Consignment Stock – The inventoried items that are physically stored
in the storeroom but are owned by the vendor or supplier until issued
or consumed.
Economic Order Quantity (EOQ) – A fixed order quantity is established
that minimizes the total of carrying and preparation costs under
conditions of certainty and independent demand.
Job Plan – The comprehensive description of maintenance work to be
done, including task lists, parts and material required, tools required,
safety precautions to be observed, permits and other documentation
requirements, an estimate of duration of work, effort, and costs.
Kitting – A process in which individually separate but related items are
grouped, packaged, and supplied together as one unit.
Inventory Variance – The difference between the actual number,
amount, or volume of an inventory item and the balance shown in the
inventory records
Non-stock Item – An item documented in the inventory system that is
not physically in the storeroom but is documented for use on a parts
list and/or for repetitive purchasing purposes. Also referred to as
order on request or demand.
Planning – The act of creating a job plan, usually involving a mix of
field scoping and reviewing past work.
Priority – The relative importance of a single job in relationship to
other jobs, operational needs, safety, and the time in which the job
should be done.
Safety Stock – Is a level of extra stock that is maintained to mitigate
risk of stockouts due to uncertainties in supply and demand.
Scheduling – The act of organizing what activities will be done and the
times when they will be done.
Stock Item – An inventoried item that is physically stored in the
storeroom, including consignment stock, and that the storeroom
manages at a specified quantity.
Turnover – is a measure of how quickly inventory is flowing through
the storeroom inventory system. It can be applied to different
categories of inventory, including spares and operating.
Wrench Time – A measure of the time a maintenance craft worker
spends applying physical effort or troubleshooting in the
accomplishment of assigned work. The result is expressed as a
percentage of total work time. Wrench time is measured through a
process called work sampling.
