Vocab 1
Amount of work an organization can complete in a specific time
What is Capacity
Consistently meeting customer demands and delivering products and services on time, in the right quantities, and at expected levels of quality.
What is Reliability?
The method used to select suppliers for a business.
What is selection criteria?
True or False: Cost is a major selection criteria.
True.
Amount of time it takes to get an order delivered to the customer
What is Lead Time?
a formal process for gathering information from potential suppliers of a good or service.
Request for Information?
What is the generally prefered: Multi-Source or Single-Source?
Multi-Source.
What is a selection criteria related to the integrity of a the supplier?
What is Reliability(Past performance/Honesty)?
The amount of money incurred from sourcing raw materials to delivering final products to customers.
What is Cost?
The process of ranking different criteria of something to determine if it is suitable
What is Weighted Criteria?
A supplier of choice, generally one that has achieved a specific and exceptional level of performance over time.
What is a preferred supplier?
True or False: Past collaborations with the buyer is not considered in the selection criteria.
False.
Assigning a project to a person within the company instead of out the company
What is Insourcing?
an approach to supply chain management that formalizes the way information is gathered and used.
What is Strategic Sourcing?
Reduced risk of supply chain disruption.
What is the major benefit of a Multi-Source Supplier Strategy?
What is a selection Criteria related to Location?
What is Proximity to buyer?
The set of processes includes configurable workflows and intelligent forms to ensure efficient part qualification.
What is a Quality System?
The process of evaluating, choosing, and managing suppliers who can offer the inputs required for a company to operate on a daily basis
What is Sourcing?
Significant bargaining power, better transparency, and easier relationship management.
What are some benefits of Single-Source Supplier strategy?
A selection criteria relating to the time it takes for a supplier to produce a good to a buyer.
What is Lead time?