What is a Freight broker
Freight brokers are the vital link that bridges the gap between shippers and carriers in the transportation market. They are responsible for the movement of goods from one point...
FSN Analysis in Inventory Management
What is FSN Analysis in Inventory Management? FSN (Fast-Moving, Slow-Moving, and Non-Moving) Analysis categorises inventory into fast-moving, slow-moving, and non-moving items based on consumption rate and issuance frequency. This...
What is LTL Shipping?
What is LTL Weight? LTL (Less-Than-Truckload) shipping consolidates cargoes from different companies into one truck, making it ideal for freight between 150 and 15,000 pounds. Businesses can use an...
What is Material Requirements Planning (MRP)?
What is Material Requirements Planning? Material Requirements Planning (MRP) is a system used in operation management to determine the necessary materials and components for manufacturing. It assesses inventory levels,...
What is Reorder Quantity Formula?
What is Reorder Quantity? Reorder Quantity (ROQ) is the inventory amount needed when stock reaches a certain threshold, balancing demand, average lead time, and safety stock. The Reorder Quantity...
What is Inventory Shrinkage?
What is Inventory Shrinkage? Inventory shrinkage occurs when the physical stock on hand is less than what’s recorded in the inventory system. This inventory shrinkage definition is a crucial...
