{"id":129230,"date":"2023-05-09T15:37:12","date_gmt":"2023-05-09T10:07:12","guid":{"rendered":"https:\/\/www.vskills.in\/certification\/tutorial\/?page_id=129230"},"modified":"2024-04-12T14:33:03","modified_gmt":"2024-04-12T09:03:03","slug":"purchasing-and-material-management-glossary","status":"publish","type":"page","link":"https:\/\/www.vskills.in\/certification\/tutorial\/purchasing-and-material-management-glossary\/","title":{"rendered":"Purchasing and Material Management Glossary"},"content":{"rendered":"\n<p>Important definitions and terminologies used in Purchasing and Material Management<\/p>\n\n\n<div id=\"glossary\">\n<div id=\"letter-links\" style=\"font-size: 30px;letter-spacing:20px;\"><a href=\"#A\">A<\/a><a href=\"#B\">B<\/a><a href=\"#C\">C<\/a><a href=\"#D\">D<\/a><a href=\"#E\">E<\/a><a href=\"#F\">F<\/a><a href=\"#G\">G<\/a><a href=\"#H\">H<\/a><a href=\"#I\">I<\/a><a href=\"#J\">J<\/a><a href=\"#K\">K<\/a><a href=\"#L\">L<\/a><a href=\"#M\">M<\/a><a href=\"#N\">N<\/a><a href=\"#O\">O<\/a><a href=\"#P\">P<\/a><a href=\"#Q\">Q<\/a><a href=\"#R\">R<\/a><a href=\"#S\">S<\/a><a href=\"#T\">T<\/a><a href=\"#V\">V<\/a><a href=\"#W\">W<\/a><a href=\"#Z\">Z<\/a><\/div>\n<h2 id=\"A\">A<\/h2>\n<ul>\n<li>ABC analysis in Purchasing and Material Management<\/li>\n<li>ABC Classification in Purchasing and Material Management<\/li>\n<li>Asset management in Purchasing and Material Management<\/li>\n<\/ul>\n<div><a href=\"#top\">Go to Top<\/a><\/div>\n<h2 id=\"B\">B<\/h2>\n<ul>\n<li>Backordering in Purchasing and Material Management<\/li>\n<li>Best value procurement in Purchasing and Material Management<\/li>\n<li>Bill of materials (BOM) in Purchasing and Material Management<\/li>\n<li>Blanket order in Purchasing and Material Management<\/li>\n<li>Bottleneck analysis in Purchasing and Material Management<\/li>\n<\/ul>\n<div><a href=\"#top\">Go to Top<\/a><\/div>\n<h2 id=\"C\">C<\/h2>\n<ul>\n<li>Capacity planning in Purchasing and Material Management<\/li>\n<li>Capacity utilization in Purchasing and Material Management<\/li>\n<li>Carrying cost in Purchasing and Material Management<\/li>\n<li>Centralized purchasing in Purchasing and Material Management<\/li>\n<li>Competitive bidding in Purchasing and Material Management<\/li>\n<li>Consignment inventory in Purchasing and Material Management<\/li>\n<li>Contract management in Purchasing and Material Management<\/li>\n<li>Cost avoidance in Purchasing and Material Management<\/li>\n<li>Cost of goods sold (COGS) in Purchasing and Material Management<\/li>\n<li>Cost reduction in Purchasing and Material Management<\/li>\n<li>Cross-functional teams in Purchasing and Material Management<\/li>\n<li>Cycle counting in Purchasing and Material Management<\/li>\n<\/ul>\n<div><a href=\"#top\">Go to Top<\/a><\/div>\n<h2 id=\"D\">D<\/h2>\n<ul>\n<li>Demand forecasting in Purchasing and Material Management<\/li>\n<li>Demand management in Purchasing and Material Management<\/li>\n<li>Direct materials in Purchasing and Material Management<\/li>\n<li>Disposal management in Purchasing and Material Management<\/li>\n<li>Distribution in Purchasing and Material Management<\/li>\n<\/ul>\n<div><a href=\"#top\">Go to Top<\/a><\/div>\n<h2 id=\"E\">E<\/h2>\n<ul>\n<li>Economic order quantity (EOQ) in Purchasing and Material Management<\/li>\n<li>Economic value analysis in Purchasing and Material Management<\/li>\n<li>Electronic data interchange (EDI) in Purchasing and Material Management<\/li>\n<li>Emergency purchasing in Purchasing and Material Management<\/li>\n<li>Excess inventory in Purchasing and Material Management<\/li>\n<li>Expediting in Purchasing and Material Management<\/li>\n<\/ul>\n<div><a href=\"#top\">Go to Top<\/a><\/div>\n<h2 id=\"F\">F<\/h2>\n<ul>\n<li>First in, first out (FIFO) in Purchasing and Material Management<\/li>\n<li>Fixed order quantity (FOQ) in Purchasing and Material Management<\/li>\n<li>Foreign trade zones in Purchasing and Material Management<\/li>\n<li>Framework Order in Purchasing and Material Management<\/li>\n<li>Freight forwarding in Purchasing and Material Management<\/li>\n<\/ul>\n<div><a href=\"#top\">Go to Top<\/a><\/div>\n<h2 id=\"G\">G<\/h2>\n<ul>\n<li>Global sourcing in Purchasing and Material Management<\/li>\n<li>Goods