what does PAR stand for in reference to inventory?

Question

I know what it means but I was asked what does each letter stand for. That I don't know

Answer 1

Believe it or not, PAR is not an acronym, but comes from the word "par". Here's the history behind it:

There are two types of "par inventory", which are both inter-related. There is "PAR inventory" and "par inventory".

PAR (all caps) level is a medical term. There are "PAR levels", "PAR areas" and "exchange carts" in a hospital - generally all interchangeable terms. A "PAR level" is essentially a stock area where consumables are taken (e.g. IV, rubber gloves, swabs, etc.). This stock are usually comes with a reporting system that then charges the specific patient for the use of that item.

The name "PAR level" comes from the accounting term "par level", the latter meaning the level at which the stock is replenished. For example, par level for whole milk in my fridge is 1 liter. If I fall below that level, I go buy more. My par level of milk is 1 liter. If I lived in a hospital, my fridge would be called a PAR level.

The "PAR level" is called that because its inventories are kept at "par level". It is easier to call it a "PAR area", because it's not really a level so much as a cart or a closet. Easier yet, "exchange cart" is almost self-explanatory instead of having a weird name like PAR level.

Par is latin, meaning "equal to". Most people know it from its golf term, but it has been used for much longer.

Answer 2

Par Level

Answer 3

Par Acronym

Answer 4

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RE:
what does PAR stand for in reference to inventory?
I know what it means but I was asked what does each letter stand for. That I don't know

Answer 5

Actually PAR is an abbreviation and stands for Periodic Automatic Replenishment.

Answer 6

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SKU stands for Stock Keeping Unit.

Answer 7

Thank you .