Supply Chain Exam 2

The manufacturing strategy in which the product is designed engineered, and built to specifications only after the order has been received Is called what? it is used when products are unique and extensively customized for the specific needs of individual customers

Engineer-to-order (or) ETO

the operating philosophy that focuses on waste reduction and value enhancement is known as what?

LEAN

a tender, proposal, or quotation submitted in response to a solicitation (i.e., RFP, RFQ) from a contracting authority is known as what?

Bid

the process of pre-qualifying suppliers to enter a website and at pre-designated time and date to try to underbid competitors is known as

reverse auctions

What is the sourcing strategy that involved commodity items where many alternatives of supply exist. supply risk is low, spend is high, and there are potential procurement savings?

leverage

An internal document that defines the need for goods and/or services. this document does n to constitute a contractual relationship with any external party

purchase requisition

the Quality Management philosophy that focuses on improving the overall quality of process outputs by identifying and removing the causes of defects and minimizing variability in manufacturing and business processes, is known as what?

six sigma

To make or process raw materials into a finished products, especially by means of a large-scale industrial operation, is called what?

manufacturing

the application of ethical principles in business situations is known as?

business ethics

what is the term used in business to describe the in-depth process of capturing internal and external customer's stated and unstated expectations, preferences, likes, and dislikes.

voice of the customer (VOC)