-
Inventory Control
Supervision and management
of the supply, storage, and accessibility of the
items held in inventory to ensure an adequate
supply of available material without excessive
oversupply, back orders, or stock outages.
-
Inventory Shrinkage
The loss of inventory value
resulting from various factors, including
breakage, evaporation, deterioration, and
theft.
-
Inventory Turnover
The ratio of the cost of goods
sold or used to the average inventory value to
determine the number of times in one year
that the entire inventory is issued and
replaced.
-
Inventory Valuation
CANADIAN
1. The determination of the acquisition cost.
2. The market value portion of this cost.
3. The market value assigned to on-hand raw
materials, goods in process, finished stock,
merchandise held for resale, and supplies.
-
Investment
The act of allocating resources with
the intent to generate profit.
-
Investment Recovery Initiatives (IRI)
The act of allocating resources with
the intent to generate profit.
-
Invitation for Bids (IFB)
A procurement method
used to solicit competitive sealed bid
responses, sometimes called formal bids,
when price is the basis for award.
-
Invitation to Negotiate (ITN)
1. A competitive negotiation process that is used
when the procurement authority deems it is in
their best interest to negotiate with proposers
to achieve “best value.”
2. A form of source selection that is similar to
the Request for Proposals process. In this
process, a short list of acceptable proposers
is created. Two negotiation methods are
permitted: single and concurrent.
-
Invitation to Tender (ITT)
Similar to an Invitation
for Bids (IFB), a solicitation issued when two
or more sources of supply have been
identified, the requirement can be adequately
defined, and the entity intends to accept the
lowest-priced responsive tender from a
responsible offeror without negotiations.
-
Invoice
A document that lists the goods or
services provided and the sum due for such;
a bill.
