A forwarder does not move the goods but acts as an expert in supply chain management. The value of goods and services acquired for which payment has not yet been made to the supplier. A forecasting model with p ar terms, d differencings, and q ma terms, is said to be an arimap,d, q model. With the supply chain covering a broad range of disciplines, the definition of what is a supply chain can be unclear. Exponential smoothing can be shown to be an arima0, 1, 1 model. Terminologies also employed in purchasing, supply, logistics, contract negotiation and all aspects of materials management. Here is a web link to council of supply chain management s glossary of terms.
In essence, supply chain management integrates supply. Supply chain management scm terms and glossary, compiled by max sean, instructor, tefltesol. A method of inventory control which divides items into categories based on value of usage, something like a pareto division where the items which constitute the highest dollar value are tracked more closely than those with. In terms of its structure, this article consists of five major sections besides this introduction. In cost management, a system that maintains financial and operating data on an organizations. A form of pareto analysis applied to a group of products in order to apply selective inventory management controls. It is necessary for you to know the meaning of scm terminology.
C terms, for example cip, carriage and insurance to a named place of destination mean that the seller pays for delivery and insurance to the named point of destination, but risk passes earlier in the supply chain. Logistics and supply chain management glossary descartes. The a3 system is a means of describing a business process in a compact form. Inventory management ensures that the right inventory is available as per the demand at low costs. A classification of items in an inventory according to importance defined in terms. Supply chain management the organizational structure and management.
Some of these terms can be very well understood just in few lines of explanation and i have explained them on this page but few terms i would like to explain in more details in my next few postings. If you have any others to add, please add them in the comments below. In cost management, an approach to inventory valuation in which. The value of goods shipped or services rendered to a customer on whom payment has not yet been received. A discipline focusing on the management of activities within business. Doc supply chain management scm terms and glossary. Facilities information and resources management system firms. Means applicable to the organization as a legal person or business enterprise in or for the benefit of the management unit and. The goal of this discussion is the development of one, comprehensive definition upon which managers and. Terms and glossary supply chain management accounts receivable ar. Like any industry we have a multitude of terms that are commonly used. February 2010 terms and glossary supply chain management accounts receivable ar.
Defining the supply chain key terminology and concepts. Greatly expanded, the new edition includes information from all disciplines within supply management. A discipline focusing on the management of activities within business processes as the route to continuously improve both the value received by customers and the profit earned in providing that value. The supply chain management scm profession has continued to change and evolve to fit the needs of the growing global supply chain. Material handling people use a lot of terms to describe lift trucks. The facilities information and resources management system. Part two the definition of supply chain management executive summary supply chain management is still evolving and developing and there are, therefore, numerous definitions of it, some of which are presented in this paper. In cost management, an approach to inventory valuation in which variable costs and a portion of fixed costs are assigned to or absorbed into each unit of production. The first step in the journey to supply chain management success is to understand its foundation concepts. Supply chain management all the coordination, planning and management of everything involved in sourcing from your suppliers and your suppliers suppliers.
Cscmp supply chain management definitions and glossary the glossary of terms provides you with a comprehensive listing of current logistics and supply chain management terms along with their descriptions. Over the years i have gathered the most uptodate glossary of supply chain management terms, concepts and definitions relevant to the subject, which i hope you will find it useful. Reducing leadtime is an integral part of lean thinking and some supply chains have been configured to create rapid setup and small runs so that production can occur quickly in response to an order that pulls materials through the supply chain. Supply chain management terms terms used in purchasing.
This video is a part of 5 min before interview preapratory series. Supply chain management scm is the active streamlining of a business supply side activities to maximize customer value and gain a competitive. The definitions of procurement and supply chain management. Often times scm can be confused with the term logistics management. Multiple terms exist everyone has their own interpretation the key is understanding the customers own terminology scm is a strategy.
Ae defining the concept of supply chain management and its. This chapter provides a levelsetting discussion of key terminology and definitions. Rvcf glossary of retail supply chain terms term acronym. Supply chain and logistics terms and glossary updated. Inventory management is a business process which is responsible for managing, storing, moving, sorting, arranging, counting and maintaining the inventory i. The ism glossary of key supply management terms is a valuable reference tool for supply professionals, academics, researchers and students. Ae defining the concept of supply chain management and its relevance to romanian academics and practitioners 76 amfiteatru economic business market on the circuit cocacola wholesaler retailer final consumer caescu and dumitru, 2011. The information contained in this listing was gathered from global supply chain leaders. There are many definitions for supply chain management. Fall 2008 terms and glossary supply chain management absorption costing. Logistics and supply chain management glossary of terms.
A forwarder contracts with carriers to move cargo ranging from raw agricultural products to manufactured goods. On a companys balance sheet, accounts receivable is the amount that customers owe to that. It has a terminology used across the globe by the supply chain professionals. Cscmp supply chain management definitions and glossary. Stay current and improve productivity, consistency and knowledge across the supply chain with the 16th edition of the apics dictionary. The glossary of terms provides you with a comprehensive listing of current logistics and supply. A forecasting model with p ar terms, d differencings, and q ma terms, is said to be an arimap,d, q.
A method of inventory control which divides items into categories based on value of usage, something like a pareto division where the items which constitute the highest dollar. Supply chain management may be said to be broadly about the efficient and effective management. As defined by the global supply chain finance forum in its standard terms and definitions, supply chain finance is defined as the use of financing and risk mitigation practices and techniques to optimize the management. The purpose of this paper is to gather the current definitions of supply chain management in practical and analytical usage, to develop standards for assessing definitions and to apply these standards to the most readily available definitions of the term. More than 4,900 terms and definitions relevant to supply chain and operations management. Weve compiled all of the most commonly used terms and phrases and their definitions in one place to help make your life easier. One of the more common supply chain management key terms, sce focuses on all of the actions needed to get a product to the customer before or on the estimated. Cscmp and the board of directors, comprised of industry experts, created official definitions for the following terms. Supply chain management scm is a businesss effort to improve its competitiveness and costefficiency by optimizing the acquisition and. Fscstd01002 fsc glossary of terms 5 of 30 applicable law. Supply chain management terms and glossary updated.
Allocations in inventory management, refers to actual demand created by sales orders or work orders against a specific item. Pdf terms and glossary supply chain management sohail. Each day you launch the apics dictionary app, youll be able to learn or refresh yourself on a term from the apics dictionary. A forecasting model with p ar terms, d differencings, and q ma. Let inbound logistics glossary of transportation, logistics, supply chain, and international trade terms help. Glossary, dictionary, terminology, supply chains, operations management entries tend to be arranged according to their abbreviation. The accounts payable office has campuswide responsibility for the processing, analysis, reconciliation and problem solving related to accounts. Supply chain and logistics terms and glossary iwla.
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