Ludwig answered the question. i just want to add top of that
lot
ITs purely internal tracking. process quality inspections on the basis of
lots . If you want to inspect a specific quantity of a material or a piece of
equipment, A lot must be created in the system.
process different types of inspections. Once an inspection lot has been created, you can inspect the goods, record the inspection results or defects, and complete the inspection with a usage decision.
Batch & Serial Number
they both combinely identify the production lot of the same products but manage them seperately in inventory. Materials require the identification, for example serial number identify the specific product thats not enough to identify the batch of production in a single line.
Materials that require such precise identification, for example pharmaceutical products, are identified and managed in stock not only according to material number, but also according to batch number.
With batch handling, you can manage not only production lots from in-house production, but also production lots from vendors as separate entities.