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32 Cards in this Set
- Front
- Back
- 3rd side (hint)
80-20 Rule |
See the Pareto Principle |
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Acknowledgement |
A communication indicating that something has been received or understood. |
In purchasing it usually reders to a form that is received from supplier that accepts it sometimes nidifies the purchase order. |
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ASAP |
As Soon As Possible |
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Asset |
Items of value, especially what an organization owns |
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ASTM |
American Society for Testing and Materials |
An organization that develops and publishes standard specifiactions on various products. |
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Bartering |
A type of transaction involving no money or cash where one party provides one type of goods in exchange for another type of giidsm. Bartering can be carried out domestically or globally. |
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BOL |
Bill of Lading |
A written receipt given by a carrier for goods accepted for transportation. |
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BOM |
Bill of Material |
A list of items used in the manufacturing of a product. The list may show which items are required to make sub-assemblies and which sub-assemblies are required tfir the complete product being produced. The list may also indicate which components are manufactured and which are purchased from outside sources if supply. |
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Blanket Order |
An agreement to purchase or a purchase order for a given quantity of specific goods over a period of time, often one year. |
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BPM |
Business Process Management |
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Leverage |
Where an investor or company uses debt to finance its operations rather than using equity. |
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Liability |
In accounting, it is what a company owes. In law, it is an obligation to do it refrain from doing something; a duty which eventually must be performed; an obligation to pay money. |
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LIFO |
last-in, First-out |
An accounting methodnif of valuing inventory based on the assumption that the last items purchased are the first sold. |
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Materials Management |
The management function f an organization that may include all it a portion of the responsibility for purchasing, inventory control, traffic, shipping, receiving, and warehousing. |
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MOQ |
Minimum Order Quantity |
The amount required to place an order. |
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MRO |
Maintenance, Repair, and Operating Supplies |
Often assigned to inenir more buyer's in anourhssing organizational structure. |
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OEM |
Original Equipment Manufacturer |
Suppliers usually give lower prices to such buying organization's for purchased of material used in the buying organization's products being made for resale. |
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Pareto Principle |
A management tool based on writings of Vilfredi Pareto, an Italian economist. The principle is that most of the occurrences of any happening are caused by small percentage of the population. Applied to purchasing management it means that the largest percent of cost reduction can be obtained from a small percentage of the items purchased or from a small percentage of number of suppliers used. |
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PPI |
Producer Price Indexa numerical figure representing a certain producer Price compared with a base index at an earlier time. |
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Price Index |
Usually refers to any various numbers representing prices at a particular time for a product or category of products as reported to the Department if Labor, Bureau of Labor Statiscs of the U.S. Government. Average price movements can be measured up or down from the monthly reports issued. |
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Public Company |
A corporation that issues stock that may be purchased by anyone and as listed in one of the stock exchanges and is controlled by the SEC as compared with private company where stock is only available to certain individuals. |
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PO |
Purchase Order |
The form hat document the pruchase agreements for the organization. |
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Purchasing Agent |
The person authorized to make purchase agreements for the organization. |
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Quid pro quo |
Do one thing in return for another. |
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RFID |
Radio Frequency Identification |
A system if marking products electronically so they can be located anywhere from a distant point. |
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RFP |
Request for Proposal |
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RFQ |
Request for Quotation |
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Robinson-Patman |
An antitrust law prohibiting unfair trading practices such as giving a supplier false information about what the buyer is paying another supplier in order to ovatin a lower price. |
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RoHS |
Restriction of Hazardous Substances |
The European Union's directive, effective July 1, 2006, regarding six hazardous materials (lead, cadmium, Mercury, hexavalent chromium, polybrominated biphenyls, and polybrominated diphenyl ethers) used in the manufacturer if electronic and electrical equipment. |
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ROI |
Return on Investment |
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SCM |
Supply Chain Management |
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SEO |
Search Engine Optimization |
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