Act of continuously evaluating and
arranging for receipts of supplies and issues
from stores to ensure that stock balances are
adequate to support the current rate of
The desired quantity of stock to be
carried in inventory for a given item. This
quantity is adjusted periodically depending on
economic issues such as cost and supply and
demand. A minimum stock and maximum
stock level is predetermined based on existing
A standard number that is
assigned to identify like items. Examples of
standardized stock numbering systems
include the NIGP Commodity/Services Code
or the NATO Stock Numbering System.
A condition in which there is a lack of
sufficient inventory on hand to fill an order
from the requisitioner, end user, or client
Information on the items in stock
showing stock level position.
Stock Usage/Turnover Rate
The historic rate at
which a stocked item is used based on the
number of times the stock is issued to
determine the annual (or periodic) turnover
Stock-Keeping Unit (SKU)
A unique code used for
inventory purposes that may be comprised of
numbers and letters that identify the
attributes of each product (e.g., size, color,
A contracting method that
incorporates just-in-time delivery concepts,
thus enabling the buyer to avoid carrying
inventory to meet demand requirements.
Suppliers own the inventory and deliver
products directly to the customer with a
predetermined time frame (e.g., 24 hours,
three working days).
Stop Work Order
Written notice to the contractor
to immediately stop all work. Work cannot
resume until the stop work order is removed.
1. The act of storing, or state of being stored, in
a designated place for safekeeping.
2. A function of warehousing that involves the
receipt, putting away, and subsequent
retrieval of an item.
3. Specific to technology, a computer memory
that retains data for some period of time.
Such storage can be categorized in many
ways, including primary or secondary; readonly;
random access; and magnetic storage.