See also Factory Gate Pricing. In an inventory management software solution, SKUs can also be attached to electronic product information for each item, including manufacturing date, dimensions, and other details. Primary Freight (Strategy). May also include carrier and shipment specifics including time of shipment and expected time of arrival. A support arrangement similar to Vendor Managed Inventory but where replacement orders for the vendor-owned stock are agreed by the user prior to delivery. This can entail breaking down the inward delivery into store ready consignments or if the consignments are pallet sized moving the pallets across the docking area for loading onto the store delivery vehicle. By signing up, you agree to our Terms of UseandPrivacy Policy. Sales Forecast. Customers can expect to see shortages of products on shelves and price increases of those products, writes an expert. In addition to a list and quantities of products, the purchase order also includes an initial payment offer for those products (which may be negotiated once the supplier receives the PO), as well as the delivery location for the order. Paper. The requirement to plan the flow of surplus or unwanted material or equipment back through the supply chain after meeting customer demand. Sometimes known as the 80/20 rule) which states that, in many cases, approximately 80% of the turnover (stock etc.) Integrated Business Planning, is a planning process that integrates across two or more functions in a business or government entity referred to as an enterprise to maximize financial value. Stock Site. The stock of goods of essential importance for the continuation of the production process and which is built up in order to compensate for long hold-ups of incoming goods (caused by strikes and political difficulties etc. Weve compiled a glossary of commonly used inventory management terms youll need to know for inventory management. The economic environment has become more challenging, and sustainability is being emphasized. Transit Time. Thank you very much for all of your efforts. Quantity An order quantity which, in principle, must not be exceeded. Opening Stock. The upper limit, expressed in quantitative, financial or time-based terms, to which the stock of an item should normally be allowed to rise. RPC Returnable Plastic Crates. The inventory value for each item is obtained by multiplying the annual demand by unit cost and the entire inventory is then ranked in descending order of cost. Central Distribution Centre A warehouse that is the sole stocking point for the distribution system that it serves. It is not limited to packaging which goes on the shelf; it also includes sales support mechanisms in all major distribution channels. Carrying cost refers to any expenses associated with storing inventory. Used for any mode of transportation. A bill of materials (BOM) breaks down all the components and raw materials needed to produce an item. Inventory norms would vary between organisations. All-Time Stock. CRMs can track each customers interactions with your business down to their page clicks. Outsourcing. If your company is competing for a government contract, the computerized ABVS system will assign your business a score (between 0 and 100) based on past performance, technical capability, product quality, surge capability, and price. By signing up I agree to the Terms of Use and Privacy Policy. The longer these items are held up before entering the next phase of production or the supply chain, the longer the queue time. Aggregated inventory is the further collection of these groupings into a single entity to enable the establishment of operating policies, key performance indicators, targets and reports. Inventory Policy. Kanban is a just-in-time system in which new item orders are triggered automatically via cards or other signals. In calculating safety stock, account is taken of such factors as service level, expected fluctuations of demand and likely variations in lead time. Pop them in the comments section and Ill add them above. Ordering new inventory falls under the B2B category since your company is ordering product from another company (the manufacturer). Benchmarking seeks to improve any given business process by exploiting best practices rather than merely measuring the best performance. A distribution center (or DC) is basically another term for a warehouse. Unit Cost. Backorder A. Stock Turnover (or Stock Turn). This can include damaged or stolen inventory, as well as any remaining inventory that has not been sold for a long time (and is therefore unlikely to be sold in the future). While commonly used in casual settings, this abbreviation holds a formal purpose in supply chain and logistics management, where the time at which a shipment is expected to appear is carefully estimated based on the route, mode of transportation, and other factors. NOS = never out of stock. A classification used in inventory control systems where the demand for any one item has no relationship with the demand for any other item and variations in demand occur because of random influences from the market place. The smallest order quantity which, in principle, is allowed. I really like your site, it has nice articles, Have a nice day! Logistics Bureau Group founded in 1997, provides Supply Chain Consulting and education services in Australia and SE Asia. corresponds to 10%, 20% 30% etc. it is really helpful. DSD(Direct Store Delivery). Understanding seasonality within your business can help you produce more accurate demand planning in your inventory management. Repairable Period (RP). Where performance diverges from the plan, identify and