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What is a Management Dashboard?
The term Management Dashboard defines a wide range of data reporting and visualization tools or dashboards that allow using various performance & efficiency measures to report on an enterprise’s ability to organize and coordinate its activities in accordance with certain policies and in achievement of pre-determined objectives. What is a Management Dashboard?
 
 
 
 
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Money Management Action Plan

In this Money Management Action Plan you can read a range of tips and suggestions that will help you manage your money in an effective manner.

Money Management Action Plan
 
 
 
Home » Glossary » What is Process Inventory
What is Process Inventory   

What is Process Inventory



 
 

Process Inventory is a term mainly referred to the tools, materials and equipment involved into a process. Process inventory means a complete set of tangible resources which are to be possessed by an organization for successful accomplishment a business process. The inventory includes any fixed assets regularly utilized in a process: 

  • Ones which are capable to function during the prolonged periods of time (for example units of fixed machinery that is durable enough to work out its resource during years);
  • Liquid assets that have a fast turnover speed, such as raw materials which are to be allocated for needs of a process every new turn and are irrevocably transformed into ready products; 

It is necessary for an organization to keep accurate tracking upon the process inventory: 

  • Control acquiring, delivery, stocking up and further ongoing allocation of liquid resources (raw materials inventory);
  • Calculate and track depreciation of the tangible inventory, such as tools and fixed equipment. Control and mitigate their wear and tear level to prevent process upsets and maintain safety;
  • Work-in-Process (WIP) inventory: resources which are already taken into the process, but aren’t yet fully converted into the ready products;

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