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MIS 2000 Chapter 7 Vocab
Chapter 7 Vocab
20
Management
Undergraduate 4
11/06/2013

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Cards

Term
3D Printing
Definition
Objects are manufactured through the deposition of successive layers of material
Term
Augmented reality (AR)
Definition
Computer data or graphics are overlaid onto the physical environment
Term
Bottleneck
Definition
Occurs when a limited resource greatly reduces the output of an integrated series of activities or processes
Term
Bullwhip effect
Definition
Occurs when companies order more supplies than are needed due to a sudden change in demand
Term
Buy-in
Definition
Refers to selling a product or system for less than its true price
Term
Finished goods inventory
Definition
The completed products awaiting delivery to customers
Term
Internal control
Definition
Systematically limit the actions and behaviors of employees, processes, and systems within the organizations to safeguard assets and to achieve objectives
Term
Inventory turnover
Definition
The number of times inventory is sold over a given period, most commonly a year
Term
Invoice
Definition
Itemized bill
Term
Procurement
Definition
The process of obtaining goods and services
Term
Purchase order (PO)
Definition
A written document requesting delivery of a specified quantity of a product or service in return for payment
Term
Purchase requisition (PR)
Definition
An internal company document that issues a request for a purchase
Term
Radio-frequency identification (RFID)
Definition
Broadcast data to receivers that can display and record the data
Term
Raw materials inventory
Definition
Stores components like bicycle tires and other goods procured from suppliers
Term
Returns Management process
Definition
Manages returns of faulty products for businesses
Term
Roll up
Definition
Compile and summarize the accounting transactions into balance sheets and income statements
Term
Supplier evaluation process
Definition
Determines the criteria for supplier selection and adds and removes suppliers from the list of approved suppliers
Term
Supplier Relationship Management (SRM) process
Definition
Automates, simplifies, and accelerates a variety of supply chain processes
Term
Supply chain management (SCM)
Definition
The design, planning, execution, and integration of all supply chain processes
Term
Three-way match
Definition
Before the accountants pay the bill, they make sure that the data on the invoice matches the data in the purchase order and the goods receipt
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