Logistics glossary

Here you find current terms and concepts in Supply Chain.

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Obsolescence Reduction of value of a product, part or material due to reduced sales demand or technological change.
Obsolete stock The stock that cannot be or is unlikely to be consumedin future production processes or to be sold in the usualway through the usual outlets.
On-hand balance The quantity of an item shown in the inventory recordsas being physically in stock.
Operation The smallest unit of work taken into account for a particular planning or control purpose.
Optimization The process of making something as good or as effective as possible with given resources and constraints.
Order cycle The time and process involved from the placement of an order to the receipt of the shipment.
Origin The geographical location from which a consignmentemanates.
Out of stock The state of not having inventory at a location and available for distribution or for sell to the consumer.
Outbound Logistics The process related to the movement and storage of products from the end of the production line to the end user.
Outsource To utilize a third-party provider to provide services previously performed in-house.

Obsolescence