GMS 401 Study Guide - Final Guide: Takt Time, Warehouse Management System, Shift Time

• School: Ryerson University
• Department: Global Management Studies
• Course: GMS 401
• Professor: Ricardo Reyes

Document Summary

Inventory: an idle material or product, usually in a warehouse or storeroom. Inventory turnover: ratio annual cost of goods to average inventory investments. Warehouse management system: a computer software that controls the movement and storage of materials within a warehouse, and the processes the associated transactions. Periodic counting: physical count of items in inventory made at periodic intervals. Perpetual tracking: keeps track of removals from and additions to inventory continuously, thus providing the current inventory level of each item. Fixed order quantity/ reorder point model: an order of a fixed size is placed when the amount on hand drops to or below a minimum quantity called the reorder point. Bar code: a number assigned to an item or location, mad of a group of vertical bars of different thickness that are readable by a scanner. Purchase lead time: time interval between ordering and receiving the order.