Inventory Management

First In, First Out

An inventory management and accounting method where the first items purchased or produced are the first ones sold or used. FIFO assumes that the oldest inventory items are sold first, which typically results in ending inventory that closely matches current replacement costs and is widely used in industries with perishable goods.

Last In, First Out

An inventory valuation method where the most recently acquired items are recorded as sold first. LIFO assumes that newer inventory is sold before older inventory, potentially resulting in lower reported profits and tax liabilities during periods of inflation, though it may not reflect the actual physical flow of goods.

Production and Inventory Management Information System

A software platform that integrates manufacturing scheduling, raw material tracking, finished goods storage, and stock optimization across industrial operations.

Retail Sales and Inventory Management

A business discipline focused on optimizing merchandise availability, product placement, stock levels, and replenishment processes across store operations.

Supply Chain Logistics and Inventory Management

A business discipline focused on optimizing transportation networks, warehouse operations, and stock levels across distribution and storage operations.

Supply Planning and Inventory Management System

A software platform that forecasts material requirements, optimizes stock levels, schedules replenishment, and tracks product movement across distribution operations.

Zero Waste Production and Inventory Management

A business discipline focused on eliminating disposal streams, repurposing materials, and creating closed-loop systems through manufacturing process design and resource planning.