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APICS BOS Vocab I

APICS CPIM Basics of supply chain dictionary words I

QuestionAnswer
Idle capacity The available capacity that exists on nonconstraint resources beyond the capacity required to support the constraint. Idle capacity has two components:protective capacity and excess capacity
Idle inventory The inventory generally not needed in a system of linked resources. From a theory of constraints perspective, idle inventory generally consists of protective inventory and excess inventory
Income statement A financial statement showing the net income for a business over a given period of time
Independent demand The demand for an item that is unrelated to the demand for other items. Demand for finished goods. parts required for destructive testing, and service parts requirements are examples of independent demand
Infinite loading Calculation of the capacity required at work centers in the time periods required regardless of the capacity available to perform this work syn:Infinite scheduling
Input/output control (I/O) A technique for capacity control where planned and actual inputs and planned and actual outputs of a work center are monitored. Planned and actual are compared and analyzed
Inspection Measuring, examining, testing, or gauging one or more characteristics of a good or service and comparing the results with specified requirements to determine whether conformity is achieved for each characteristic.
Intermittent production A form of manufacturing in which the jobs pass through the functional departments in lots, and each lot may have a different routing
Intermodal transport 1.Shipments moved by different types of equipment combining the best features of each mode. 2. The use of two or more different carrier modes in the through movement of a shipment.
Internal setup time The time associated with elements of a setup procedure performed while the process or machine is not running
Interplant demand One plant's need for a part or product that is produced by another plant or division within the same organization. Although it is not a customer order, it usually handled by the master production scheduling system in a similar manner.
Intrinsic forecast method A forecast based on internal factors, such as an average of past sales.
Inventory accounting The branch of accounting dealing with valuing inventory. Inventory may be recorded or valued using either a perpetual or a periodic system. A perpetual inventory record is updated frequently in real time, while a periodic inventory record is done in fixed
Inventory adjustment A change made to an inventory record to correct the balance, to bring it in line with actual physical inventory balances. The adjustment either increases or decreases the item record on-hand balance
Inventory issue 1.Items released from an inventory location for use or sales 2.The inventory record transaction reducing the inventory balance by the amount released
Inventory ordering system Inventory models for the replenishment of inventory. Independent demand inventory ordering models:fixed reorder cycle, fixed reorder quantity, optional replenishment, and hybrid models etc. Dependent: MRP, Kanban, drum-buffer-rope
Inventory turnover The # of times that an inventory cycles, or "turns over," during the year. A frequently used method to compute inventory turnover is to divide the average inventory level into the annual cost of sales.
ISO 9000:2000 A certification process requiring a third party audit that defines in broad terms what must be done to manage company quality and to document these quality processes. Recently updated to ISO 9000:2008
incoterms
indented bill of material
internal failure costs
in-transit inventory
inventory accuracy
inventory buffer
inventory control
inventory ordering system
Created by: chrisheecho
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