In the world of inventory management, there is a term Excess & Obsolete, E&O, used to designate two classes of undesirable inventory. Excess Inventory: This class of inventory is for products and materials that are still being sold i.e. still…
Most companies use Material Requirement Planning (MRP) software or an MRP module of an ERP to plan and manage the purchasing and scheduling of materials based on a demand plan or forecast. It is time phased and can manage large…
In the earliest points in human history, as our earliest people became hunter-gatherers, there had to be some inventory management. Hunters developed crude wood and flint weapons to make their hunts easier. The first rudimentary inventory management followed pretty quickly.…