(redirected from Stockout)
Also found in: Dictionary, Thesaurus, Medical, Financial, Encyclopedia.


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.

West's Encyclopedia of American Law, edition 2. Copyright 2008 The Gale Group, Inc. All rights reserved.

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.

A Law Dictionary, Adapted to the Constitution and Laws of the United States. By John Bouvier. Published 1856.
References in periodicals archive ?
Categorical Distribution of HIV RDT Inventory Levels Reported in Zambezia Province (# Health Facilities in Good Sufficient Threatened Stockout District) No.
When facing a stockout for Product A, the likelihood that a consumer decides to either delay the purchase, substitute with Product B, substitute within Brand A, buy Product A at Retailer 2, or simply not purchase the product at all is affected by the level of loyalty the consumer has for Manufacturer A's productbrand.
The manufacturer's optimal production quantity decreases with the clearance loss aversion a but increases with the stockout loss aversion [beta].
The lowest percentage accounts for consumers who do not regard stockouts as a major problem.
For the second category where over-ordered quantity is returned to the supplier, Hariga [10] considered the following problem: an (R, Q) policy for a single item problem using continuous review: demands during stockout are backordered, and cycle length does not include the stockout period.
Based on the healthcare apparel service centre's inventory control challenges, this paper aims to develop a novel optimal (Q,r) policy which can incorporate the stockout risk, storage capacity, and partial backlog into the optimization model.
However, substantial barriers to improving coverage still remain, including national vaccine stockouts, or shortage of supplies.
Optimal inventory policies when stockouts result from defective products.
As a result, it is nearly impossible to experience product 2 stockouts.
Classical (r, Q) model minimizes a lump-sum cost including ordering cost, carrying cost, and stockout cost [14].
The key terminology in the inventory management includes: stock level, demand in given period, costs of ordering, costs of warehousing, costs of stockout, lead time, order quantity and reorder point.