Sunday, 12 May 2024, 4:20 AM
Site: Bcom International Supply Chain Management
Course: Bcom International Supply Chain Management (IMM)
Glossary: SCS Glossary
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ProcessesA series of actions or steps taken in order to achieve a particular end. |
ProcurementProcurement is the process of finding and agreeing to terms, and acquiring goods, services, or works from an external source, often via a tendering or competitive bidding process. Procurement generally involves making buying decisions under conditions of scarcity. |
Producer Price Index (PPI)Producer price index is an index of the prices of a representative basket of producer goods (inputs) and measures the cost of production. |
Product A product is an object or system made available for consumer use; it is anything that can be offered to a market to satisfy the desire or need of a customer. |
ProductionProduction using inputs to make outputs. The act of making things for resale. |
Production FunctionProduction function is the process by which goods and services are made using the 4 factors of production. |
Production MethodProduction method is a method of calculating GDP using the value added at each stage of the production process. |
Production Possibilities CurveProduction possibilities curve is a graphical representation of the maximum possible production possibilities of a community or country. |
Productive EfficiencyProductive efficiency is a situation where all firms are producing where average costs are at a minimum, and there is no wastage of resources. |
ProductivityProductivity – clearly discernible results of a period of dedication to a specific task or range of tasks. |