true false based on content:ABC classification The classification of inventory into three classes based on popularity.

Bar codes Machine$-$readable codes on goods used to validate transactions, determine inventory levels, verify bills of lading, and more. They are often used with electronic data interchange.

Buffer$/$hedge$/$safety stock Inventory t

s established to ensure supply while stock levels are being replenished.

Contingency inventory Inventory established to ensure against unusual and catastrophic events.

Distributor A purchaser of goods from a seller or exporter for purposes of resale on its own account. Differs from an agent in that a distributor cannot bind the seller contractually.

Drawback An amount of excise or import duty remitted on imported goods that the importer re$-$exports rather than sells domestically.

Electronic data interchange $($EDI$)$ A computer$-$to$-$computer system that transmits information and documents without human intervention.

Fourth party logistics $(4$PLs$)$ providers Organizations also referred to as depot repair hubs. Typically, they are service companies that provide repair services, refurbishment, and liquidation for $3$PLs$,$ original equipment manufacturers $($OEMs$),$ original design manufacturers $($ODMs$)$ and branded companies.

Just$-$in$-$time $($JIT$)$ A computerized method of production initiated by and tailored to customers$$ needs and wants. Pioneered in Japan after World War II$,$ JIT methods were designed to eliminate the need for raw material inventories. Raw materials are instead delivered to the assembly line in a factory $$just in time$$ and assembled into the final product thus eliminating the waste and cost of huge inventories and enhancing product quality.

Lead time The amount of time needed to deliver the product or service by the deadline.

Levels of risk Based on probability and severity of potential injury caused by defective product; will impact the time frame to deal with defective product, e$.$g$.,$ high risk requires immediate action.

Product return system The process used to record, and track returned products and reason for return by consumers.

Radio frequency identification $($RFID$)$ An alternative to the bar code, a technology that incorporates the use of electromagnetic or electrostatic coupling in the radio frequency $($RF$)$ portion of the electromagnetic spectrum to uniquely identify an object, animal, or person. Active tags and passive tags systems that emit radio frequencies that can be detected by RFID readers or sensors up to hundreds of meters away.

Recall The removal of a product from distribution due to an identified problem and associated risk with that product.

Refurbishment The distribution of products $($usually electronics and electricals$)$ that have been previously returned to a manufacturer or vendor for various reasons.

Stock$-$out A situation in which there is insufficient stock available to meet demand.

Third party logistic providers $(3$PLs$)$ Companies that provide services to original equipment manufacturers $($OEMs$),$ original design manufacturers $($ODMs$)$ and branded companies; these services include but are not limited to domestic and international transportation warehousing, distribution, fulfillment and packaging, customs brokerage, freight payment services and trade compliance.

Third party service providers $(3$PSPs$)$ Companies that provide services for original equipment manufacturers $($OEMs$),$ original design manufacturers $($ODMs$)$ and branded companies; these services include, but are not limited to repair, customer service, parts management, end$-$of$-$life manufacturing, returns processing order fulfillment, help desk, and many aspects of field service repair.

Traceability The ability to track product from production to consumer.