Absorption CostingAbsorption costing is a model of accounting cost that necessitates the total cost of achieving the end product from production processes.
Absorptive CapacityAbsorptive capacity refers to criterion an enterprise incorporates to enforce current trends in improving the overall organizational performance.
AcceptabilityAcceptability is the assessment of an organizational strategy to determine its efficiency in satisfying the needs and requirements of the shareholders.
Acceptance CriteriaAcceptance criteria entails requirements that govern the declaration of completion of a project by a client.
Accounts PayableAccounts payable is a liability account that indicates the monetary value a firm owes its suppliers regarding business expenses, such as costs for acquiring production raw materials.
Accounts Payable AutomationAccounts payable automation refers to the utilization of modern technology in performing account payable calculations with minimal human involvement, eliminating minor errors in the process.
Accounts ReceivableAccounts receivable is the money billed to a company for products and services, but the customers still hold the money.
AcquisitionAcquisition is the act of acquiring ownership of another enterprise
Acquisition CostAcquisition cost entails an enterprise's expenses to purchase assets, such as shipping costs.
Active External IntegrationActive external integration refers to collaboration of supply chain components to coordinate the activities.
Active Internal IntegrationActive internal integration is the approach of inter-functional collaboration to monitor an organization's functional areas.
ActivitiesActivities refers to things performed regarding company operations.
Activity-Based CostingActivity-based costing is a cost accounting system that directs the allocation of overheads and subsidiary costs to various goods and services.
Ad-Hoc PurchaseAd-hoc purchase is an incident when a product is obtained for one-use off.
AdaptabilityAdaptability refers to adjustment of supply chain processes to adapt to changes.
Added ValueAdded Value refers to additional features that are availing to the customers for increased sales.
Addressability Of SpendAddressability of spend refers to spend impacted by control of the functions of Procurement.
Advance PaymentAdvance payment refers to amount paid before receiving a good or service.
Advanced Quality PlanningAdvanced quality planning refers to designing products and their production processes for quality purposes.
After-the-fact purchase orderAfter-the-fact purchase order include the procurement services monitor purchase orders; therefore, after-the-fact purchase orders occur when a purchasing demand is made before the procurement department releases the order.
Agile ProcurementAgile Procurement entails a flexible and advanced procurement model characterized by new ideas and new approaches; for example, speed and time are key factors during the sourcing process.
Agile Spend ManagementAgile spend management is a concept organizations apply to minimize the expenses of doing business through the application of techniques of transparency in data management and accurate-time data scrutiny.
AgilityAgility is ability to adjust quickly to changes
AmortizationAmortization is an act of setting cost for assets
Annual PlanningAnnual planning cycle refers to the procedure of outlining the business roadmap for an organization and its employees.
AppraisalsAppraisals refers to valuation of products to set price.
Approved Supplier ListApproved supplier list is an act of assigning a task to qualified suppliers.
As a ServiceAs a service refers to a shift from traditional possession methods to modern ownership models of providing services.
As-is analysisAs-is analysis is the valuation of current business procedures.
AssetsAssets entails all the items owned by a company.
Available To PromiseAvailable to promise is the provision of information about delivery dates by a business to its clients.
Average Rate of ReturnAverage rate of return is the average annual amount of cash flow for investment.
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BackhaulBackhaul is when the transporting department transports luggage on its way back to its original destination.
BackorderBackorder refers to the return of products after being out of stock temporarily.
Backward IntegrationBackward integration entails business transactions of buying entity to acquire raw materials from its suppliers
BackwardationBackwardation is depreciation of product costs in future
BailmentBailment entails business dealings between Bailee and bailor
Balance SheetBalance sheet refers to recordings of liabilities and assets of an organization
Balanced ScorecardBalanced scorecard is a strategic tool utilized to increase the overall organizational performance
Balloon PaymentBalloon payment is the settlement of the remaining loan amount
Bargaining MixBargaining mix refers to efforts to achieve negotiation of various concerns
Bargaining PowerBargaining power is an attempt of parties to interact to secure an agreement
ConsumerConsumer is an individual who consumes goods and services.
Consumer MarketsConsumer markets refers to place individuals' access to goods and services
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DamagesDamages refers to monetary benefit due to disruption of the agreement in the contract
DashboardDashboard is a platform for showing the progress of business components
DataData refers to stored information for reference
Data IntegrationData integration is the process of bringing together facts from different sources.
Data WarehouseData warehouse is a place where data is kept.
Decentralized ProcurementDecentralized Procurement is a type of procurement that allows all business components to be involved in business decision-making and management.
Delegation EvolutionDelegation evolution refers to management of the organization by all top management members
Head ContractHead contract refers to agreement between business and end customers to provide goods or services.
