Item attributes are information about an item, such as order cost, lead time, and revision control.
Item Defining Attributes – An item defining attribute identifies the nature of an item. What designates an item as an “engineering item” is the attribute Engineering Item, but what controls the functionality of the item are the collection of
attributes that describe it. You can buy an engineering item if you want to; simply set Engineering Item, Purchased, and Purchasable to Yes.
The following table presents item defining attributes:

When you set an item defining attribute to Yes, the item is automatically assigned to the default category set of the corresponding functional area. For example, if you set Inventory Item to Yes, the item is automatically assigned to the default category set for the inventory functional area.
Item Status attributes are item attributes that enable key functionality for each item.
Status attributes enable and disable the functionality of an item over time. Each status attribute allows you to enable the item for a particular use. For example, if you set the status attribute Purchasable to Yes, you can put the item on a purchase order. The status attributes are related to the item defining attributes. You cannot enable a status attribute if you do not set the corresponding item defining attribute to Yes.
The following table presents status attributes:

An item status Codes is defined by selecting the value check boxes for the status attributes.
Item Status Codes may be used to set or update the default values for certain item attributes.  They can be used to control the functionality of an item.  When you update the values for a status, all items that use that status will be updated also.
The Item Status Code controls certain item attributes designated as status attributes.  Each status attribute has a Status Setting option.   The option determines whether a status attribute value is set by the status code and is not updateable, defaulted and updateable, or not used when you define an item

Pending Status:
You can assign one or more pending statuses for an item, to be implemented on future dates. These statuses become effective on their assigned effective dates. You can also view the history of an item status.
(N) Items—>Master Items (M)—>Tools -> Pending Status

Item Attribute Control determines whether you have centralized (Master level) or decentralized (Organization level) control of item attributes. Both status attributes and item status can be controlled at the item level or organization levels.

You can choose the status setting level of each status attribute in the Item Attribute Controls window. The status setting level determines whether you can update the value of each status attribute within an item status.
Sets Value: The status that you assign to the item loads a non updatable value into the status attribute. You can update the status attribute by changing the status that you assigned to your item.
Defaults Value: The status that you assign to the item loads a default value into the status attribute. You can update the status attribute as you define your item.
Not Used: The status that you assign to the item does not determine the value of the status attribute. You can enable or disable the status attribute as you define your item.
Status Setting Level Consideration: You have the flexibility to change individual status attribute settings. Using meaningful status codes gives you control over item usage.

You define items in one organization. To distinguish it from others, we call it the Item Master organization. Other organizations (child organizations) refer to the Item Master for item definition. After you define an item in the Item Master, you can assign it to any number of other organizations.
There is no functional or technical difference between the Item Master organization and other organizations. However, for simplicity, Oracle recommends that you limit the Item Master to just an item definition organization.
Oracle also recommends that you do not define multiple item masters. This can make item definition and maintenance confusing. In addition, multiple item masters are distinct entities, with no relationship to each other. You cannot associate items in one item master organization with another item master organization. You cannot copy items across item
master organizations.
To create the item master:
1. Use the Organization window to create the organization you want to use as the Item Master.
2. Use the Organization Parameters window to specify that organization as the Item Master. This is also where you assign child organizations to the Item Master. The item master organization uses itself as the Item Master.