physical inventory:
"The verification of on-hand inventory quantities by taking an actual count. Often refers to the annual or quarterly process of counting all items, rather than the physical verification of selected groups of parts on a continuing basis (a cycle count)."

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Definitions of terms related to physical inventory:

• Annual physical inventory
• Base inventory level
• negative inventory
• p chart
• perpetual inventory
• supply chain inventory visibility (SCIV)
• Target inventory level
• wall-to-wall inventory
• work in process (WIP)
• Work in progress
• zero inventory