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your web page. Inventory Control and Supply Chain Management
Average aggregate inventory value The total value of all items held in inventory for the firm, valued at cost. The variability in demand is magnified as we move from the customer to the producer in the supply chain. The annual cost for a company to produce the goods or services provided to customers Staples that people buy in a wide range of retail outlets, such as grocery stores and gas stations Products such as fashionable clothes and personal computers that typically have a life cycle of just a few months. Inventory turnover and weeks of supply Measures of supply chain efficiency that are mathematically the inverse of one another. Management functions that support the complete cycle of material flow: from the purchase and internal control of production materials; to the planning and control of work-in-process; to the purchasing, shipping, and distribution of the finished product. Moving some of a firm's internal activities and decision responsibility to outside providers. The development and management of supplier relationships to acquire goods and services in a way that aids in achieving the immediate needs of a business Total cost of ownership (TCO) Estimate of the cost of an item that includes all the costs related to the procurement and use of the item and including disposing of the item after is useful life. When a customer allows the supplier to manage an item or group of items. A measure of how many weeks' worth of inventory is in the system at a particular point in time. What term is used to describe a practice where a customer purchases excess parts in advance?Terms in this set (23)
what is used to describe a practice where a customer purchases excess parts in advance? -hedging.
Which term refers to the management functions that support the complete cycle of material flow?Supply chain management (SCM) is the management of the flow of goods and services. Supply chain (SC) includes the movement and storage of raw materials, work-in-process inventory, and the transportation of goods from point of origin to point of consumption.
What is it called when a firm controls most of the activities in its supply chain?A firm that controls most of the activities in its supply chain is said to be vertically integrated. True. Capability Sourcing refers to outsourcing the functions that they do best to trusted key partners.
Which sourcing process is used for complex items where there are a number of potential vendors?Countless organizations engage in the RFP process, which enables buyers to compare features, functionality, and price across potential vendors. It is a crucial component of the sourcing process. RFPs are most regularly used when sourcing goods or services that are somewhat complex.
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What type of products include staples that people buy in a wide range of retail outlets?
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