Redefining Supply Chain Definitions
Statistics– The practice or science of collecting and analysing numerical data in large quantities, especially for the purpose of inferring proportions in a whole from those in a representative sample.
Forecasting is the process of making predictions of the future based on past and present data and analysis of trends
Supplier Performance management (SPM) is a general term for any business practice that is designed to manage, measure and analyze the accomplishments of a provider in a supply chain.
Annual Supplier Conference is the only event that exclusively brings together senior directors from key suppliers, consultancies, contractors and subcontractors, equipment manufacturers and service providers of all sizes.
Excess & Obsolete Inventory is the term that refers to inventory that is at the end of its product life cycle and has not seen any sales or usage for a set period of time usually determined by the industry. This type of inventory has to be written down and can cause large losses for a company (Source Investopedia)
Buyer is a person who makes a purchase.
Supplier relationship management (SRM) is the discipline of strategically planning for, and managing, all interactions with third party organizations that supply goods and/or services to an organization in order to maximize the value of those interactions (Source wikipedia.org)
The Pareto principle (also known as the 80–20 rule, the law of the vital few, and the principle of factor sparsity) states that, for many events, roughly 80% of the effects come from 20% of the causes.
Strategic Procurement is Long-range plans for ensuring timely supply of goods and/or services that are critical to a firm’s ability to meet its core business objectives. (Source: www.businessdirector.com)