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revision vs lot for inventory transactions

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What are the pros/cons for using revision functionality in oracle vs using lots?

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We have a requirement to track item revisions in certain inventory organizations. I know Oracle has standard functionality for this but I have never set it up before so looking for some advice and issues when using revisions.

Another option would be enabling lots to track different item versions. Has somebody worked with it and share some advices, pains, etc? and what is advantage of using revisions and not lots?

Examples of questions:

  1. Can you enable revision at inventory org level?
  2. When you raise PO, do you need to specify which revision you want to buy? or can you leave the PO on item level and do PO receipt on item-revision level?

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