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Category: Procurement

Jul 28
Just in Time (JIT)

Just-In-Time (JIT) is a manufacturing and inventory management philosophy that aims to produce and deliver goods or services at the exact moment they are needed in the production process or by the customer. The goal of JIT is to minimize inventory levels, reduce carrying costs, and eliminate waste, while ensuring that production remains efficient and […]

Jul 28
ABC Analysis

ABC analysis, also known as Pareto analysis or the 80/20 rule, is a widely used inventory management technique that categorizes items based on their relative importance in terms of value or frequency of consumption. It helps organizations prioritize their inventory management efforts and allocate resources more efficiently. The analysis derives its name from the three […]

Jul 28
Inventory Management

Inventory management refers to the process of efficiently and effectively overseeing the acquisition, storage, tracking, and utilization (ASTU) of an organization’s goods or products. It involves maintaining the right quantity of items at the right time (RQ@RT) to meet customer demands while avoiding overstocking or stockouts. The primary objectives of inventory management are to: Ensure […]

Jul 17
The Golden Rule of Negotiation

Some of us avoid negotiation, some fear negotiation because they equate it with conflict. They consider it as a clash of the wills, they see it as a fight to the finish, where the biggest bully wins all the marbles. To them, negotiation is confrontation, and they hate confrontation. But in fact, negotiation is anything but […]

Jan 28
Forecasting Models

Forecasting Models – Forecasting models are one of the many tools businesses use to predict outcomes regarding sales, supply and demand, consumer behavior and more. Four common types of forecasting models Time series model Econometric model Judgmental forecasting model The Delphi method Time series model This type of model uses historical data as the key […]

Jan 24
Vendor Rating

A few ways by which a vendor can be evaluated are listed below- Categorical Method Weighted point Method Cost Ratio Method