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Stockout
A stockout, or out-of-stock (OOS) event is an event that causes inventory to be exhausted. While out-of-stocks can occur along the entire supply chain, the most visible kind are retail out-of-stocks in the fast-moving consumer goods industry (e.g., sweets, diapers, fruits). Stockouts are the opposite of overstocks, where too much inventory is retained. Extent According to a study by researchers Thomas Gruen and Daniel Corsten, the global average level of out-of-stocks within retail fast-moving consumer goods sector across developed economies was 8.3% in 2008. This means that shoppers would have a 42% chance of fulfilling a ten-item shopping list without encountering a stockout. Despite the initiatives designed to improve the collaboration of retailers and their suppliers, such as Efficient Consumer Response (ECR), and despite the increasing use of new technologies such as radio-frequency identification (RFID) and point-of-sales data analytics, this situation has improved little ove ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Inventory
Inventory (American English) or stock (British English) refers to the goods and materials that a business holds for the ultimate goal of resale, production or utilisation. Inventory management is a discipline primarily about specifying the shape and placement of stocked goods. It is required at different locations within a facility or within many locations of a supply network to precede the regular and planned course of production and stock of materials. The concept of inventory, stock or work in process (or work in progress) has been extended from manufacturing systems to service businesses and projects, by generalizing the definition to be "all work within the process of production—all work that is or has occurred prior to the completion of production". In the context of a manufacturing production system, inventory refers to all work that has occurred—raw materials, partially finished products, finished products prior to sale and departure from the manufacturing system. ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Service Level
Service level measures the performance of a system. Certain goals are defined and the service level gives the percentage to which those goals should be achieved. Fill rate is different from service level. Examples of service level: * Percentage of calls answered in a call center. * Percentage of customers waiting less than a given fixed time. * Percentage of customers that do not experience a stockout. * Percentage of all parts of an order being fulfilled completely (Explanation) if one component part of an order is not filled the Service Level for that order is Zero, If all the component parts of an order are delivered except one is filled at 51%, the service level for that order is 51% (This system is often used in supply chain delivery to manufacturing), This is a very different from a simple order fill measurement which does not consider line items on the order. Service level Service level is used in supply-chain management and in inventory management to measure the perform ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
DMSMS
Diminishing manufacturing sources and material shortages (DMSMS) or diminishing manufacturing sources (DMS) is defined as: "The loss or impending loss of manufacturers of items or suppliers of items or raw materials."Department of Defense regulation 4140.1-R, ''DoD Supply Chain Management Regulation'' DMSMS and obsolescence are terms that are often used interchangeably. However, obsolescence refers to a lack of availability due to statutory or process changes and new designs, whereas DMSMS is a lack of sources or materials. Impact Although it is not strictly limited to electronic systems, much of the effort regarding DMSMS deals with electronic components that have a relatively short lifetime. Causes Primary components DMSMS is a multifaceted problem because there are at least three main components that need to be considered. First, a primary concern is the ongoing improvement in technology. As new products are designed, the technology that was used in their predecessors beco ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Safety Stock
Safety stock is a term used by logisticians to describe a level of extra stock that is maintained to mitigate risk of stockouts (shortfall in raw material or packaging) caused by uncertainties in supply and demand. Adequate safety stock levels permit business operations to proceed according to their plans.Monk, Ellen and Bret Wagner. Concepts in Enterprise Resource Planning. 3rd Edition. Boston: Course Technology Cengage Learning, 2009. Safety stock is held when uncertainty exists in demand, supply, or manufacturing yield, and serves as an insurance against stockouts. Safety stock is an additional quantity of an item held in the inventory to reduce the risk that the item will be out of stock. It acts as a buffer stock in case sales are greater than planned and/or the supplier is unable to deliver the additional units at the expected time. With a new product, safety stock can be used as a strategic tool until the company can judge how accurate its forecast is after the first few y ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Reproductive Health Supplies Coalition
The Reproductive Health Supplies Coalition (RHSC) is a global partnership of public, private and non-governmental organizations. Its aim is to ensure that all people in low- and middle-income countries can choose, obtain and use the supplies and appropriate services they need to safeguard their reproductive health. Since 2004, the Coalition has been part of international efforts to secure reproductive health supplies by increasing resources, strengthening systems, and building effective partnerships. History Since the 1970s, the international community has worked on providing access to the supplies and equipment needed to deliver quality reproductive health services in the developing world. In the early years, that engagement was largely financial and technical, focused in particular on effective supply chain management. By the late 1990s waning interest within the international donor community coupled with weak commitment by countries prompted many to see sustained access to rep ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Just In Time (business)
