Budget
A financial plan that spells out intended actions and the funding levels required for their completion. Types of supply-related _____s include: direct materials _____, indirect materials (MRO) _____, capital expenditures ______ and the operating expense _______ of the each function (purchasing, logistics and so on).
Corporation
A legal entity that exists independently of its creators which has many rights given to individuals. A ______ may enter into contracts, buy and sell, and so on.
Disposal
The process of removing something from a location, typically the removal of scrap, surplus, excess, obsolete and waste items from an organization’s premises.
Influence
The capacity to affect actions, behaviors or opinions, often without overt or apparent action on the part of ____r (the person or thing).
Objectives
General statements about expected outcomes. They are targets set by management to give an organization direction.
Solicitation
A request to suppliers to make submissions to a purchasing organization. One of the critical documents in the ____ is the specification statement of work. In public sector sealed bidding, the ___ generally is called an invitation for proposal (IFP); in negotiated procurement, it is called either a request for proposal (RFP) or a request for quotation (RFQ).
Sourcing Process
The series of activities involved in obtaining necessary inputs for an organization. Key steps are: (1) determination and description of need; (2) communication of need; (3) identification and potential sources; (4) solicitation and evaluations of bids and proposals; (5) preparation of the purchase order; (6) follow-up and expediting; (7) receipt and inspection; (8) clearing the invoice and payment; and (9) maintenance of records.
Surplus
The amount of an asset that remains beyond what is needed.
