Inventory management definitions and inventory terms beginning with the letter V
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variable batch
Variable batch process manufacturing compensates for variability throughout processing and in the resulting yield due to the nature process and of the components or ingredients used.
variance
A variance, or inventory variance, is the difference between the inventory quantity and the quantity shown in the inventory system.
vendor consigned inventory
Vendor consigned inventory is inventory on consignment in a company’s warehouse or warehouses that is still owned by the supplier.
vendor lookup
A vendor lookup, or supplier lookup, is a search that looks for suppliers based on supplied criteria.
vendor managed inventory
Vendor managed inventory, or VMI, occurs when inventory is managed by the supplier on behalf of the receiving organization, based on pre-determined minimum and maximum inventory levels.
vendor management
Vendor management is the ongoing process of vendor evaluation, products and services requisition, vendor performance analysis, spend analysis and strategic relationship building.
vendor performance monitoring
Vendor performance monitoring includes analysis of historical vendor pricing, spending patterns, on-time deliveries and other performance data to achieve more effective vendor management.
VMI
VMI, or vendor managed inventory, occurs when inventory is managed by the supplier on behalf of the receiving organization, based on pre-determined minimum and maximum inventory levels.