Cost Type: Average / Standard / LIFO / FIFO
The method used to value stock. Average cost blends purchases over time, standard cost uses a set value, and LIFO or FIFO track cost by order of receipt.
Where in Maximo
Inventory app; Organizations app (inventory options)
At Riverbend CENTRAL uses average cost, so seal kits bought at $300 and $320 average out to $310.
Related Terms
Common Misconception
Changing cost types after go-live is difficult, so it is worth deciding carefully during implementation.
Verify in IBM Docs: IBM Docs > Maximo Manage > Inventory management