Monday, 6 May 2024, 2:41 AM
Site: Bcom International Supply Chain Management
Course: Bcom International Supply Chain Management (IMM)
Glossary: SCS Glossary
R

Rapid Transit

Rail or motorbus transit service operating completely separate from all modes of transportation on an exclusive right-of-way.


Rate

The price of transportation services paid by the consumer. They are the negotiated monetary costs of moving a passenger or a unit of freight between a specific origin and destination.

 


Rationing

Rationing is limiting the quantity bought by consumers.

Raw Materials

The items that are purchased or the materials extracted which are then transformed into components or products using a manufacturing process

Real GDP

Real GDP is GDP expressed at the prices of a given base year. Real GDP = nominal GDP – inflation.

Recruitment

Refers to the sourcing and screening of suitable candidates to fill a position from within or outside the organisation.

Reflection

thinking back on how you have thought about something.


Refuting

Refuting – offering ideas which are opposed to another person’s statement.

Relationship Hierarchy

Relationship hierarchy is the levels of a relationship, it is a system in which members of the relatioship is ranked according to relative status or authority.

Relationship Stages

KAM is concerned with managing the relationship with the customer, with the goal being business development, and making profit for the company. Hence, it is important to understand these relationships, and to understand the hierarchy of different relationship levels. Relationship stages refere to the level of the relationship; Basic Cooperative, interdependent or integrated.

Relative Prices

Relative prices are prices expressed in term of another, example the price of coffee is double the price of tea.

Relevant Costs

Relevant costs – costs appropriate to aiding the decision making process.

Rent

Rent is payment for natural resources, example land.

Rent Control

Rent control is a maximum rental that tenants may be charged.

Reorder Point

Reorder point – is the level of stock at which a replenishment order should be placed.

Repo Rate

Repo rate is the interest rate associated with the sale and buy-back of repos (financial assets) between banks and the reserve bank.

Resource Allocating

This is the process of assigning resources to a task, client etc.

Resources

Resources are means or inputs used in the production process, example human resources.

Resources in Production

Resources in production are also known as means or factors of production, which include natural resources, human resources, capital and entrepreneurship. 

Reverse Logistics

Reverse logistics is for all operations related to the reuse of products and materials. It is "the process of moving goods from their typical final destination for the purpose of capturing value, or proper disposal.

Revising

Revising – going through a piece of writing more than once to make corrections or to memorise.

Reward Schemes

Reward system refers to all the monetary, non-monetary and psychological payments that an organisation provides for its employees in exchange for the work they perform.

Rewards

A thing given in recognition of service, effort, or achievement.

Risk Reduction

Risk reduction is a planned positive approach to reduce risks.