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Purchasing Flashcards

1
Q

Centralized

A

One location/decider

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2
Q

Decentralized

A

Multipl locations/deciders

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3
Q

Corporate steering committes

A

Main stakeholders that decide on organization order of business. Strategic guidance

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4
Q

Supply base optimization

A

Reduce number of suppliers the organization works with

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5
Q

Relationship management

A

Evaluating and systematic approach to evaluat relationship supplier/purchaser

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6
Q

Gray box design

A

suppliers working alongside customers , engineering for producst development

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7
Q

Black box design

A

supplier carryout development of components for customersS

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8
Q

SOW

A

Statement of work

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9
Q

Suppler managed inventory

A

SMI

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10
Q

Vender managemtn inventory

A

VMI

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11
Q

Sustainable supply market

A

Meeting supply needs w/o compromising avility of guture generation to meet their own needs

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12
Q

Risk management

A

Identify , evaluation and prioritize risks

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13
Q

Operations risk management

A

ORM:
Risk management
Decision making
implementation of risk control
reduce threats to acceptable levels

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14
Q

KPI

A

key performance indicators

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15
Q

Supplier performance indecx

A

Metrics to measure supplier

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16
Q

currency hedging

A

attempt to reduce effects of currency fluctuation on investment performance

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17
Q

MRP

A

material requirements planning - planning system inventory requirements while balancing supply and demand

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18
Q

Kaizen

A

continous improvement from everyone in organization which = increased quality and change

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19
Q

Cost Base system

A
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20
Q

categorical system

A

purchasing goods/services by groupoing into categories

21
Q

CISG

A

Contract for international sale of goods

22
Q

Global sourcing

A

develop product in Europe/US, manufacture in Asia/latin America and sell globally

23
Q

vendor supplied material

A

VSM - similar to VMI

24
Q

Supply chain management

A

management of flow of data, goods and finances related to product or service from raw good to final destination

25
Q

Supply management

A

procurement/purchasing /supplly management

26
Q

3PL

A

Third party logistics - offers SC and shipping.receiving

27
Q

logostics operations

A

warehousing, inventory,

28
Q

reverse supply chain

A

retrieving used product from customer and dispose or reuse it

29
Q

Value Chain

A

tracing product’s cost at each stage

30
Q

eRP

A

enterprise resource planning, software w/suite of app to integrated various functions within organization and facilitates communication w/stakeholders

31
Q

RFI

A

request for information

32
Q

RFQ

A

request for quote

33
Q

RFP

A

request for proposal

34
Q

Request for bid

A

RFB

35
Q

eRFX

A

electronic procurement - encompass all

36
Q

MRO

A

Maintenance repair operations

37
Q

MSA

A

master service agreement -supplier agrees to service specifics and not to exceed $ over specific amount of time

38
Q

P2P

A

procure to pay - process of requisitioning, purchasing, receiving, paying for, accounting, goods and services

39
Q

FTL or LTL

A

full truck load, Less (than) truck load

40
Q

Churn

A

breakdown in communication between customer and service rep[

41
Q

Phrases to use in customer service

A

You’re right,
Have you considered?
However, AND
However, YET
Would you mind
What do you think
May I explain?
As a knowledgable customer you will appreciate this
I’ll handle this personally
Don’t use WHY, use WHAT ABOUT, HOW WOULD YOU FEEL

42
Q

Encoding

A

deciding what want to say

43
Q

Decoding

A

Received the message and interpretinging

44
Q

Direct or Indirect

A

customer interact w/employee (opposite of self service)

45
Q

Customers want

A

personal recognition,
courtesy
timely service
professionalism
enthusiastic service
empathy
patience

46
Q

EOQ

A

Economic order quantity -
Ideal qty to purchase to minimize inventory costs

47
Q

Purchase order PO contains a what?

A

Offer

48
Q

Free on board

A

FOB- point at which other side takes liability of item

Purchasing (1 decks)

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