DECK 4 Flashcards
The depolyment of medical supplies & pharmaceticals usually in low units of measure as close to patients as possible.
Point of Use (POU)
Dividing a facility’s total annual inventory purchases by the ending inventory value is what
Inventory Turns
Also called, “Holding Cost”
Is the cost assocaited w/having inventory on hand.
Carry Cost
Collects data from the receiving process to facilitate payments to vendor.
Accounts Payable
Thought of as the physical receipt of materials into the facilitity.
Receiving Operations
Requester of items travels to site where items are stored and then hand carries items back to department.
Hardcopy req entered in MMIS by MM
Emergency Requistion System
Physical movement of products to end user areas
Distribution
Allows receiver to check only a small portion of shipments & assume the accuracy of the whole shipment based on the result of the statistical sample.
Common practice w/stockless programs
Statistical Receiving
Process for receiving & dispersing or moving the inventory to its intended receipient.
Supply Receiving & Distribution Operations
Calculation for the storage cost; are common in EOQ implementation.
Cost of Storage
Cost of the oldest product defines product cost
Assumes oldest products are used 1st.
First in, First Out (FIFO)
Cost of newest item defines product cost
Assumes most recently received items are used 1st.
Last in, First out (LIFO)
Uses a continually updating average to compute unit cost.
Average Cost
All items are automatically changed to current price anytime a new order is received.
Last Price Paid
Price for each item is established and only changed periodically based on changing market conditions (regardless of minor changes from order to order).
Standard Pricing
