InventoryInventory (American English) or stock (British English) refers to the goods and materials that a business holds for the ultimate goal of resale, production or utilisation. Inventory management is a discipline primarily about specifying the shape and placement of stocked goods. It is required at different locations within a facility or within many locations of a supply network to precede the regular and planned course of production and stock of materials.
Inventory controlInventory control or stock control can be broadly defined as "the activity of checking a shop's stock". It is the process of ensuring that the right amount of supply is available within a business. However, a more focused definition takes into account the more science-based, methodical practice of not only verifying a business's inventory but also maximising the amount of profit from the least amount of inventory investment without affecting customer satisfaction.
Inventory turnoverIn accounting, the inventory turnover is a measure of the number of times inventory is sold or used in a time period such as a year. It is calculated to see if a business has an excessive inventory in comparison to its sales level. The equation for inventory turnover equals the cost of goods sold divided by the average inventory. Inventory turnover is also known as inventory turns, merchandise turnover, stockturn, stock turns, turns, and stock turnover.
Inventory management softwareInventory management software is a software system for tracking inventory levels, orders, sales and deliveries. It can also be used in the manufacturing industry to create a work order, bill of materials and other production-related documents. Companies use inventory management software to avoid product overstock and outages. It is a tool for organizing inventory data that before was generally stored in hard-copy form or in spreadsheets.
HabitatIn ecology, habitat refers to the array of resources, physical and biotic factors that are present in an area, such as to support the survival and reproduction of a particular species. A species habitat can be seen as the physical manifestation of its ecological niche. Thus "habitat" is a species-specific term, fundamentally different from concepts such as environment or vegetation assemblages, for which the term "habitat-type" is more appropriate. The physical factors may include (for example): soil, moisture, range of temperature, and light intensity.
On the Origin of SpeciesOn the Origin of Species (or, more completely, On the Origin of Species by Means of Natural Selection, or the Preservation of Favoured Races in the Struggle for Life) is a work of scientific literature by Charles Darwin that is considered to be the foundation of evolutionary biology; it was published on 24 November 1859. Darwin's book introduced the scientific theory that populations evolve over the course of generations through a process of natural selection.
Vendor-managed inventoryVendor-managed inventory (VMI) is an inventory management practice in which a supplier of goods, usually the manufacturer, is responsible for optimizing the inventory held by a distributor. Under VMI, the retailer shares their inventory data with a vendor (sometimes called supplier) such that the vendor is the decision-maker who determines the order size, whereas in traditional inventory management, the retailer (sometimes called distributor or buyer) makes his or her own decisions regarding the order size.
Pioneer speciesPioneer species are hardy species that are the first to colonize barren environments or previously biodiverse steady-state ecosystems that have been disrupted, such as by wildfire. Some lichens grow on rocks without soil, so may be among the first of life forms, and break down the rocks into soil for plants. Since some uninhabited land may have thin, poor quality soils with few nutrients, pioneer species are often hardy plants with adaptations such as long roots, root nodes containing nitrogen-fixing bacteria, and leaves that employ transpiration.
TreeIn botany, a tree is a perennial plant with an elongated stem, or trunk, usually supporting branches and leaves. In some usages, the definition of a tree may be narrower, including only woody plants with secondary growth, plants that are usable as lumber or plants above a specified height. In wider definitions, the taller palms, tree ferns, bananas, and bamboos are also trees. Trees are not a monophyletic taxonomic group but consist of a wide variety of plant species that have independently evolved a trunk and branches as a way to tower above other plants to compete for sunlight.
Natural resource managementNatural resource management (NRM) is the management of natural resources such as land, water, soil, plants and animals, with a particular focus on how management affects the quality of life for both present and future generations (stewardship). Natural resource management deals with managing the way in which people and natural landscapes interact. It brings together natural heritage management, land use planning, water management, bio-diversity conservation, and the future sustainability of industries like agriculture, mining, tourism, fisheries and forestry.
