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Field inventory management, commonly known as inventory management, is the task of understanding the stock mix of a company and the handling of the different demands placed on that stock.
Warehouse. The warehouse (datastore, data store, file, database) is used to store data for later use. The symbol of the store is two horizontal lines, the other way of view is shown in the DFD Notation. The name of the warehouse is a plural noun (e.g. orders)—it derives from the input and output streams of the warehouse.
Representation of a FIFO queue. In computing and in systems theory, first in, first out (the first in is the first out), acronymized as FIFO, is a method for organizing the manipulation of a data structure (often, specifically a data buffer) where the oldest (first) entry, or "head" of the queue, is processed first.
It is used when observing a physical process, to record actions as they happen, and thus get an accurate description of the process. It is used when analyzing the steps in a process, to help identify and eliminate waste—thus, it is a tool for efficiency planning. It is used when the process is mostly sequential, containing few decisions.
With FIFO, the cost of inventory reported on the balance sheet represents the cost of the inventory purchased earliest. FIFO most closely mimics the flow of inventory, as businesses are far more likely to sell the oldest inventory first. Consider this example: Foo Co. had the following inventory at hand, in order of acquisition in November:
Pallet flow racking systems are either a FIFO (first in, first out) or a LIFO (last in, first out) storage system. If the system is loaded from the back and unloaded from the front, it is FIFO; if the system is loaded and unloaded from the front it is a LIFO system.