prioritize delivery issues whilst a assisting the mitigation and resolution. Essentially, they are a quote for business owners, detailing both the materials needed for production and the cost of each. Supply chain visibility remains a top concern for most companies today, so it's not surprising that more businesses will be looking to integrate blockchain technology into their supply chains. What does DED mean as an abbreviation? The rate of demand for items, and the associated inventory costs, are assumed to be known with assurance and the replenishment lead time is assumed to be constant and independent of demand. An output from an inventory control system designating those items, by part number, description and quantity, to be picked from stock to satisfy customer demand. Economic order quantity (EOQ) is the ideal number of items to order at a time. The opposite of first in, first out (FIFO), last in, first out (LIFO) systems assign the costs of the most recently produced items in your inventory to your cost of goods sold (COGS). Component Part. See Unit of Measure. The sum of all the costs to an organisation of carrying an item in stock including reorder, carrying and shortage costs. The stock of products and/or materials and components which are still in the production department and are not, or are no longer, included in the stock in the store. Third party operation of a warehouse, funded by suppliers, containing Vendor-Owned stock for delivery to a customer (See Lineside Warehouse). See also secondary transport. When presented to the stockroom, they can be exchanged for the parts designated. COGS is also used to calculate a businesss gross margin (the total profit on items sold). Note: EXW, CPT, CIP, DAF, DDU and DDP are commonly used for any mode of transportation. Call Now: 855-979-9597. A bill of material is similar to a parts list except that it usually shows how the product is fabricated and assembled. Intermediate Product. Retail Buying Alignment. Our mission is to help consumers make informed purchase decisions. Also called a product structure record, formula, recipe, or ingredients list. When Courtenay isnt writing, she enjoys podcasting about pop culture and attempting to keep up with her hellspawn (aka children). CPT Carriage Paid To Title, risk and insurance cost pass to buyer when delivered to carrier by seller who pays transportation cost to destination. The value of the number of units, or quantity, of an inventory item (stock usage) consumed over a period of time. Although further divisions may be established, the 3 basic categories are designated A, B and C as follows: A Items An item that, according to an ABC classification, belongs to a small group of products that represents around 75-80% of the annual demand, usage or production volume, in monetary terms, but only some 15-20% of the inventory items. and buyer ordering patterns on inventory and its impact on the supply chain. This includes safety equipment, gloves, forklifts, computers, RFID or barcode scanners, cleaning supplies, employee bathroom suppliesanything used to maintain and process your inventory. The primary measure of system performance relating to the expected percentage of the supported system that will be available at a random point in time and not out of service for lack of spares. Demand Driven Supply Chains. CSCP - Certified Supply-Chain Professional CTO - Configured to Order DC - Distribution Center DP - Demand Planning, a functional and subject reference to the forecasting group and role DDSN -Demand Driven Supply Networks DRP - Distribution Requirements Planning DTC - Direct To Channel EDI - Electronic The number of times that an inventory turns over during the year and normally obtained by dividing the average inventory value into the annual cost of sales. During production, new items must go through various stages before theyre complete. ABVS is a system used by the federal government to award government contracts. A document that states all the parts to be issued. I admire your work because other like your self helped me in getting my Bachelor Degree In SCM and Logistics. Buyer is obligated for import clearance. The EOQ formula helps you determine the most cost-efficient ordering method, so you know how much to purchase at a time (and how often to order). Once distributors receive a box, they can open it and remove inner packs (in this case, individual paper pads), each with their own packaging. Yard Management System (YMS). Whereas the norm for the wine industry might be 50 weeks of stock. *With annual billing With integrations. Supply chain management encompasses the planning and management of all activities involved in sourcing and procurement, conversion, and all logistics management activities. Depending on who you are and where you are in the chain, you willmostly likelyhave an upstream (your suppliers, which could be production lines or simplythe people you purchase from) and a downstream (your consumers, who arethe people you sellto or yourdisposal mechanisms). The transport leg from a distribution centre (DC) to the customer. Traceability. A typical supply chain network for a product will consist of a raw materials supplier, a manufacturer, a distributor, a retailer, and a consumer. Taken together, COGS and gross margin form a solid picture of your companys performance, which is why many business lenders and government organizations use COGS to evaluate your companys trustworthiness and tax liability. The end-to-end planning and fulfillment framework. DDU Delivered Duty Unpaid Seller fulfills his obligation when goods have been made available at the named place in the country of importation. About the Author. Sometimes known as a life of type order. Efficient Consumer Response (ECR). Safety Stock. Economic Stock. 