Heads Of TermsHeads of terms refers to document proving agreement of parties on business dealings
Health and SafetyHealth and safety is protection of stakeholders from illnesses and adverse environmental conditions.
HedgingHedging is approach to preventing risks of financial uncertainties.
HireHire refers to temporary ownership of ownership at a fee
Hold Harmless AgreementHold harmless agreement is an act of protecting a party from incurring risks caused by another party.
Horizontal AlignmentHorizontal alignment is setting regulations for parties sharing similar hierarchical levels.
Horizontal CollaborationHorizontal collaboration is a cooperation between firms of the same categorization to work together and acquire corresponding benefits.
Hostile BidHostile bid refers to presentation of bids directly to the target organization's shareholders due to mismanagement.
Human ResourceHuman resource refers to organizational personnel.
Human Resource PlanningHuman resourceplanning is management of employee concerns such as employing people and offering training.
Hybrid strategiesHybrid strategies refers to integration of more than one strategies.
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ImmobileImmobile refers to fixed characteristics of an organization.
ImpactImpact is outcome of risk and disruption on supply chains.
Imperfect CompetitionImperfect competition refers to domination of the market by the powerful supplier.
Implementing StrategyImplementing strategy is execution of set plans to achieve a set goal.
Import BarriersImport barriers refers to obstacles that hinder market entry
Import DutiesImport duties refers to charges incurred for importing from other countries.
ImportsImports refers to commodities from other countries
In TransitIn transit is transportation of goods from one location to another.
IncentiveIncentive is concession to encourage completion of an activity.
Income StatementIncome statement is a financial account that shows organizational performance for a given period.
IndemnityIndemnity refers to compensation to protect individual or business from loss
Independent ProcurementIndependent Procurement entails carrying out procurement activities without control.
Indirect ProcurementIndirect procurement refers to buying of items to keep the continuity of daily business.
InflationInflation is decrease or increase in product prices
InformationInformation refers to facts provided to inform about something
InnovationInnovation is implementation of change in business using new approaches.
InsourceInsource is accomplishing a previous function activity that was temporarily out of service.
Integrated LogisticsIntegrated logistics refers to business model for providing delivery and satisfying customer needs.
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Japanese AuctionJapanese auction is restricting suppliers from placing bids
Job DesignJob design refers to arrangement of individual duties to be performed.
Job SatisfactionJob satisfaction is fulfilment of job expectation.
Job Shop LayoutJob shop layout is classification of similar resources
Joint TeamJoint team charter is collaboration of team members
Just In CaseJust in case refers to increased production to cater for an abrupt rise in demand
Just In TimeJust in time, refers to timely distribution of goods and services by suppliers.
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Key Performance IndicatorsKey performance indicators are a critical tool for testing the overall performance of a company.
Key Risk IndicatorsKey risk indicators refers to metrics for determining the probability of occurrence of a risk. Organizational decisions primarily influence key stakeholders' elements.
Knowing-In-actionKnowing-in-action refers to comprehension of the procedural process of carrying out certain activities
KnowledgeKnowledge is awareness of skills to handle certain situations.
Knowledge CapitalKnowledge capital (information capital) is the possession of skills to apply in an organization to achieve goals and objectives.
KPI MonitoringKPI monitoring refers to measurement of organizational performances
Kraljic MatrixKraljic matrix is approach of evaluating and understanding the procuring portfolio to direct the procurement strategy.
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Labour-IntensiveLabour-intensive is the utilization of increased human workforce.
LaggardsLaggards are individuals who avoid new products and advanced technology.
Last MileLast mile is the ultimate stage in the supply chain
Lead TimeLead time is time consumed from the manufacturing process to the end.
LeadershipLeadership refers to directing and motivating stakeholders to achieve organizational and personal goals.
Lean ManufacturingLean manufacturing refers to minimization of increased waste
LocalizationLocalization entails performing business activities in the local markets.
LogisticsLogistics refers to controlling the acquisition of raw materials, storage and distribution of finished products to the final destination
Logistics ManagementLogistics management is the way of coordinating supply chain activities which are integrated from production to end product.
LucrativeLucrative is characterized by massive profits.
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Macro EnvironmentMacro environment refers to factors outside an organization influence the success of the organization.
Major BreachMajor breach refers to act of interfering with the continuity of a contract.
Make Or BuyMake or buy refers to valuation of goods and services organizations plans to manufacture and represent to the marketplace.
Management AccountsManagement accounts is provision of information about financial transactions for a set period.
MarginMargin refers to attempt to serve consumers goods and services with low-profit rates as a percentage of total sales.
Market SensitivityMarket sensitivity refers to influences the market encounters from environmental trends, for example, current fluctuation in market volatility.