Receipt in Purchasing and Material Management<\/li>\n<\/ul>\n<div><a href=\"#top\">Go to Top<\/a><\/div>\n<h2 id=\"H\">H<\/h2>\n<ul>\n<li>Hazardous materials management in Purchasing and Material Management<\/li>\n<\/ul>\n<div><a href=\"#top\">Go to Top<\/a><\/div>\n<h2 id=\"I\">I<\/h2>\n<ul>\n<li>Inbound logistics in Purchasing and Material Management<\/li>\n<li>Inspection in Purchasing and Material Management<\/li>\n<li>International shipping in Purchasing and Material Management<\/li>\n<li>Inventory control in Purchasing and Material Management<\/li>\n<li>Inventory turnover in Purchasing and Material Management<\/li>\n<li>Invoice Verification in Purchasing and Material Management<\/li>\n<\/ul>\n<div><a href=\"#top\">Go to Top<\/a><\/div>\n<h2 id=\"J\">J<\/h2>\n<ul>\n<li>Just-in-sequence (JIS) in Purchasing and Material Management<\/li>\n<li>Just-in-time (JIT) in Purchasing and Material Management<\/li>\n<\/ul>\n<div><a href=\"#top\">Go to Top<\/a><\/div>\n<h2 id=\"K\">K<\/h2>\n<ul>\n<li>Kanban in Purchasing and Material Management<\/li>\n<\/ul>\n<div><a href=\"#top\">Go to Top<\/a><\/div>\n<h2 id=\"L\">L<\/h2>\n<ul>\n<li>Lead time in Purchasing and Material Management<\/li>\n<li>Lean manufacturing in Purchasing and Material Management<\/li>\n<li>Logistics management in Purchasing and Material Management<\/li>\n<li>Lot size in Purchasing and Material Management<\/li>\n<\/ul>\n<div><a href=\"#top\">Go to Top<\/a><\/div>\n<h2 id=\"M\">M<\/h2>\n<ul>\n<li>Maintenance, repair, and operations (MRO) in Purchasing and Material Management<\/li>\n<li>Make or buy analysis in Purchasing and Material Management<\/li>\n<li>Material Group in Purchasing and Material Management<\/li>\n<li>Material handling in Purchasing and Material Management<\/li>\n<li>Material Master Record in Purchasing and Material Management<\/li>\n<li>Material requirement Planning (MRP) in Purchasing and Material Management<\/li>\n<li>Material requirements planning II (MRP II) in Purchasing and Material Management<\/li>\n<li>Materials requirements planning (MRP) in Purchasing and Material Management<\/li>\n<li>Minimum order quantity (MOQ) in Purchasing and Material Management<\/li>\n<li>Multi-sourcing in Purchasing and Material Management<\/li>\n<\/ul>\n<div><a href=\"#top\">Go to Top<\/a><\/div>\n<h2 id=\"N\">N<\/h2>\n<ul>\n<li>Negotiated procurement in Purchasing and Material Management<\/li>\n<li>Negotiation in Purchasing and Material Management<\/li>\n<\/ul>\n<div><a href=\"#top\">Go to Top<\/a><\/div>\n<h2 id=\"O\">O<\/h2>\n<ul>\n<li>Obsolescence management in Purchasing and Material Management<\/li>\n<li>Offshoring in Purchasing and Material Management<\/li>\n<li>On-time delivery in Purchasing and Material Management<\/li>\n<li>Order cycle time in Purchasing and Material Management<\/li>\n<li>Order processing in Purchasing and Material Management<\/li>\n<li>Outline Agreement in Purchasing and Material Management<\/li>\n<li>Outsourcing in Purchasing and Material Management<\/li>\n<li>Outsourcing logistics in Purchasing and Material Management<\/li>\n<\/ul>\n<div><a href=\"#top\">Go to Top<\/a><\/div>\n<h2 id=\"P\">P<\/h2>\n<ul>\n<li>Pack slip in Purchasing and Material Management<\/li>\n<li>Performance metrics in Purchasing and Material Management<\/li>\n<li>Perpetual inventory in Purchasing and Material Management<\/li>\n<li>Physical inventory in Purchasing and Material Management<\/li>\n<li>Plant in Purchasing and Material Management<\/li>\n<li>Point-of-use inventory in Purchasing and Material Management<\/li>\n<li>Price analysis in Purchasing and Material Management<\/li>\n<li>Price-quantity agreement in Purchasing and Material Management<\/li>\n<li>Procurement card (p-card) in Purchasing and Material Management<\/li>\n<li>Procurement in Purchasing and Material Management<\/li>\n<li>Product lifecycle management (PLM) in Purchasing and Material Management<\/li>\n<li>Production planning in Purchasing and Material Management<\/li>\n<li>Purchase order (PO) in Purchasing and Material Management<\/li>\n<li>Purchase price variance (PPV) in Purchasing and Material Management<\/li>\n<li>Purchase requisition (PR) in Purchasing and Material Management<\/li>\n<li>Purchasing Organization in Purchasing and Material