Check out our Industrial terms glossary
First mile
The first mile of the journey of goods from a logistics hub to their final destination.
First-In First-Out (FIFO)
Inventory valuation method based on the concept that older materials are the first to be used.
Fixed Order Quantity
Batch sizing technique used in MRP mode when the inventory management system will always cause planned or actual orders to be generated for a fixed pre-determined quantity.
Fixed Re-order Period
Inventory management model which states that replenishment orders are issued at fixed time intervals “T” and in which the quantity that is re-ordered is designed to restore stock to predetermined levels to ensure availability for the entire period.
Fixed Re-order Point (Method)
Inventory management model based on the issuing of an order when availability is equal to the fixed re-order point, OP (Order Point). The supply batch is constant and equal to the economic order quantity (EOQ).
