The term “procurement” refers to the process of acquiring goods or services. Procurement typically involves selecting vendors, negotiating contracts, and managing inventory. In many organizations, procurement is a separate department from the rest of the supply chain. What are the 3 main documents used in the purchasing process? 1. The first document used in the … Read more
1. Periodic Inventory: What You Should Know 2. What You Should Know About Periodic Inventory How do you record a periodic inventory system? A periodic inventory system is one in which inventory is only counted and recorded at fixed intervals. This interval is typically once a year, but can be more or less frequent depending … Read more
What is a Bill of Exchange? A bill of exchange is a legal document that orders a person or entity to pay a certain amount of money to another person or entity. Who can accept a bill of exchange? The acceptor of a bill of exchange is the person who is obligated to pay the … Read more
Reading into transportation expenses involves looking at all of the factors that go into the cost of transportation, including fuel costs, vehicle maintenance, and driver salaries. By understanding all of the costs involved, companies can make more informed decisions about how to transport their products. What OTIF means? On-time, in-full (OTIF) is a metric used … Read more
Inventory reserve is the portion of inventory that is set aside to cover potential risks, such as obsolescence, damage, or theft. The size of the reserve is determined by the company’s risk tolerance and the estimated cost of the risks. The inventory reserve is a key component of inventory management and can have a significant … Read more
A distribution channel in business is a system that gets products or services from the producer or manufacturer to the customer. There are several different types of distribution channels, each of which has its own advantages and disadvantages. The most common types of distribution channels are: 1. Direct: In a direct distribution channel, the producer … Read more
. The Importance of Supply Chain Management What are the 5 types of supply chain? The 5 types of supply chain are: 1) Make to Stock (MTS) 2) Make to Order (MTO) 3) Assemble to Order (ATO) 4) Engineer to Order (ETO) 5) Configure to Order (CTO) How does supply chain management SCM work? Supply … Read more
The term “Continuous Operations Definition” refers to the definition of a set of operations which are to be carried out continuously in order to support the supply chain. This may include operations such as manufacturing, warehousing, transportation, and customer service. The purpose of this definition is to ensure that the supply chain is able to … Read more
Logistics: What It Is and How Companies Use It. What are the 3 types of logistics? There are three types of logistics: inbound logistics, outbound logistics, and reverse logistics. Inbound logistics refers to the process of bringing goods and materials into a company. This includes receiving goods, unpacking them, and storing them until they are … Read more
Supply Management: What It Is and How It Works What is another word for supply chain management? The most common word used to describe supply chain management is “logistics.” Other words that are often used to describe supply chain management include “supply chain optimization,” “supply chain planning,” and “supply chain coordination.” What is supply chain … Read more
