Lot numbers and serial numbers are identifiers used to track and trace products during manufacturing and distribution. Lot numbers indicate when a product was made, whereas serial numbers can be used to track individual items within a batch or lot. Lot numbers are often assigned by the manufacturer and used for tracking large batches of similar products, while serial numbers will be unique to a specific item. Different manufacturers and organizations use different methods to assign both lot and serial numbers. Understanding the difference between lot and serial numbers is critical for accurate product and inventory management.