ABC Analysis – Sometimes referred to as Pareto Analysis or 80/20 rule, this is an inventory… 1 answer below »

Glossary of Terms
ABC Analysis – Sometimes referred to as Pareto Analysis or 80/20 rule, this is an inventory planning and control technique that aims to classify stock into categories – for example, A category representing high volume/throughput or value items, B representing medium and C low volume/throughput or value.
Agile Supply – The capability of a supply chain to be flexible in order to respond to turbulent and changing customer needs.
Asset – An item that is a permanent part of the company. It has a ‘capital’ value that the shareholders have paid for. Fixed assets are the things like buildings, vehicles, plant, and computers that the company owns. The company also has stocks and debts, so these are also part of the assets or ‘working capital’. ‘Intangible’ assets include the knowledge and skills of staff and the database of customers.
Batch Size – The quantity of an individual item that is moved or produced at one time and treated as a single entity for that distribution or production process.
Business Environment – Comprises the external and organisation’s internal factors that have an impact on key decisions regarding strategy formulation and implementation.
Business Ethics – Behaviour or moral conduct of organisations and their employees in pursuit of corporate objectives.
Contingency Planning – Often applied in risk management, contingency planning is to devise or develop plans that should take care of outcomes not initially expected from original plans.
Corporate Governance – Relates to managerial responses to systems or mechanisms that are in place to direct and control the organisation.
Corporate Social Responsibility (CSR) – Responses by organisations through actions and initiatives that consider economic, environmental and social demands and expectations from all stakeholders.
Critical Path – A project management term that determines all the tasks that have no float or margin of time. Each task follows on from the other immediately. An example is a project which takes five days with five tasks. If each task takes a day there is no margin for any delays.