Forest standA forest stand is a contiguous community of trees sufficiently uniform in composition, structure, age, size, class, distribution, spatial arrangement, condition, or location on a site of uniform quality to distinguish it from adjacent communities. A forest is a "collection of stands" also utilizing the practices of forestry. Stand level modelling is a type of modelling in the forest sciences in which the main unit is a forested stand. A forest stand is commonly described as in 10ths or 10%s.
Ecosystem managementEcosystem management is an approach to natural resource management that aims to ensure the long-term sustainability and persistence of an ecosystem's function and services while meeting socioeconomic, political, and cultural needs. Although indigenous communities have employed sustainable ecosystem management approaches implicitly for millennia, ecosystem management emerged explicitly as a formal concept in the 1990s from a growing appreciation of the complexity of ecosystems and of humans' reliance and influence on natural systems (e.
Material requirements planningMaterial requirements planning (MRP) is a production planning, scheduling, and inventory control system used to manage manufacturing processes. Most MRP systems are software-based, but it is possible to conduct MRP by hand as well. An MRP system is intended to simultaneously meet three objectives: Ensure raw materials are available for production and products are available for delivery to customers. Maintain the lowest possible material and product levels in store Plan manufacturing activities, delivery schedules and purchasing activities.
Economic order quantityEconomic Order Quantity (EOQ), also known as Financial Purchase Quantity or Economic Buying Quantity (EPQ), is the order quantity that minimizes the total holding costs and ordering costs in inventory management. It is one of the oldest classical production scheduling models. The model was developed by Ford W. Harris in 1913, but R. H. Wilson, a consultant who applied it extensively, and K. Andler are given credit for their in-depth analysis.
Adaptive managementAdaptive management, also known as adaptive resource management or adaptive environmental assessment and management, is a structured, iterative process of robust decision making in the face of uncertainty, with an aim to reducing uncertainty over time via system monitoring. In this way, decision making simultaneously meets one or more resource management objectives and, either passively or actively, accrues information needed to improve future management.
Forest managementForest management is a branch of forestry concerned with overall administrative, legal, economic, and social aspects, as well as scientific and technical aspects, such as silviculture, protection, and forest regulation. This includes management for timber, aesthetics, recreation, urban values, water, wildlife, inland and nearshore fisheries, wood products, plant genetic resources, and other forest resource values. Management objectives can be for conservation, utilisation, or a mixture of the two.
Old-growth forestAn old-growth forest, sometimes synonymous with primary forest, virgin forest, late seral forest, primeval forest, first-growth forest, or mature forestis a forest that has attained great age without significant disturbance, and thereby exhibits unique ecological features, and might be classified as a climax community. The Food and Agriculture Organization of the United Nations defines primary forests as naturally regenerated forests of native tree species where there are no clearly visible indications of human activity and the ecological processes are not significantly disturbed.
Sacred treeA sacred tree or holy tree is a tree which is considered to be sacred, or worthy of spiritual respect or reverence. Such trees appear throughout world history in various cultures including the ancient Hindu mythology, Greek, Celtic and Germanic mythologies. They also continue to hold profound meaning in contemporary culture in places like Japan (shinboku), Korea (dangsan namu), India (bodhi tree), and the Philippines, among others.
Biological life cycleIn biology, a biological life cycle (or just life cycle when the biological context is clear) is a series of changes in form that an organism undergoes, returning to the starting state. "The concept is closely related to those of the life history, development and ontogeny, but differs from them in stressing renewal." Transitions of form may involve growth, asexual reproduction, or sexual reproduction. In some organisms, different "generations" of the species succeed each other during the life cycle.
Engineered woodEngineered wood, also called mass timber, composite wood, man-made wood, or manufactured board, includes a range of derivative wood products which are manufactured by binding or fixing the strands, particles, fibres, or veneers or boards of wood, together with adhesives, or other methods of fixation to form composite material. The panels vary in size but can range upwards of and in the case of cross-laminated timber (CLT) can be of any thickness from a few inches to or more.
