Inventory value

1) The value of inventory at either cost or market value. The value of the inventory is usually computed on a first in first out (FIFO), last in first out (LIFO) or average cost basis. (Source: ILT Supply-Chain Inventory Management SIG)

Inventory shrinkage

1) Losses resulting from scrap, deterioration, pilferage, etc. (Source: ILT Supply-Chain Inventory Management SIG)

Inventory process

1) Any business process that involves inventory. Includes the receiving of parts, putting them away, and their storage, withdrawal, issue and movement through work in process, while simultaneously tracking their movement and maintaining records of those events and their effects. (Source: ILT Supply-Chain Inventory Management SIG)

Inventory modelling

1) The evaluation of alternative inventory design characteristics or inventory parameters using analytical or simulation processes to assist management decisions. (Source: ILT Supply-Chain Inventory Management SIG)

Inventory control

1) Management task of keeping check on inventory of goods to ensure none go missing and that stock levels are maintained so that supplies are available where and when required.

Invalidation of insurance cover

1) Likely if policy conditions are breached or vehicle is used for unauthorized purpose. Mainly occurs, for example, when vehicles are driven by non-licence holders, are not correctly 'O' licensed or road taxed or are operated in unroadworthy condition (ie contrary to law).