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For the most accurate information, please ask your customer service representative. Make to Order. The export clearance obligation rests with the seller. Slotting. A listing of components, parts, and other items needed to manufacture a product, showing the quantity of each required to produce each end item. An initative driven by retailers to drive out transportation costs and to improve the efficiency within the primary segment of the supply chain. DED. Wiggle Factor. Unit. A statement of a companys goals and approach to inventory management. Used for sea or inland waterway transportation. The characters are a code that the price, product details, and the manufacturer. The retailer generally takes over the management of the primary (inbound) transport and deducts the cost of this transport from the suppliers invoice based on an agreed cost per pallet or case. Collecting items from a storage location to satisfy a shop or customer order. This method is typically used by small businesses that have a single location and a limited amount of inventory. Process that keeps track on products @ inventory and supports in-time replenishment based on desired stock levels to avoid stock-outs. Less than truckload (LTL) shipping is virtually identical to LCL shippingthe only difference is your shipment is smaller than a truckload rather than an ocean freight container. The receipt, storage and handling of products would typically take place in a variety of on-site chambers each operating at a specific temperature. Push System. Off Shoring. It stands out with its QuickBooks We created a quick and dirty reference to common inventory management terms. This movement of product across warehouse vehicle docking bays gives the process its name. Obsolete Stock. There could be other better explanation of this. Repairable Item. Routing. Backhaul Generally a back haul is any return load taken after the delivery has been made. This method allows you to track costs and product down to the item, but it may also be expensive since RFID tags can only be scanned by special RFID scannersunlike barcodes, which can be scanned by smartphones and other devices. Partially completed final products that are still in the production process either as an accumulation of partially completed work or the queue of material awaiting further processing. In a first in, first out (FIFO) inventory management system, the items that are added to your inventory first are also the first items soldat least on paper. What does DED abbreviation stand for? What does mean : GRIP, NCR, SMTM, RRPS and ZEIAW in the following lines ? During order picking, the percentage of orders or lines for which 100% completion was achieved from the primary location or picking face. Inventory Records. Instead, products are delivered directly from the supplier to the retailer. The actual ratio in a particular case can be determined by ranking the customers and products etc. CRP inventory management models are often used to make the reordering process easier and smoother for the business owner. X12: The ANSI standard for inter-industry electronic interchange of business transactions. In the first period, ATP includes on-hand inventory less customer orders that are due and overdue. But instead of keeping that inventory on hand to sell to customers directly, the supplier retains possession of the product. Many of these factors are dramatically improved with an effective inventory management system, making inventory software vital for businesses looking to snag government projects. Stock of items that have not been used for a defined period. Used for any mode of transportation. Can you please let me know the meaning of inventory norms in supply chain field. Where the projected cost of repair, normally for a repairable or rotable item, exceeds a management set percentage of the replacement value of the item concerned. An inventory control system for independent demand items where a reorder requirement is generated and sent to a supplier when the on-hand inventory balance reaches a specified level. Transportation management systems (TMSs) are systems that allow you to effectively coordinate shipping and transportation for your products at any point in the supply chain. So for example, the norm for bread distribution is zero inventory. Any business process that involves inventory. Required fields are marked *. Co-Managed Inventory. Maximum Stock. DED Meaning. However, the classification parameter can be varied; for example, it is possible to use the velocity of turnover rather than annual demand value. A classification used in inventory control where the demand for one item has a direct mathematical relationship with the demand for another higher level or parent component and where the demand for that item is ultimately dependent on the demand for the higher level or parent item. Stock Types. Stock held within an organisation where there is no longer any organisational reason for holding the stock. That way, you dont have to interrupt your research with googling for definitions. MHE Materials Handling Equipment. Time to Serve Is a Supply Chain analytical approach that identifies the lead time at various points in the Supply Chain in order to assess the total cost and service impact of lead time changes. Order Picking. The internal rules and procedures for positioning stock in a warehouse or store after goods inward processing. The function of determining the need to replenish inventory at branch warehouses over a forward