The process of managing the total quantity of items held in stock across an entire supply chain, to optimize total inventory levels and costs.

Activity-Based Costing – A costing method that assigns costs to products based on the activities required to produce them, providing a more accurate reflection of the costs incurred.

The average time taken by a company to pay for materials used in production after receipt. It’s a measure of the payment cycle for production inputs.

In cost management, a representation that illustrates the cost of resources used over a period and how these are consumed by activities and subsequently traced to products, services, or customers.