inventory

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Inventory

An itemized list of property that contains a description of each specific article.

Inventory of a company, for example, is the annual account of stock taken in the business, or the quantity of goods or materials in stock. The term is also used to describe a list made by the executor or administrator of the estate of a deceased individual.

inventory

noun catalogue, checklist, contents, enumeration, index, itemization, itemized list, list, list ofproperties, manifest, merchandise list, record, register, schedule of articles, stock book, stock list, stock sheet, tally sheet
Associated concepts: inventory of assets
See also: check, depository, enumerate, index, inspection, invoice, itemize, relate, roll, schedule, stock, store, tabulate

INVENTORY. A list, schedule, or enumeration in writing, containing, article by article, the goods and chattels, rights and credits, and, in some cases, the lands and tenements, of a person or persons. In its most common acceptation, an inventory is a conservatory act, which is made to ascertain the situation of an intestate's estate, the estate of an insolvent, and the like, for the purpose of securing it to those entitled to it.
     2. When the inventory is made of goods and estates assigned or conveyed in trust, it must include all the property conveyed.
     3. In case of intestate estates, it is required to contain only the personal property, or that to which the administrator is entitled. The claims due to the estate ought to be separated; those which are desperate or had ought to be so returned. The articles ought to be set down separately, as already mentioned, and separately valued.
     4. The inventory is to be made in the presence of at least two of the creditors of the deceased, or legatees or next of kin, and, in their default and absence, of two honest persons. The appraisers must sign it, and make oath or affirmation that the appraisement is just to the best of their knowledge. Vide, generally, 14 Vin. Ab. 465; Bac. Ab. Executors, &c., E 11; 4 Com. Dig. 14; Ayliffe's Pand. 414; Ayliffe's Parerg. 305; Com. Dig. Administration, B 7; 3 Burr. 1922; 2 Addams' Rep. 319; S. C. 2 Eccles. R. 322; Lovel. on Wills; 38; 2 Bl. Com. 514; 8 Serg. & Rawle, 128; Godolph. 150, and the article Benefit of Inventory.

References in periodicals archive ?
The lowest percentage accounts for consumers who do not regard stockouts as a major problem.
Moreover, it has also been found that consumer responses to stockouts differ based on the perceived value of product that is unavailable (Zinn and Liu 2001).
The OTO supply chain takes advantage of the concept of LT to fulfill customer order from inventories stored at the nearest retailer's warehouse, thus not only to reduce the stockout risk but with service level improvement, minimal transshipment costs, and lower inventory costs (Belgasmi, Said, & Ghedira, 2008).
When the cycle time is determined by the demand rate, delivery quantity per shipment, and the mathematical expectation of the defective rate, stockout and residue will happen in the end of a cycle due to the randomness of the defective rate, but there is no related discussion about the case of residue in current literatures.
There are three types of costs in the model: (1) holding costs calculated as given unit costs times end inventory, (2) stockout costs calculated as given unit costs times stockout level occurred, and (3) ordering costs which are calculated if the end inventory is below the re-order point defined at the beginning of the simulation.
While taking action to reduce the number of stockouts is clearly an important component of stockout management, it is likely insufficient to solve the problem.
Bottom line--the GMA survey found that stockouts result in $6 billion in losses annually--all because companies underestimate the demand forecast and can't supply the customer.
In Figure 4, the stockout from Figure 3 is repeated, but in this case, the safety stock is available to meet demands until the order is received.
The theoretical results generalize to models that include return policies, stockout penalties, and additional layers of stockout and holding costs (Cohen 2000).
Then, differences in the effects of both internal and external reference price discrepancy on brand choice are investigated in two different contexts: (1) whether the consumer is facing a stockout condition at the time of purchase, and (2) whether the consumer is deal-prone or not.
The optimal order quantity is the quantity for which the cumulative density function of sales is two thirds, and the probability of demand exceeding Q (the stockout probability) is one third.