Approach to sales saying the right thing at the right time and guiding prospects in a standard question/answer sequence.

Contract where a set amount is set forth as a total payment on the completing of an agreement. See lump sum contract.

The model or situation that contains a random, unpredictable element that has no order or pattern.

The chance effect of an injury caused by a substance with no threshold level and the probability is in proportion to the dose but the severity is independent of it.

The alternate term for probabilistic inventory control.

Simulation where ranges of values for variables are used.

1. A rapid and steep decline in price of shares created by a selling panic. Triggered by investor’s losing confidence after a unexpected situation arose. 1929 US market crash destroyed more than

Ratio of sales to inventory as a percentage or in numbers of weeks or days. Includes safety stock, work in process, seasonal stock and pipeline stock.

Items of inventory that have been ordered but have not yet been shipped.

Position of an item of inventory based on relationship between demand and needs, quantity on hand and orders that are outstanding.

Arrangement where the supplier holds items ordered in its own warehouse to release them when required by a customer.

Situation where demand or requirement of an item can’t be filled from current inventory.

The exposure to loss that arises from running out of one or more items of inventory.

A process for disaster mitigation where essential items are procured and stocked before the disaster.

Verification of number of items in an inventory to accurately value and audit the stock.

Goods that are acquired by theft, larceny or robbery. No legal right to the goods.

The delaying tactics used to refuse to co-operate or answer questions.

Stop order variation where the broker has been told to buy a security or commodity at a certain price level.

Short term policy that keeps a balance between 2 objectives that appear to be in contradiction with each other.

The term for the clause that stops the losses of the insurer at a set point.