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4 Cards in this Set
- Front
- Back
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Supply Chain |
The global network used to deliver products and services from raw material to end customers through an engineered flow of information, physical distribution and cash. |
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Supply Chain Management |
The design, planning, execution, control and monitoring of supply chain activities with the objective of creating net value, building a competitive infrastructure, leveraging worldwide logistics, synchronizing supply with demand and measuring performance globally |
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Value |
The worth of an item, good or service. |
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ABC classification |
The classification of a group of items in decreasing order of annual dollar volume (price multiplied by projected volume) or other criteria. This array is then split into three classes, called A,B and C. The A group usually represents 10% to 20% by number of items and 50% to 70% by projected dollar volume. The C class contains 60% to 70% percent of the items and represents about 10% to 30% of the dollar volume. The ABC principle states that effort and money can be saved through applying looser controls to the low-dollar-volume class items. The ABC principle is applicable to inventories, purchasing, sales and so on. |
