MIS Supporting the Procurement Process with SAP

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MIS Supporting the Procurement Process with SAP
2013-11-24 19:30:59
MIS Exam2

MIS Exam2
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  1. 3D printing
    Also called additive manufacturing; a process of deposting successive layers of materials to manufacture objects.
  2. Augmented reality (AR)
    Technology that superimposes data or graphics onto a computer-generated display of the physical environment.
  3. Bottleneck
    When a limited resource greatly reduces the output of an integrated series of activities or processes.
  4. Bullwhip effect
    Phenomenon in which he variability in the size and timing of orders increases at each stage up the supply chain, from customer to supplier.
  5. Buy-in
    Term for selling a product or system for less than its true price.
  6. Finished goods inventory
    Completed products awaiting delivery to customers.
  7. Internal control
    Systematically limiting the actions and behaviors of employees, processes, and systems within the organization to safeguard assets and to achieve objectives.
  8. Inventory turnover
    The number of times inventory is sold in a given period, commonly a year.
  9. Invoice
    An itemized bill
  10. Procurement
    Obtaining goods and services
  11. Purchase order (PO)
    A written document requesting delivery of a specified quantity of a product or service in return for payments.
  12. Purchase requisition
    An internal company document that issues a request for a purchase.
  13. Radio-frequency identification (RFID)
    Computer chips that help identify and track items.
  14. Raw materials inventory
    A repository of parts and subassemblies procured from suppliers that are used to produce products to be stored in the finished goods inventory.
  15. Returns management process
    A process that manages the returns of faulty products for businesses.
  16. Roll up
    To compile, total, and summarize data.
  17. Supplier evaluation
    A strategic process that determines the criteria for supplier selection and adds and removes suppliers from the list of approved suppliers.
  18. Supplier relationship management (SRM) process
    A process that automates, simplifies, and accelerates a variety of supply chain processes.
  19. Supply chain management (SCM)
    The design, planning, execution, and integration of all supply chain processes.
  20. Three-way match
    The activity within the procurement process that ensures that the data on the invoice matches the data on the purchase order and the goods receipt.