Management<\/li>\n<\/ul>\n<div><a href=\"#top\">Go to Top<\/a><\/div>\n<h2 id=\"Q\">Q<\/h2>\n<ul>\n<li>Quality assurance in Purchasing and Material Management<\/li>\n<li>Quality control in Purchasing and Material Management<\/li>\n<\/ul>\n<div><a href=\"#top\">Go to Top<\/a><\/div>\n<h2 id=\"R\">R<\/h2>\n<ul>\n<li>Receiving inspection in Purchasing and Material Management<\/li>\n<li>Release Strategy in Purchasing and Material Management<\/li>\n<li>Reorder point (ROP) in Purchasing and Material Management<\/li>\n<li>Replenishment Element in Purchasing and Material Management<\/li>\n<li>Replenishment in Purchasing and Material Management<\/li>\n<li>Return on investment (ROI) in Purchasing and Material Management<\/li>\n<li>Reverse logistics in Purchasing and Material Management<\/li>\n<\/ul>\n<div><a href=\"#top\">Go to Top<\/a><\/div>\n<h2 id=\"S\">S<\/h2>\n<ul>\n<li>Safety stock in Purchasing and Material Management<\/li>\n<li>Scheduling Agreement in Purchasing and Material Management<\/li>\n<li>Service level agreements (SLAs) in Purchasing and Material Management<\/li>\n<li>Service parts planning in Purchasing and Material Management<\/li>\n<li>Shipping and receiving in Purchasing and Material Management<\/li>\n<li>Single sourcing in Purchasing and Material Management<\/li>\n<li>Standard operating procedures (SOPs) in Purchasing and Material Management<\/li>\n<li>Stock Reservation in Purchasing and Material Management<\/li>\n<li>Stock Transfer in Purchasing and Material Management<\/li>\n<li>Storage Location in Purchasing and Material Management<\/li>\n<li>Supplier diversity in Purchasing and Material Management<\/li>\n<li>Supplier evaluation in Purchasing and Material Management<\/li>\n<li>Supplier relationship management (SRM) in Purchasing and Material Management<\/li>\n<li>Supply base reduction in Purchasing and Material Management<\/li>\n<li>Supply chain management in Purchasing and Material Management<\/li>\n<li>Supply chain optimization in Purchasing and Material Management<\/li>\n<li>Supply management in Purchasing and Material Management<\/li>\n<\/ul>\n<div><a href=\"#top\">Go to Top<\/a><\/div>\n<h2 id=\"T\">T<\/h2>\n<ul>\n<li>Tactical procurement in Purchasing and Material Management<\/li>\n<li>Total cost of ownership (TCO) in Purchasing and Material Management<\/li>\n<li>Total quality management (TQM) in Purchasing and Material Management<\/li>\n<li>Transportation management in Purchasing and Material Management<\/li>\n<\/ul>\n<div><a href=\"#top\">Go to Top<\/a><\/div>\n<h2 id=\"V\">V<\/h2>\n<ul>\n<li>Vendor Master in Purchasing and Material Management<\/li>\n<li>Vendor Master Record in Purchasing and Material Management<\/li>\n<li>Vendor selection in Purchasing and Material Management<\/li>\n<li>Vendor-managed inventory (VMI) in Purchasing and Material Management<\/li>\n<li>Virtual inventory in Purchasing and Material Management<\/li>\n<\/ul>\n<div><a href=\"#top\">Go to Top<\/a><\/div>\n<h2 id=\"W\">W<\/h2>\n<ul>\n<li>Warehousing in Purchasing and Material Management<\/li>\n<li>Warranty management in Purchasing and Material Management<\/li>\n<li>Work order management in Purchasing and Material Management<\/li>\n<li>Work-in-progress (WIP) in Purchasing and Material Management<\/li>\n<\/ul>\n<div><a href=\"#top\">Go to Top<\/a><\/div>\n<h2 id=\"Z\">Z<\/h2>\n<ul>\n<li>Zero-based budgeting (ZBB) in Purchasing and Material Management<\/li>\n<\/ul>\n<div><a href=\"#top\">Go to Top<\/a><\/div>\n<\/div>","protected":false},"excerpt":{"rendered":"<p>Important definitions and terminologies used in Purchasing and Material Management ABCDEFGHIJKLMNOPQRSTVWZ A ABC analysis in Purchasing and Material Management ABC Classification in Purchasing and Material Management Asset management in Purchasing and Material Management Go to Top B Backordering in Purchasing and Material Management Best value procurement in Purchasing and Material Management Bill of materials (BOM)&#8230;<\/p>\n","protected":false},"author":10,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-129230","page","type-page","status-publish","hentry"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.5 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Purchasing and 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