Oracle Bills of Material (BOM) lets you define bills for the products you manufacture and sell. if your product have multi-level bills then you will setup each level at a time.

Common BOMs: By default standard BOM is applicable to the Inventory organization it was created. Common BOMs let you share the same BOM instead of creating the BOM again.

Alternate Bills of Material: Alternate BOM allows you specify the alternate components that can be used to assemble the product when there is a shortage of supply with components specified in standard BOM.

Bills of Material Types: BOMs can be of 5 types based on how they are setup.
Standard BOM: Most common bill with all the mandatory components and quantities required.
Model BOM: You can have Options and Option class (set of options) in model BOMs. While ordering you will select/decide the configuration needed.
Option Class BOM: It offers you a group of optional components. Option class is not an item it allows you to group different options. Eg: Hard disk – you can have 100GB, 200GB, 300GB as options in a option class called Hard Disk.
Planning BOM: Planning BOM primarily used for forecasting and planning. It is widely used to group products belong to same family into one planning BOM.
Engineering BOM: Engineering BOMs are nothing but BOMs while prototyping the product.

Phantoms: Phantoms represent logical grouping of items for planning purpose, they are non-stockable.

BOM Revisions: BOMs can have revisions when a there is a change to product. Revision differentiates the changes made to products.

Deletion Constraints: This controls when a BOM can be deleted. Eg. If you don’t want to delete BOM when a work order is open or unfulfilled sales order is open then you can set those rules. Oracle have some seeded rules to maintain the data integrity and you can define additional rules on top of it.

Departments: Physical or logical areas where resources (people, machines etc) are located or any manufacturing related activity takes place.

Resource: A resource is anything you would like to perform, monitor, track, schedule and cost. Resources could be money, people, machines, shopfloor space etc. Resources are allocated to departments, sometimes a resource can be shared across departments.

Workday calendar: You can define the working days, holidays for a inventory organization. You can plan, schedule the activities using workday calendar.

Routing: Routing defines the different processes/activities/operations you need to perform to manufacture the product/sub assembly. BOMs & Routings together are two eyes for manufacturing. Similar to BOMs you can have primary(standard) and alternate routings.