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| Also known as additive manufacturing, objects are manufactured through the deposition of successive layers of material. |
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| Computer data or graphics overlaid onto the physical environment. |
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| Event that occurs when a limited resource greatly reduces the output of an integrated series of activities or processes. |
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| Occurs when companies order more supplies than are needed due to a sudden change in demand. |
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| Selling a product or system for less than its true price. |
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| Completed products awaiting delivery to customers. |
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| Control that systematically limits the actions and behaviors of employees, processes, and systems within the organization to safeguard assets and to achieve objectives. |
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| An itemized bill sent by the supplier. |
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| The time required for a supplier to deliver an order. |
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| The process of obtaining goods and services such as raw materials, machine spare parts, and cafeteria series. It is an operational process executed hundreds or thousands of times a day in a large organization. The three main activities are Order, Receive, and Pay. |
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Definition
| A written document requesting delivery of a specified quantity of product or service in return for payment. |
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| Purchase requisition (PR) |
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Definition
| An internal company document that issues a request for a purchase. |
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| Radio-frequency identification (RFID) |
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Definition
| Chips that broadcast data to receivers to display and record data that can be used to identify and track items in the supply chain. |
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| Stores' components like bicycle tires and other goods procured from suppliers. |
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| Returns Management process |
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Definition
| Manages returns of a business’ faulty products. |
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Definition
| The accounting process to compile and summarize the accounting transactions into balance sheets and income statements. |
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| Supplier evaluation process |
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Definition
| Process to determine the criteria for supplier selection that adds or removes suppliers from the list of approved suppliers. |
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| Supplier Relationship Management (SRM) process |
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Definition
| Process that automates, simplifies, and accelerates a variety of supply chain processes. It helps companies reduce procurement costs, build collaborative supplier relationships, better manage supplier options, and improve time to market. |
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| Supply chain management (SCM) |
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Definition
| The design, planning, execution, and integration of all supply chain processes. It uses a collection of tools, techniques, and management activities to help businesses develop integrated supply chains that support organizational strategy. |
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Definition
| The data on the invoice must match the purchase order and the goods receipt. |
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