Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

Maritime Procurement > Vocabulary > Flashcards

Vocabulary Flashcards

1
Q

Demand

A

Demand- need for a product or service

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

Supply

A

The availability for something in the market

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

Sale

A

The exchange of something for money

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

Procurement

A

When buying something for a company, organization or business

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

Purchase

A

Getting something for money

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

Primary purchase

A

The main thing a business need for them to sell their product. For example primary purchase for a hot dog store is hot dogs

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

Secondary purchase

A

Things that are not directly connected to the product the business is selling but maybe maintenance or investments

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

Capital utilization

A

How much if the existing capital is used in the business

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

Value chain

A

The full lifecycle of a product or service including everything from start to finish

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

Supply chain

A

The network of all individuals, sales, resources etc in a product

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

Profitability

A

The difference between the costs of a product and the sale price is the profitability

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

Sourcing

A

The procurement of a product or service for the lowest possible cost. Businesses often source to Asia because of cheap labor

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

Framework conditions

A

Not a fully agreement but there is enough details agreed that makes it possible to move forward p, Other details will be agreed in the future

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

Procurement process

A

The whole process from when there is a need and until the need is fulfilled or met.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

Raw materials

A

Often materials needed to make the product. Metal, gold, oil etc

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

Semi finished products

A

Half finished often used as inputs to main product

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
17
Q

Components

A

Parts of the product. For example a motor is a component in a car

18
Q

Finished goods

A

The finished product that has been made

19
Q

Need

A

Also known as demand. Someone that wants something

20
Q

Buy

A

Get something for money

21
Q

Purchase criteria

A

Specific criteria’s that your business follows before making an purchase

22
Q

Specifications

A

When you kind of customize your product in some kind of way. For example how big a ship want to be with different equipment, colors etc

23
Q

Request

A

Often comes from the buyer. When buyer wants something or want a price on product he/she send a request

24
Q

Evaluation

A

Checking something up in a kind of way. This can be if product is safe to purchase from the supplier etc.

25
Q

Negotiations

A

Trying to get something for a better price

26
Q

Follow up

A

When you have bought a product or service, you do a follow up to see how things are going

27
Q

Payment

A

Receiving the money you agreed on

28
Q

Warranty

A

A guarantee that a product will last for a minimum period of time. In stores we often see products with for example one year warranty etc

29
Q

Experience feedback

A

The afterward feeling when you have done something

30
Q

Reverse auction

A

When the buyers invites the sellers to pitch their idea

31
Q

Contract

A

A binding agreement between two parties

32
Q

Remuneration

A

Any kind of compensation or pay for a providing service. A salary, hourly rate or a job rate. Bonuses and commissions can also be included

33
Q

Conventional fines

A

Violating some form of law that can led to conventional fines

34
Q

Installments

A

Paying down what you own with a down- payment plan. For example 10 million over 2 years with 5 million every half a year

35
Q

ERP (enterprise resource planning) system

A

Automate and manage core business process for the best optimal performance

36
Q

SRM (supply resource management)

A

The management over the resources needed for the company

37
Q

Decision support system

A

A computerized IT system or program used to support the business in the form of determination, judgment and action

38
Q

Procurement performance measurement

A

How effective a business or organization acquires goods and services to meet the strategic objective/goal

39
Q

Quantity deviation

A

A certain amount of number that doesn’t match the number of purchase orders

40
Q

Key figure

A

A key number that a business have gotten from maybe an analysis.

Maritime Procurement (9 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2024 Bold Learning Solutions. Terms and Conditions