Lean manufacturing is a production method aimed primarily at reducing times within the production system as well as response times from suppliers and to customers. It is closely related to another concept called just-in-time manufacturing (JIT manufacturing in short). Just-in-time manufacturing tries to match production to demand by only supplying goods which have been ordered and focuses on efficiency, productivity (with a commitment to continuous improvement) and reduction of "wastes" for the producer and supplier of goods. Lean manufacturing adopts the just-in-time approach and additionally focuses on reducing cycle, flow and throughput times by further eliminating activities which do not add any value for the customer. Lean manufacturing also involves people who work outside of the manufacturing process, such as in marketing and customer service. Lean manufacturing is particularly related to the operational model implemented in the post-war 1950s and 1960s by the Japan ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Cannibalization (marketing)
In marketing strategy, cannibalization is a reduction in sales volume, sales revenue, or market share of one product when the same company introduces a new product. Description In e-commerce, some companies intentionally cannibalize their retail sales through lower prices on their online product offerings. More consumers than usual may buy the discounted products, especially if they'd previously been anchored to the retail prices. Even though their in-store sales might decline, the company may see overall gains. Another example of cannibalization occurs when a retailer discounts a particular product. The tendency of consumers is to buy the discounted product rather than competing products with higher prices. When the promotion event is over and prices return to normal, however, the effect will tend to disappear. This temporary change in consumer behavior can be described as cannibalization, though scholars do not normally use the phrase "cannibalization" to denote such a phenome ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Scrum (development)
Scrum is a framework for project management with an initial emphasis on software development, although it has been used in other fields including research, sales, marketing and advanced technologies. It is designed for teams of ten or fewer members who break their work into goals that can be completed within time-boxed iterations, called ''sprints'', no longer than one month and most commonly two weeks. The scrum team assesses progress in time-boxed daily meetings of 15 minutes or fewer, called daily scrums (a form of stand-up meeting). At the end of the sprint, the team holds two further meetings: one sprint review intended to demonstrate the work done for stakeholders and elicit feedback, and one sprint retrospective intended to enable the team to reflect and improve. Name The term '' scrum'' is borrowed from rugby, where it is a formation of players. The term ''scrum'' was chosen by the paper's authors because it implies teamwork. The software development term ''scr ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Philip Hans Franses
Philippus Henricus Benedictus Franciscus "Philip Hans" Franses (born 1963) is a Dutch economist and Professor of Applied Econometrics and Marketing Research at the Erasmus University Rotterdam, and dean of the Erasmus School of Economics, especially known for his 1998 work on "Nonlinear Time Series Models in Empirical Finance." Biography Born in Wageningen, Franses studied econometrics at the University of Groningen, graduated in 1987, and received his PhD in 1991 at Erasmus School of Economics of the Erasmus University Rotterdam with the thesis, entitled "Model selection and seasonality in time series" under supervision of Teun Kloek.Theses EUR department of econometrics 1990-1999 at ''eur.nl. Accessed September 11, 2013. After ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Brand Switching
In marketing and microeconomics, customer switching or consumer switching describes " customers/consumers abandoning a product or service in favor of a competitor". Assuming constant price, product or service quality, counteracting this behaviour in order to achieve maximal customer retention is the business of marketing, public relations and advertising. Brand switching—as opposed to brand loyalty is the outcome of ''customer switching behaviour''. Reasons Variability in quality or market price fluctuations—especially a rise in prices—may lead customers to consult price comparison services where alternative suppliers may be offered. Declining customer satisfaction may be due to poor service quality but also—to a lesser degree—be a symptom of boredom with the brand of choice. Brand loyalty can be very strong, however, and the longer a commitment to a brand lasts, the stronger the ties will usually be. According to 2013 Nielsen study on customer loyalty, brand switching ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Working Capital
Working capital (WC) is a financial metric which represents operating liquidity available to a business, organisation, or other entity, including governmental entities. Along with fixed assets such as plant and equipment, working capital is considered a part of operating capital. Gross working capital is equal to current assets. Working capital is calculated as current assets minus current liabilities. If current assets are less than current liabilities, an entity has a working capital deficiency, also called a working capital deficit and negative working capital. A company can be endowed with assets and profitability but may fall short of liquidity if its assets cannot be readily converted into cash. Positive working capital is required to ensure that a firm is able to continue its operations and that it has sufficient funds to satisfy both maturing short-term debt and upcoming operational expenses. The management of working capital involves managing inventories, accounts rec ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
