What is Economic Order Quantity?
What is Economic Order Quantity? Economic Order Quantity (EOQ) defines the ideal order quantity that minimises the costs associated with ordering, receiving, and holding inventory. It assumes constant demand...
What is Dimensional Weight?
What is Dimensional Weight? The Dimensional Weight (DIM Weight) meaning describes calculating shipping and logistics costs using a package’s dimensions instead of its actual weight. This approach ensures fair...
What is Inventory Audit?
What is an Inventory Audit? An Inventory Audit is a vital inventory management process verifying physical stock against financial records through a physical count. This ensures data consistency and...
What is Inventory Accounting?
What is Inventory Accounting? Inventory Accounting tracks and values a company’s inventory throughout the production process, impacting financial health. It defines inventory in accounting as assets recorded during production,...
Supply Chain Procurement Strategies
Introduction of Supply Chain Management: Supply Chain Management (SCM) thus refers to the management of tangible goods and services from the point of production, through distribution to the customer....
What is Freight Forwarding?
Freight forwarding is the overall process that involves the systematic arrangement and shipment of goods from place to place on behalf of a customer/shipper. It manages the entire logistics...
