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CIPS M4L7 (Whole Life Assessment Management) STUDY GUIDE WITH EXPLANATIONS AND DEFINATIONS.
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CIPS M4L7 (Whole Life Assessment Management) STUDY GUIDE WITH EXPLANATIONS AND DEFINATIONS.
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CIPS M4L7 (Whole Life AssessmentManagement) STUDY GUIDE WITH
EXPLANATIONS AND DEFINATIONS.
RFID (Radio Frequency Identification)
✔✔Items which use radio technology for identifying itself and its location
subject to having the appropriate hardware and software
Safety stock (buffer stock)
✔✔Stock held as a contingency or insurance against disruption or
unexpected demand
Service level agreement (SLA)
✔✔This is a term used to describe a performance requirement. These are
most typically expressed as contractual requirements. SLAs focus on
measurable activities
Silo-working
✔✔Restricting information to the department that produced it
Single-piece flow
✔✔Situation in which products proceed, one complete product at a time,
through various operations in design, order taking and production, without
interruptions, backflows or scrap (Womack and Jones, 2013)
Six Sigma
✔✔Statistical technique for measuring variations within production
processes, with the aim of eliminating them. The Six Sigma premise is that
variations create defects and other forms of waste
,Stock keeping unit (SKU)
✔✔An identifiable item from stock. Organizations may assign individual
SKU numbers of their own design or use industry or company standard
numbers. Although an SKU relates to a single item, the item could be a
box or pallet load rather than an individual item
Stock profile
✔✔The description of stock items in terms of value, rate of turnover,
storage characteristics etc...
Stock turn/stock turnover (high or low)
✔✔How many times stock or inventory is being used/sold and
purchased/replenished over a given time period
Stockout
✔✔Having no or insufficient materials to continue production or the
finished goods to meet an order
Stocktake
✔✔An audit check of the stock physically held; this may be by amount or
value, or both
Stockyard
✔✔An open area (which may have a canopy or some protection) often
used to store bulky stock items, vehicles and appropriate materials
Stores
✔✔Small, local storage facility for immediate-use items
, Supplier relationship management (SRM)
✔✔The strategic managing of all interactions with a designated supplier
organisation
Tail spend
✔✔Spend that is not actively managed; it is a small proportion of total
spend (10-20% under each spend category) but has a large number of
suppliers accounting for it
Tender
✔✔A formal process of requesting a response to a detailed requirement
from a buyer. The tender principle is designed to allow competitive bids
with an evaluation of a number of supplier responses
Time bucket
✔✔The period of time specified
Time-series
✔✔A series of data points indexed (or listed or graphed) in time order
Total cost of ownership (TCO)
✔✔The total cost of an asset including its purchase price and operation
costs over its whole life cycle
Total quality management (TQM)
✔✔Organisation-wide efforts to improve outputs through continuous
improvement in internal practices
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