The name given to purchases such as off supplies, telecommunications, MRO and marketing materials?
What is Indirect Spend
100
A bill of lading for air transport that serves as a receipt for the shipper, indicates that the carrier has accepted the goods listed, obligates the carrier to carry the consignment to the airport of destination according to specified conditions.
What is a Air Waybill (AWB)?
100
This three (3) letter acronym means an "evaluated cost of ownership" of a product, goods or services for its' overall life expectancy.
What is TCO (Total Cost of Ownership)?
100
Founded in 1915, and formally known as the National Association of Purchasing Management, this organization boasts more than 40,000 purchasing and supply management professionals.
What is ISM (Institute for Supply Management)?
200
The process of managing costs on your fleet of copiers, printers and fax machines?
What is Managed Print Services?
200
In cost accounting, a distribution of costs using calculations that may be unrelated to physical observations or direct or repeatable cause-and-effect relationships. Because of the arbitrary nature of this, costs based on cost causal assignment are viewed as more relevant for management decision-making.
What is Allocation?
200
As defined in the ISM Glossary, this is the management of various facets of a contract to ensure that the contractor's total performance is in accordance with the contractual commitments and that obligations to the purchaser are fulfilled.
What is Contract Administration?
200
First published in 1936 and now in its' 8th revision, these series of three letter provisions governs the movement of goods and services internationally when invoked by the contracting parties.
What is INCO-Terms?
300
The process by which suppliers compete to obtain business from a customer by offering lower and lower prices.
What is a Reverse Auction?
300
The act of retaining a quantity to ship against an order when other order lines have already been shipped. this is usually caused by stock shortages.
What is a Backorder?
300
This name of the organization for international standardization developed a voluntary program for fundamentals of quality management.
What is the International Organization for Standardization (ISO)?
300
A request by a Buyer to a Seller which the Buyer can accept by signing the Seller's offer letter.
What is a RFQ (Request for Quotation)?
400
The delivery of services services such as data storage, collaboration tools, and software applications from a remote location over the internet.
What is Cloud Computing?
400
A transportation document that is the contract of carriage containing the terms and conditions between the shipper and carrier.
What is a Bill of Lading (BOL)?
400
The name of the volunary program for fundamentals of quality management developed by a international standardization agency.
What is ISO 9000?
400
An important concept in negotiations, this concept establishes the course of action to be taken by one party if discussions do not reach a successful conclusion.
What is BATNA (Best Alternative to a Negotiated Settlement)?
500
A 3rd party organization which is used to supplement internal procurement functions, most typically MRO and indirect spend.
What are Procurement Service Providers?
500
Japanese word for "visible record", loosely translated means card, billboard or sign. Popularized by Toyota Corporation, it uses standard containers or lot sizes to deliver needed parts to assembly line "just in time" to use.
What is a Kanban?
500
In evaluating the manufacturing capacity and utilization of a supplier to take on additional capacity (new orders), what is the ideal theoretical capacity range as identified by ISM as relating to "fully utilized"?
What is 80 to 85%
500
A document that assures the seller that payment will be made by the issuing bank upon fulfillment of the terms of the sales agreement.