Lean Strategies International
Menu

Glossary

Would you like to add a term to the community? Click Here!

Capital Costs

11/30/2022

0 Comments

 
Capital Costs
Click on the Photo to Learn More About Item Level Inventory Management!
  Capital costs are the costs required to purchase raw material or inventory items along with financing fees, loan maintenance fees, and interest.  They refer to the money that is invested in your inventory.

Read More
0 Comments

Supply Chain

11/29/2022

2 Comments

 
Supply Chain
Click on the Photo to Subscribe to Our YouTube!
  Like many other areas that lean is applied to a company's supply chain or "extended value stream" is a tightly linked set of processes.  These processes extend beyond one's organization and connect the entire system together. 

Read More
2 Comments

Inventory carrying/holding costs

11/28/2022

0 Comments

 
Inventory Holding Costs
Click on the Photo to Learn More About Item Level Inventory!
  Holding costs are all of the expenses a company incurs to hold inventory items over a period of time before they are used to fill orders.  Generally speaking, Inventory carrying/holding costs are the costs you incur as a result of holding inventory.  It is most often described as a percentage of your inventory value.  The percentage is often unique to organizations and includes the amount of capital invested in inventory as well as depreciation, space occupied, insurance and opportunity costs.  Inventory carrying or holding costs generally account for 15-30% of a business’s total inventory value.

Read More
0 Comments

Opportunity Costs

11/25/2022

0 Comments

 
Opportunity Costs
Click on the Photo to Learn More About Item Level Inventory!
  Opportunity costs are the opportunities that you may have missed out on as a result of a purchase you made.  In other words it is the return on your investment that could have occurred had you chosen to invest in something else.
Learn More About Item Level Inventory Here!
0 Comments

Inventory Item Costs

11/23/2022

0 Comments

 
Inventory Item Costs
Click on the Photo to Learn More About Item Level Inventory!
  This is one of the basic costs that is associated with your inventory.  When thinking of item level inventory, item cost typically includes the price that you pay to acquire the item as well as any costs that you may incur when purchasing.  Some examples of extra costs that may be incurred as part of your item costs are taxes, duties, fees, packing and even transportation fees.  Unit costs generally change based on the size of your order. 

Read More
0 Comments

ABC Classification / Analysis

11/22/2022

0 Comments

 
ABC Classification
Click on the Photo to Subscribe to Our YouTube!
  ABC inventory classification is one of the most fundamental concepts of inventory management.  Many organizations use ABC inventory classification to assist with inventory management, sales of inventory and purchasing of inventory.  This classification system works by placing inventory into different categories.  ​

Read More
0 Comments

    Glossary


    Subscribe below and receive lean, six sigma, operations, supply chain, logistics, distribution and business terms in your mailbox.

    CLICK HERE TO SUBSCRIBE

    Categories

    All
    #
    01. Add A Term
    3D
    3PL
    3P's
    5 Principles
    5S
    5 Why's
    6σ
    8 Wastes
    A
    B
    C
    D
    E
    F
    G
    H
    I
    J
    K
    L
    M
    N
    O
    P
    Q
    R
    S
    T
    U
    V
    VSM Shapes
    W
    X
    Y
    Z

    Archives

    January 2023
    December 2022
    November 2022
    October 2022
    September 2022
    August 2022
    July 2022
    June 2022
    May 2022
    April 2022
    March 2022
    February 2022
    January 2022
    December 2021
    November 2021
    October 2021
    September 2021
    August 2021
    July 2021
    June 2021
    May 2021
    April 2021
    March 2021
    February 2021
    January 2021
    December 2020
    November 2020
    October 2020
    September 2020
    August 2020
    July 2020
    May 2020
    April 2020
    March 2020
    November 2019
    October 2019
    August 2019
    July 2019
    June 2019
    May 2019
    April 2019
    March 2019
    February 2019
    January 2019
    December 2018
    November 2018
    October 2018
    September 2018
    August 2018
    July 2018
    June 2018
    May 2018
    March 2018
    February 2018
    May 2017
    April 2017
    March 2017
    February 2017
    January 2017
    December 2016
    November 2016
    October 2016
    September 2016
    November 2015

Lean Strategies International LLC.
Follow Us on YouTube or Our Other Channels Below.
             ©2015-2021 Lean Strategies International LLC.  
  • Home Page
  • Services
    • Training >
      • Waste Training
      • Introduction to Lean
      • Lean Champions >
        • Lean Six Sigma White Belt
        • Lean Six Sigma Yellow Belt
      • Lean Tools You Can Use Series! >
        • The 5S System
        • The ©Gemba Methodology
        • The FISH Methodology
        • The CURE Methodology
        • Quick Changeover with REDUCE
        • Mistake Proofing and the Poka Yoke System
        • The Just in Time System
  • Lean Resources
    • Listen to The Gemba
    • Glossary
    • Lean and Six Sigma Quotes
    • Recommended Reading
    • Events
    • Masters of Lean and Six Sigma
    • Career /Jobs
  • Store
    • Workspace
  • Home Page
  • Services
    • Training >
      • Waste Training
      • Introduction to Lean
      • Lean Champions >
        • Lean Six Sigma White Belt
        • Lean Six Sigma Yellow Belt
      • Lean Tools You Can Use Series! >
        • The 5S System
        • The ©Gemba Methodology
        • The FISH Methodology
        • The CURE Methodology
        • Quick Changeover with REDUCE
        • Mistake Proofing and the Poka Yoke System
        • The Just in Time System
  • Lean Resources
    • Listen to The Gemba
    • Glossary
    • Lean and Six Sigma Quotes
    • Recommended Reading
    • Events
    • Masters of Lean and Six Sigma
    • Career /Jobs
  • Store
    • Workspace