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Safety stock is extra inventory ordered beyond expected demand to reduce the risk of stockouts due to unpredictable changes in supply and demand.

ABC Analysis is a method of categorizing inventory items into three categories (A, B, C) based on their importance and value to the company with A being most important.

JIT is an inventory strategy companies employ to increase efficiency and decrease waste by receiving goods only as they are needed in the production process.

The EOQ model determines the optimal order quantity that minimizes total inventory holding costs and ordering costs.

VMI is a supply chain initiative where the supplier is responsible for maintaining the buyer's inventory levels.

The ROP is the level of inventory which triggers an action to replenish that particular inventory stock.

This inventory model involves placing orders at the end of a predetermined review period, with order size varying to meet the forecasted demand.