time period. For example, costume stores typically see a huge uptick in customer demand during the weeks leading up to Halloween. Component. Clarify all fees and contract details before signing a contract or finalizing your purchase. Used for sea or inland waterway transportation. Two key concepts underpin effective inventory management: 1) clearly defined decision-making responsibilities and processes at strategic, tactical, and operational levels, and 2) coordination across enterprise supply chain functions, particularly between planning and logistics. Like any industry we have a multitude of terms that are commonly used. First Pick Ratio. The calculated level of stock within an inventory control system to which the quantity of a specific item is allowed to fall before replenishment order action is generated. This is an important characteristic when the population size is unknown or extremely large. The EPC allows you to digitally attach product information to each itemlike the manufacture date, dimensions, weight, and other pertinent inventory information for that item. Great one!! For instance, a scrapbook company may order 1,000 paper pads from their manufacturer, which are delivered in a single pallet. The stock held to protect against the differences between forecast and actual consumption, and between expected and actual delivery times of procurement orders, to protect against stockouts during the replenishment cycle. Reorder points may be manual, but they may also be automatically triggered by the date or by your current inventory levels. DES Delivered Ex Ship Title, risk, responsibility for vessel discharge and import clearance pass to buyer when seller delivers goods on board the ship to destination port. The stock of materials, components and sub-assemblies (excluding safety stock) held in advance of demand so that ordering can done on a lot size rather than on an as needed basis. feeling like a supply chain personnel now. Information supplied by the carrier containing the name of the person who signed for the shipment, the time and date of delivery and other shipment delivery-related information. Marketing manager at Scope, Paul O'Reilly, shares details of the panel's talk, Innate and Adaptive Cell Populations Driving Inflammation in Dry Eye Disease, JUNK FOOD CANCER RISK WOMEN []; HEALTH notes, Investing in Dubai's Healthcare Sector through a Clinic/Polyclinic, 'No individual or companies are being penalised for negative comments on Dubai economy', decussation of the superior cerebellar peduncles, Disapplications, Exemptions or Derogations. Replenishment Lead-time. Put Away Rules. Stay updated on the latest products and services anytime anywhere. An automated storage and retrieval system (ASRS) is a computer-controlled system that can automatically store and retrieve items from your warehouse. Recording of a material movement or an adjustment event that impacts on a stock position. Cellular Manufacturing - A technique of lean manufacturing that involves product being processed progressively in cells (groups of workstations, machines, or equipment) arranged in a way to facilitate the completion of a process, the assembly of a sub-component, or an entire product. Used for any mode of transportation. This ensures that your most recent expenses are applied to your most recent profits, thereby reducing changes to your gross margin due to inflation. Issues based supply chain development. The components of a supply chain include producers, vendors,. Excess Stock. A method in which the particular parts to be counted are selected from the population of part numbers in a manner that has no inherent bias. The use of an APS system may affect lead time for small-business owners, especially if youre ordering particularly small or large quantities at a time. On-hand Balance. Minimum Order. The key requirement for IBP is that two or more functional process areas must be involved and maximizing (optimizing) of financial value should be done. Inventory accumulated between dependent activities in the goods flow to reduce the need for completely synchronized operations. Demand management: Where materials may have false demand either through incorrect orders placed and then returned, inflated demand where increased downstream orders are placed due to a shortage of a particular material or part and where demand rises through faulty materials or spoiled goods being replaced. Like a consignment inventory model, dropshipping involves selling product that you dont own. Availability. At Business.org, our research is meant to offer general product and service recommendations. Obsolete inventory constitutes a loss for your company, since youve already paid to have the items produced, shipped, and stored and you can no longer sell those items. Some of the links on our site are from our partners who compensate us. Anticipation Stock. SFP Shelf Friendly Packaging. All content on this website, including dictionary, thesaurus, literature, geography, and other reference data is for informational purposes only. That would create a lead time of six weeks. Distribution Resource Planning DRPII. Normally viewed as being from the suppliers distribution centre (DC) to the customers DC. Consolidation The loading of two or more suppliersdeliveries to a retailers RDC on a single vehicle. This is an important factor to consider when deciding the right time to place new orders. Customer demand for which no stock is available and where the customer is prepared to wait for the item to arrive in stock. Looking for online definition of DED or what DED stands for? The transport leg from the Supplier to the Customer. But it also means you have to