When referring to an industrial product’s manufacturing process we use the term fabrication batch or fabrication lot.
I would like to know whether there is a difference between these terms.
In the general sense, no. However, in any field, the more expertise you have, the more likely a subtle difference could emerge.
From that, I make two conclusions:
That said, this is not my area of expertise, so I might have been misled by the more complete definition of lot as opposed to batch. Still, it's worth pointing out how specialized dictionaries are available online to help answer these kinds of questions.
In the U.S. there is a chain of stores called Big Lots (formerly called Odd Lots) that sells discounted merchandise – usually closed out or overproduced goods. I don't know if the store's name backs my hypothesis, or if it's simply coincidence that the store isn't named Big Batches.
Correct. We use both terms - fabrication batch or fabrication lot. I found a piece of information that will clear the doubt. Though this is not exactly the same you asked but in general, this will be useful. The reference is from FDA
Additional note: When the product is out, it's generally batch with number.
According to APICS, founded in 1957 as the American Production and Inventory Control Society, a batch is -for discrete products- planned to be the standard batch quantity, but during production, the standard batch quantity may be broken in smaller lots.
Also according to APICS a lot is: "A quantity produced together and sharing the same production costs and specifications".
By this logic, then, a lot is equivalent to part or whole of a batch.