Most Common Supply Chain & Procurement Terms

Most Common Supply Chain & Procurement Terms:-

RFQ:- Request of Quotation
RFP:- Request of Proposal
RFI :- Request for information
CBA :- Cost Benefit Analysis
PO :- Purchase Order
PR :- Purchase Requisition
JIT :- Just In Time
SPE :- Supplier Performance Evaluation
SLA :- Service level Agreement
ROQ :- Reorder Quantity
BOM :- Bill of materials
TCO :- Total Cost of ownership
MRO :- Maintenance Repair and Operations
SRM :- Supplier Relationship Management
COGS:- Cost of Goods Sold
MOQ :- Minimum Order Quantity
KPI :- Key Performance Indicator
FOB :- Free on Board
PPV :- Purchase Price Variance
OTD :- On Time Delivery
MRN: Material Requisition Note
NCR: Non-Conformance Report
UPH: Units Per Hour.
BOM: Bill of Materials
ERP: Enterprise Resource Planning
SOP: Standard Operating Procedure
MRP: Material Requirements Planning
WIP: Work In Progress
TAT: Turnaround Time
OEE: Overall Equipment Effectiveness
TQM: Total Quality Management
PPM: Parts Per Million
JIT: Just-In-Time
FIFO: First In, First Out
KANBAN: Card or Signal System for Workflow
SMED: Single Minute Exchange of Dies
PPC: Production Planning and Control
KPI: Key Performance Indicator
SPC: Statistical Process Control
TPM: Total Productive Maintenance
QC: Quality Control
CNC: Computer Numerical Control
MRO: Maintenance, Repair, and Operations