MIS Supporting the Procurement Process with SAP

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  1. 3D Printing
    Also called additive manufacturing; a process of depositing 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 the variability in the size and timing of orders increases at each stage up the supply chain, from customer to supplier.
  5. Buy-in
    A 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 payment.
  12. Purchase requisition (PR)
    An internal company document that issues a request for a purchase. When accepted, data from the purchase requisition is used in the purchase order.
  13. Radio-frequency identification (RFID)
    Computer chips that help identify and track items. As small as, and soon to be as cheap as, a postage stamp, chips broadcast data to receivers that can display and record the broadcast data.
  14. Raw matrials 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 process
    A strategic process that determines that criteria for suppliers 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. Helps companies reduce procurement costs, build collaborative supplier relationships, better manage supplier options, and improve time to market.
  19. Supply chain management (SCM)
    The design, planning, execution, and integration of all supply chain processes. Uses a collection of tools, techniques, and management activities to help businesses develop integrated supply chains that support organizational strategy.
  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.
Card Set
MIS Supporting the Procurement Process with SAP
MIS Exam 2
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