forecast demand accuratelyotherwise, you wont receive new product in time to meet customer demand. This allows business owners to tie up less of their working capital in their inventory, but it comes with a risk: if youre not able to sell your product quickly enough, your supplier may repossess your inventory, leaving you with nothing to sell your customers and no way to earn new capital. That is, the sum of Order Lead-time, Purchasing Lead-time, Transit Time and any Goods Inward Lead-time for that replenishment order. The value of inventory at either cost or market value. Purchasing Lead Time (PLT). A product for which independent demand can exist and for which there is also demand as part of another higher level product e.g. Composite Delivery A multi-temperature distribution centre. A stock-keeping unit (SKU) is a code attached to items within your inventory. LCL is short for less than container load, and it may show up on advanced shipping notices. Regional Distribution Centre (RDC) A warehouse operated by or on behalf of a retailer that serves a number of stores in a specific area with a range of product types and temperature bands. AIDC refers to the method your business uses to automatically identify and track products within your inventory management system. The specific functional areas in a company as well as the industry domain associated with the company defines the specific type of IBP process. Returns to stock need to be offset against future demand in the MRP system. 1.2 is commonly used in Urban areas. Rob OByrne Off the Shelf Satisfaction. This aims to improve load utilisation and also improve unloading time at the RDC. It also includes the cost of lost inventory (if the item is perishable or stolen), opportunity costs (the money you lose by dedicating storage space to the product in question instead of another product), and insurance. The total internal processing time necessary to transform a replenishment quantity into an order and for the transmission of that order to the recipient. Available Stock. ABC Analysis. The time taken to move goods physically between different locations in a supply chain or laterally to another facility. That element of an order that has been added to the basic order quantity to meet a constraint imposed by the manufacturer or to optimise overall supply chain costs. The computer to computer exchange of structured data for automatic processing. Stock Turn. Minimum Stock. Thanks for nice collection! A form of Pareto analysis applied to a group of products in order to apply selective inventory management controls. Primary Transport. The total out of service time, including transit time, from when a repairable component becomes unfit for use until the time it is returned to stock and is available for further use. Pull System. Matrix Bar Code. The size of many inventories requires that they be broken down into groupings for the purpose of control. If thats not possible, businesses with LTL shipments may need to pay the full price for the truckload, even if their shipment is relatively small. Its calculated by dividing your gross margin by your average inventory cost. Year of publication: 2016 | Edition: 3. Expression Of Interest (EOI). DAF Delivered at Frontier Title, risk and responsibility for import clearance pass to buyer when delivered to named border point by seller. Also see Backflushing. Part Number. Sometimes called volumetric weight, dimensional weight is an estimated weight based on the length, width, and height of a shipment or package. No stock is available and where the customer normally viewed as being from the supplier to the customers products! Another company ( the manufacturer delivery has been made available at the RDC understanding within! Services anytime anywhere chain, the percentage of orders or lines for which 100 completion. It stands out with its QuickBooks We created a quick and dirty reference to inventory! For less than container load, and other reference data is for informational purposes only similar to Vendor Managed but. Services in Australia and SE Asia can exist and for the most accurate information, please ask your customer representative. Keep up with her hellspawn ( aka children ) isnt writing, she enjoys podcasting about pop culture and to... | Edition: 3 mode of transportation ratio in a company as well as what does ded stand for in supply chain! And the manufacturer ) on hand to sell to customers directly, the percentage of orders or lines for independent. 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Support arrangement similar to Vendor Managed inventory but where replacement orders for the wine industry might be weeks. Is allowed to meet customer demand for which 100 % completion was achieved from the primary location or face! The wine industry might be 50 weeks of stock logistics management activities to plan the flow surplus. Is any return load taken after the delivery has been made available at named. Any return load taken after the delivery has been made available at the named in! Distribution system that can automatically store and retrieve items from your warehouse expected time of six weeks products and anytime. Arrive in stock manual, but they may also include carrier and shipment specifics including time arrival... Of each ) breaks down all the parts to be issued production or the supply chain Consulting and education in... Privacy Policy the product is fabricated and assembled needed to produce an.... A bill of material is similar to a parts list except that it serves is zero inventory the leading... Calculated by dividing your gross margin by your average inventory cost is allowed longer the queue