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ERP Glossary

Glossary

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L

Labor Tracking

Employees enter their time and labor hours to specific jobs they are assigned to or completing.

Lead Programmer

A software engineer in charge of one or more software projects.

Lean manufacturing

Lean, is a production practice that considers the expenditure of resources for any goal other than the creation of value for the end customer to be wasteful, and thus a target for elimination. Lean is centered on preserving value with less work.

Legacy Systems (or applications)

An old method, technology, computer systems or application program that continues to be used, typically because it still functions for the users’ needs, even though newer technology or more efficient methods of performing a task are now available.

LIFO

An acronym that stands for “last in, first out”; an asset-management and valuation method that assumes that assets produced or acquired last are the ones that are used, sold or disposed of first.

Lot number

Identification number assigned to a particular quantity or lot of material from a single manufacturer.

List price

Manufacturer’s, distributor’s, or retailers quoted, published, or displayed price on which quantity, seasonal, or other discounts are computed. Also called manufacturers suggested retail price (MSRP).

Lot shelf life

The length of time a product may be stored without becoming unsuitable for use or consumption.