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Glossary of Supply Chain Terms

 Glossary of Supply Chain Terms

A   ABC Analysis: A classification of items in an inventory according to importance defined in terms of criteria such as sales volume and purchase volume.   ABC Classification: Classification of a group of items in decreasing order of annual dollar volume or other criteria. This array is then split into three classes called A, B, and C. The A

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The Internet Gets Physical (The Internet of Things)

The Internet Gets Physical (The Internet of Things)

The Internet of Things Source:http://www.nytimes.com THE Internet likes you, really likes you. It offers you so much, just a mouse click or finger tap away. Go Christmas shopping, find restaurants, locate partying friends, tell the world what you’re up to. Some of the finest minds in computer science, working at start-ups and big companies, are obsessed with tracking your online

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Inventory Models – Costs, EOQ model

Inventory Models - Costs, EOQ model

Organizations spend lot of money in materials. Material cost represent 20 to 60 percent of the cost of production, even a small saving in material will reflect in profit. Need for inventory: Inventory is required for taking care of uncertainty in business, Ex raw material inventory required because of uncertainty of supply .i.e. .supplier is not prompt in supplying goods,

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Harvard Negotiation Project: 5 Lasting Rules For Negotiating Anything

Harvard Negotiation Project: 5 Lasting Rules For Negotiating Anything

I recently had dinner with a friend of mine, a physician-turned-businessperson-turned-founder. We were discussing the virtues of transferable skills, and I asked him what management tools he brings to entrepreneurship from his earlier career in medicine. He pondered a bit before confessing that radiology skills don’t, … Read More » I recently had dinner with a friend of mine, a

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Bullwhips and Beer: Why Supply Chain Management is so Difficult

Bullwhips and Beer: Why Supply Chain Management is so Difficult

Written by Michael Bean on Mar 10, 2006 The basic concept behind supply chain management is simple: customers order products from you; you keep track of what you’re selling, and you order enough raw materials from your suppliers to meet your customers’ demand. So why is it that, in a recent article, the Economist claimed that, “Managing a supply chain

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Supply Chain Management: Beergame

Supply Chain Management: Beergame

Introduction The beergame is a role-play supply chain simulation that lets students experience typical supply chain problems. In the beergame students enact a four stage supply chain. The task is to produce and deliver units of beer: the factory produces and the other three stages deliver the beer units until it reaches the customer at the downstream end of the

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Introduction of supply chain management

Introduction of supply chain management

OPC Notes CT   Presentation Transcript Slide1: Chapter 1 Introduction   INVENTORY: INVENTORY Who cares about it? Real economic impact is worse Cause? Mismatch can take one of two forms Rigidity Process analysis   The Economic Consequences of the Supply-Demand Mismatch are Severe: The Economic Consequences of the Supply-Demand Mismatch are Severe   What Can OPC (This Course) Do to

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Basics of Import-Export

Basics of Import-Export

Alibaba.com, Basics of Import-Export Basics of Import Export If you’ve decided that it’s time to take your business to the next level, then it may be time for your to learn the basics of import export. Importing and exporting is simply transferring one particular good or commodity from one country to another whilst paying attention to the laws and requirements

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How to Get a Letter of Credit (LC)

How to Get a Letter of Credit (LC)

A letter of credit is essentially a promissory note from your bank for an exporter. It is used to build trust in business relationships, especially with internal business transactions. For instance, a foreign buyer might apply for a letter of credit from a seller’s bank (applicant) to send to the exporter’s bank (beneficiary). The two banks in the transaction act

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True Score Theory

True Score Theory

True Score Theory is a theory about measurement. Like all theories, you need to recognize that it is not proven — it is postulated as a model of how the world operates. Like many very powerful model, the true score theory is a very simple one. Essentially, true score theory maintains that every measurement is an additive composite of two

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