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Stock Control
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
consumption.
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Stock Level
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
requirements.
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Stock Number
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.
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Stock Out
A condition in which there is a lack of
sufficient inventory on hand to fill an order
from the requisitioner, end user, or client
department.
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Stock Record
Information on the items in stock
showing stock level position.
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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
rate.
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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,
and manufacturer).
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Stockless Purchasing
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).
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Stop Work Order
Written notice to the contractor
to immediately stop all work. Work cannot
resume until the stop work order is removed.
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Storage
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.
