

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O

Obsolete Stock.
Stock held within an organisation where there is no longer any organisational reason for holding the stock.

Obsolescent Stock.
Parts which have been replaced by an alternative but which may still be used until stock is exhausted.

Off the Shelf Satisfaction.
See Fill Rate

On-hand Balance.
The quantity of an item shown in the inventory records as being physically in stock.

Opening Stock.
The stock of an item at the beginning of an inventory accounting period of time.

Order Lead Time.
The total internal processing time necessary to transform a replenishment quantity into an order and for the transmission of that order to the recipient.

Order Picking.
Collecting items from a storage location to satisfy a shop or customer order.

Order Point Inventory System.
An inventory control system for independent demand items where a reorder requirement is generated and sent to a supplier when the on-hand inventory balance reaches a specified level.

Acronyms | 1-10 | A | B | C | D | E | F | G | H | I | J
K | L | M | N | O | P | Q | R | S | T | U | V | W | X | Y | Z