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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. A backorder is an order placed for an item which is out-of-stock and awaiting fulfillment. 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 iden ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Safety Stock
Safety stock is a term used by logistics, logisticians to describe a level of extra inventory, stock which is maintained to mitigate the risk of stockouts, which can be caused, for example, by shortfalls in raw material availability or uncertainty in forecasting 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 com ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Service Level
Service level measures the performance of a system, service or supply. Certain goals are defined and the service level gives the percentage to which those goals should be achieved. 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 *Use of a safety stock to ensure that a target percentage of orders can be met in full and on time.Aberdeen GroupAre Your Inventory Management Practices Outdated? published on 1 March 2005, accessed on 14 July 2024 The term "service level" is used in supply-chain management and in inventory management to measure the performance of inventory replenishment policies. Under consideration, from the optimal solution of such a model also the optimal size of back orders can be derived. A back order is an order placed for an item which is out-of-stock ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Inventory
Inventory (British English) or stock (American English) is a quantity of 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 ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Supply Chain
A supply chain is a complex logistics system that consists of facilities that convert raw materials into finished products and distribute them to end consumers or end customers, while supply chain management deals with the flow of goods in distribution channels within the supply chain in the most efficient manner. In sophisticated supply chain systems, used products may re-enter the supply chain at any point where residual value is recyclable. Supply chains link value chains. Suppliers in a supply chain are often ranked by "tier", with first-tier suppliers supplying directly to the client, second-tier suppliers supplying to the first tier, and so on. The phrase "supply chain" may have been first published in a 1905 article in ''The Independent (New York City), The Independent'' which briefly mentions the difficulty of "keeping a supply chain with India unbroken" during the British expedition to Tibet. Overview A typical supply chain can be divided into two stages namely, produ ... [...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 methods of production, method of manufacturing goods aimed primarily at reducing times within the Operations management#Production systems, production system as well as response times from suppliers and 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 Supply and demand, demand by only supplying goods that have been ordered and focus 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 time variation, cycle, flow, and Throughput (business), throughput times by further eliminating activities that do not add any Value (economics), value for the customer. Lean manufacturing also involves people who work outside of the manufacturing process, such as in marketi ... [...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 DMSMS 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 b ... [...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 (business), product. Examples 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 Discounts and allowances, discounted products, especially if they'd previously been Anchoring (cognitive bias) , 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 ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Scrum (development)
Scrum is an agile team collaboration framework commonly used in software development and other industries. Scrum prescribes for teams to break work into goals to be completed within time-boxed iterations, called ''sprints''. Each sprint is no longer than one month and commonly lasts two weeks. The scrum team assesses progress in time-boxed, stand-up meetings of up to 15 minutes, called ''daily scrums''. At the end of the sprint, the team holds two further meetings: one sprint review to demonstrate the work for stakeholders and solicit feedback, and one internal sprint retrospective. A person in charge of a scrum team is typically called a scrum master. Scrum's approach to product development involves bringing decision-making authority to an operational level. Unlike a sequential approach to product development, scrum is an iterative and incremental framework for product development. Scrum allows for continuous feedback and flexibility, requiring teams to self-organiz ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Accenture
Accenture plc is a global multinational professional services company originating in the United States and headquartered in Dublin, Ireland, that specializes in information technology (IT) services and management consulting. It was founded in 1989. A Fortune Global 500 company, it reported revenues of $64.9 billion in 2024. History Formation and early years Accenture began as the business and technology consulting division of accounting firm Arthur Andersen in the early 1950s. The division conducted a feasibility study for General Electric to install a computer at Appliance Park in Louisville, Kentucky, which led to GE's installation of a UNIVAC I computer and printer, believed to be the first commercial use of a computer in the United States. Split from Arthur Andersen In 1989, Arthur Andersen and Andersen Consulting became separate units of Andersen Worldwide Société Coopérative (AWSC). Throughout the 1990s, tensions grew between the two units. Andersen Consultin ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Philip Hans Franses
Philippus Henricus Benedictus Franciscus "Philip Hans" Franses (born 30 September 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, 20 ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
