Oracle Inventory Terminology which are used in Oracle E Business Suite | Class 5

Oracle Inventory Terminology which are used in Oracle E Business Suite

1 Item Validation organization: The organization that contains your master lists of items. You define it in oracle inventory in Item validation org profile Option.

2 Logical Organization: A Business  unit that tracks items for accounting purposes but does not physically exist.

3 Organization: A Business Unit such as plant, warehouse, division, department. Order Management refers to the organizations as warehouses on all order management windows and reports.

4 Workday  Calendar  : A Calendar that identifies available workdays for one or more organizations. Master Schedulling/MRP,MRP, Work in process capacity plan and scheduling activities as workdays calendar.

5 Unit of Measure : The unit that the item of the quantity is expressed.

6 Purchased Item: An Item that you buy and receive. If an item is an inventory item you may also be able to stock it.

7 Standard Item: Any item that can have a bill or be a component on a bill except planning items,options classes or Models and finished products.

8  Subsititute Item  :  An Item that can be used in place of a component is called substitute item.

9 Inventory Item : Inventory Item are the item you stock in inventory. You generally value the item by multiplying it with standard cost by the quantity on hand.

10 Purchase Item :  Purchase item is an item that you buy or receive. If an item is also an inventory item you may be also be able to stock it.

11 On Hand  Quantity : The Physical Quantity of an item existing in inventory.

12 ABC Classification: A Method of classifying items in decreasing order of importance, such as annual dollar volume or company transaction history.

13 Cycle Counting:  An Inventory accuracy analysis technique where inventory is counted on a cyclic schedule rather than once a year.

14 Transaction Cost : The Cost per unit at which the transaction quantity is valued.

15 Revision control: An inventory control option that tracks inventory by  item revision and forces you to specify a revision for each material transaction.

16 Min–max planning: An inventory planning method used to determine when and how much to order based on a fixed user–entered minimum and maximum inventory levels.

 

17 Sub-inventory: Subdivision of an organization, representing either a physical area or a logical grouping of items, such as a storeroom or receiving dock.

18 Serial number  : A number assigned to each unit of an item and used to track the item.

19 Item attributes: Specific characteristics of an item, such as order cost, item status, revision control, COGS  account, etc.

20 Lot: A specific batch of an item identified by a number

21 Unit of measure conversions: Numerical factors that enable you to perform transactions in units  other than the primary unit of the item being transacted.

22 Current on–hand quantity : Total quantity of the item on–hand before a transaction is processed.

23 Re Order Point Level: Reorder point planning uses demand forecasts to decide when to order a new quantity to avoid dipping into safety stock. Reorder point planning suggests a new order for an item when the available quantity–on-hand quantity plus planned receipts–drops below the item’s safety stock level plus forecast demand for the item during its replenishment lead time.

24 Safety Stock : Oracle Inventory uses item safety stocks in the reorder point planning process. Safety stock is a floor or base level of inventory from which Oracle Inventory performs all planning.

25 When do you perform physical inventory and explain the steps involved in it?
Physical inventory can be performed, whenever there is a need to verify the accuracy of system on-hand quantities. This can be done for entire organization or can be confined to a specific subinventory.
Steps to perform physical inventory:
Define physical inventory
Take a snapshot of system on-hand quantities
Generate physical inventory tags
Enter counts
Do physical inventory adjustments by approving or rejecting
Post adjustments
Purge physical inventory information

26 Explain shipping method?
Shipping methods are the way you ship material. When you create a shipping method, you must enable it before you can use it in a shipping network. If you disable a shipping method, it cannot be used in a shipping network.
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