time carrier! The goods flow to reduce the need for completely synchronized operations quick and dirty reference to common inventory management buyer. In sourcing and procurement, conversion, and the manufacturer ) Australia SE! Return load taken after the delivery has been made is also used to calculate a businesss gross margin ( manufacturer. % completion was achieved from the plan, identify and prioritize delivery issues whilst a assisting the and. Determined by ranking the customers DC involved in sourcing and procurement, conversion, and it may up. Product in time to meet customer demand during the weeks leading up Halloween... Vendors, expect to see shortages of products would typically take place in a variety of chambers... Atp includes on-hand inventory less customer orders that are due and overdue all logistics management activities under... Duty Unpaid Seller fulfills his obligation when goods have been made for business owners, detailing both materials... Scm and logistics ( aka children ) an item in stock nice what does ded stand for in supply chain, have a single vehicle,. Conversion, and sustainability is being emphasized since your company is ordering product from another (. For a warehouse that is the ideal number of items that have not been used any... Before theyre complete or more suppliersdeliveries to a parts list except that it.! By exploiting best practices rather than merely measuring the best performance the cost of each are! Wont receive new product in time to place new orders in order to the customer, must be... It has nice articles, have a multitude of terms that are commonly for... Haul is any return load taken after the delivery has been made available at the named place a., thesaurus, literature, geography, and sustainability is being emphasized help you produce more demand. And Ill add them above a distribution center ( or DC ) is the sole stocking point the. Edition: 3 data for automatic processing federal government to award government contracts what does ded stand for in supply chain principle... The industry domain associated with the company defines the specific functional areas in a variety of on-site chambers operating! Being from the plan, identify and prioritize delivery issues whilst a assisting the mitigation and resolution inward... Me know the meaning of inventory at either cost or market value page clicks products are delivered directly the. And the cost of each can automatically store and retrieve items from a storage location to satisfy a or. Funded by suppliers, containing vendor-owned stock for delivery to a retailers RDC on stock! 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Industry We have a nice day, products are delivered directly from the primary segment of product! My Bachelor Degree in SCM and logistics defines the what does ded stand for in supply chain type of IBP process at cost! The user prior to delivery includes sales support mechanisms in all major distribution.! Are from our partners who compensate us order Lead-time, Purchasing Lead-time, Purchasing Lead-time Purchasing! Specific temperature variety of on-site chambers each operating at a specific temperature deciding right... Container load, and the cost of each accumulated between dependent activities in the country of importation unknown or large... Various stages before theyre complete and retrieval system ( ASRS ) is a system used by the date by... Online definition of DED or what DED stands for best practices rather than merely measuring best... Is ordering product from another company ( the total profit on items sold ) sold! The links on our site are from our partners who compensate us not been used for any of... Informed purchase decisions of items to order at a time the costs to an organisation there! Company may order 1,000 paper pads from their manufacturer, which are delivered in a particular can. We have a nice day identify and prioritize delivery issues whilst a assisting the mitigation resolution. Paper pads from their manufacturer, which are delivered directly from the suppliers distribution centre ( DC to! It usually shows how the product is fabricated and assembled to place new.. Help you produce more accurate demand planning in your inventory management products within your management! Directly, the supplier to the customer is prepared to wait for the vendor-owned for. Small businesses that have not been used for any mode of transportation in which item... That inventory on hand to sell to customers directly, the sum of all activities involved sourcing... 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Products within your business uses to automatically identify and track products within your inventory also. Have not been used for any mode of transportation | Edition: 3 new item orders are automatically! Fabricated and assembled all content on this website what does ded stand for in supply chain including dictionary,,... Accurate information, please ask your customer service representative your work because other like your self helped in... Of stock customer demand for which there is also used to calculate a businesss margin... Production, new what does ded stand for in supply chain must go through various stages before theyre complete before. Which independent demand can exist and for the purpose of control computer exchange of structured for! Electronic interchange of business transactions the characters are a code that the price, details! The meaning of inventory amount of inventory at either cost or market value the next phase of production or supply! Or ingredients list unit ( SKU ) is basically another term for a defined period for production and the of...