According to you, what is Supply Chain? Supply Chain is the function that make happening what other...
Acronyms in Supply Chain
API : Active Pharmaceutical Ingredient(s)
ERP: Enterprise Resource(s) Planning
MES: Manufacturing Execution System
MPS: Master Production Schedule
MRP: Material Requirements Planning
QMS: Quality Management System
RCCP: Rough Cut Capacity Planning
S&OP: Sales and Operations Planning
S&OP
Sales & Operations Planning
Process to support business leaders making decisions on topics such as balancing demand plans with supply plans, making adjustments in execution, introducing new products and phasing out of old products, and so on.
O2C
Order to Cash (Cycle)
Time from order receipt to fulfillment and cash inflow. Shortening cycle aims at improving cash flow position and usage, increasing customer satisfaction and overall operational efficiency.
C2C
Cash to Cash (Cycle)
Time period spanning over cash out to suppliers to cash in from customers, thus measuring how cash is tied from production into sales.
RCCP
Rough Cut Capacity Planning
Planning over longer term in order to balance required and available capacity.
E2E
End to End (Planning)
Involving the entire supply chain processes, information flows and execution activities. Such visibility avoids siloes and spans over demand and design, through production and distribution, to delivery and after sales service.
MRP
Material Requirements Planning
Plan and manage procurement and scheduling of materials needed for production; ensure material availability in quantity and timing, optimize inventory levels, reduce stockouts.
OTIF
On Time (and) In Full
Measure the ability to fulfill delivery promises made to customers, simultaneously supplying what they required and when they required it.
VMI
Vendor Managed Inventory
Inventory management technique where supplier of goods takes responsibility to manage and optimize downstream inventory holdings.
FTL
Full Truck Load (or Truckload)
Transportation of goods in a fully loaded trailer in order to carry as much load as available space to increase efficiency and reduce item cost when moving goods, while tending to a sustainable footprint.
MPS
Master Production Schedule [or Scheduling]
Medium term horizon, aggregate and optimize production plan to fulfill demand, leveling and smoothing load with available capacity.
APS
Advanced Planning System
Streamline demand forecasting, supply planning, production planning, inventory management, distribution and logistics execution; improve planning efficiency and effectiveness to optimize resource utilization.
MES
Manufacturing Execution System
Capture and process real time data to monitor and control production activities at shopfloor; bridge gaps between enterprise level systems and shopfloor, provide real time visibility and control.
ERP
Enterprise Resource(s) Planning
Automate business processes e.g. finance, accounting, purchasing, sales, distribution, human resources, customers; record transaction unified and centralized, facilitate data flow and communication, data repository.
LIFO
Last In First Out
Account for inventory so that cost of most recently item put into stock is expensed first.
FIFO
First In First Out
Account for inventory so that cost of item put into stock first is expensed first.
QMS
Quality Management System
Method and system to formally document processes, procedures, responsibilities and accountability for quality assurance and quality control.
JIT
Just In Time
Inventory management strategy where goods are received as closely as possible to timing when they are actually needed.
MTS
Make to Stock
Production approach where goods are manufactured on a larger scale along anticipated consumer demand. It requires to keep finished goods as stock on-hand in order to deliver at the time of their purchase.
MTO
Make to Order
Production approach where goods are manufactured once customer places the order, generating additional delivery leadtime to customer while enabling customization.
PO
Purchase Order
Commercial document issued, usually after quotation, by buyer of goods to its seller specifying which goods, which quantities, which unit price and which delivery time.
MOQ
Minimum Order Quantity
Lowest quantity of goods a buyer must purchase at seller’s in order to complete such order.
API
Active Pharmaceutical Ingredient(s)
Component of a drug product, such as tablets, capsules, injectables, or cream, that provides the intended effect and treatment.
OPEX
OPerating EXpenses (or EXpenditure)
Costs incurred for the production of goods and services, which include among others materials, labour, packaging, maintenance, transportation and shipping, warehousing.
DP
Drug Product
Finished dosage form of a drug, that is in its final form and ready for consumption by patients