Market ShareMarket share is the proportion of the market an organization can serve.
Mass ProductionMass production refers to manufacturing of bulk products
OnboardingOnboarding refers to procedural process of introducing and familiarizing organizational products and services to new clients.
Online TransactionsOnline transactions are payment of goods and services using online services
Open Book CostingOpen book costing is revealing buyers' and suppliers' costs and expected profits
Open Tender ProcedureOpen tender procedure refers to opportunity for suppliers to place bids
Operating Supplier RelationshipOperating supplier relationship refers to interactions between buyers and suppliers for successful business dealings.
Order Tracking SyatemOrder tracking system refers to retrieval of information regarding a product
OutsourcingOutsourcing refers to delivering goods and services through suppliers
Overhead CostsOverhead costs refer to other expenses rather than production and distribution costs
OvertradingOvertrading refers to increased processes of buying and selling, inconveniencing the company functions.
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Pain/Gain Share MechanismPain/gain share mechanism is mechanism that requires parties to share both gains and losses
PandemicPandemic refers to disruption that affects the business operations
Paradigm Of Working EnvironmentParadigm of the working environment refers to alignment of business activities in an organization based on a provision of a better understanding
Participatory InnovationParticipatory innovation refers to integration of ideas contributed by stakeholders in an organization.
Partnership CollaborationPartnership collaboration is cooperation of more than one organization for mutual benefits
Partnership SourcingPartnership sourcing refers to agreement with suppliers for contract purposes.
PaymentPayment refers to compensation for work done.
Penetration PricingPenetration pricing refers to approach of charging low prices to gain market share.
Perfect OrderPerfect order refers to orders without minor and major errors.
PerformancePerformance is term describing the expectation of fulfilling a task
Performance AppraisalPerformance appraisal refers to assessment of the execution of a plan.
PlanningPlanning refers to establishing a sequence of activities to guide a process
Procurement ActivityProcurement activity is mechanism of providing insights of organizational plans
Procurement PolicyProcurement policy refers to regulations for monitoring procurement activities in
Procurement ProceduresProcurement procedures entail processes demonstrating how to perform procurement tasks.
Procurement RouteProcurement route refers to directory of procurement activities
Procurement StrategyProcurement strategy refers to approaches to achieving organizational goals and objectives
Procurement TeamProcurement team refers to members responsible for carrying out procurement activities and management.
Procurement TransformationProcurement transformation is implementation of changes to improve performance.
ProductivityProductivity refers to comparison of products produced and inputs for the production process
ProductsProducts are tangible substances that satisfy customer needs.
Pure CompetitionPure Competition refers to increased competition in the open market
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Quality AuditingQuality auditing refers to reviewing products to ensure adherence to the required standards.
Quality ControlQuality control refers to analyzation of goods and services to identify defects
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RACIRACI is a tool to provide efficiency in a project since it is characterized by responsibility, accountability, consultation and informing
Raw MaterialsRaw materials refers to resources for creating a product
Recoverable ManufacturingRecoverable manufacturing is act of reusing resources to produce other products.
RemanufacturingRemanufacturing refers to process of adding quality to a product.
Resource Based ViewResource Based view is theory for utilizing the available resources to enhance production.
Resource LevellingResource Levelling refers to adapting to changes in demand and supply
Responsible ProcurementResponsible Procurement, is making purchasing decisions in consideration of sustainability and ethics.
Reverse LogisticsReverse logistics refers to activities to match customer requirements with the products.
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Sales GrowthSales growth is increment of overall sales compared to previous production periods.
Sales MixSales mix refers to fixing different prices for different products.
Sales RevenueSales revenue is the monetary value acquired through the sale of products and services.
Saturation PointSaturation point is stage whereby suppliers are restricted from entering the market.
SegmentationSegmentation is grouping market according to preferences.
Single SourcingSingle sourcing refers to a company's practice of selecting a single supplier for all its products, materials, parts, and components, even when alternatives are available.
Source-to-ContractSource-to-contract is a method procurement utilizes to develop value in the business enterprise.
SourcingSourcing is accessing the market for lower purchase prices and viable suppliers.
Strategic SupplierStrategic supplier is a supplier capable of achieving a competitive edge.
Sustainable ProcurementSustainable procurement refers to utilization of corporate social responsibility in Procurement.
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Tactical SourcingTactical sourcing refers to responsible sourcing to avoid risks
Takt TimeTakt time refers to adequate production to meet consumer demands
TechnologyTechnology is the application of scientific knowledge for practical purposes, especially in industry. It includes the use of machines, tools and techniques to achieve a specific goal or result.
TenderingTendering is process of deciding on the best bidder for a contract
