Friday, 29 March 2024, 2:30 AM
Site: Bcom International Supply Chain Management
Course: Bcom International Supply Chain Management (IMM)
Glossary: SCS Glossary
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Oligopoly

Oligopoly is a market from where the number of sellers is limited, but each firm in the market is large.

Open Economy

Open economy is an economy that is open to trade with other countries.

Open Market Policy

Open market policy refers to the buying and selling of Government bills and securities (paper) in order to influence the amount of money in circulation, and the interest rate.

Opportunity Cost

Opportunity cost is the cost of the next best alternative given up, or not chosen.

Opportunity Costs

Opportunity costs– value of potential benefit sacrificed when one course of action is chosen over another.

Order lead Times

A lead time is the latency between the initiation and completion of a process. For example, the lead time between the placement of an order and delivery of new cars by a given manufacturer might be between 2 weeks and 6 months, depending on various particularities.

Order of Priority

The process of deciding which items are more important than others and them placing them into an order with the most important first and the least important last.

Ordering Costs

Ordering costs are the expenses incurred to create and process an order to a supplier. These costs are included in the determination of the economic order quantity for an inventory item. 

Organisational Learning

Organizational learning is the process by which an organization improves itself over time through gaining experience and using that experience to create knowledge. The knowledge created is then transferred within the organization.

Organisational Strategy

An organizational strategy is a plan that specifies how your business will allocate resources (e.g., money, labor, and inventory) to support infrastructure, production, marketing, inventory, and other business activities.