Capital that is put into a new or growing business in return for part-ownership of the business and a share of the profits.

A procedure describes how (the steps involved) the activities of the process are to be performed.  Procedures / actions / activities / work instructions all describe the lowest level of decomposition i.e.: the procedure cannot be broken down further.

A procedure consists of a series of steps which explain the activities and tasks that are needed to perform and activity. Procedures provide step by step instruction to the user on how to perform an activity or task. For example; a separate procedure will be in place for processing a sales order, for picking and packing inventory, for arranging transport and delivering goods to the customer and for customer service and sales services.

A procedure consists of a series of steps which explain the activities and tasks that are needed to perform and activity. Procedures provide step by step instruction to the user on how to perform an activity or task. For example; a separate procedure will be in place for processing a sales order, for picking and packing inventory, for arranging transport and delivering goods to the customer and for customer service and sales services.

A process defines what needs to be done.  Example: All computers need to be upgraded with the latest software.

A process flow is a series of tasks and activities that need to be done in a certain order to achieve an end result. Processes can be defined across difference functions of a business. Example: a sales order fulfilment process will include the following functions: sales order processes, warehouse picking and packing, logistics and transportation and customer service and sales.

The piece of hardware that allows a computer to interact with programs and applications.

They can guide procurement staff through the process of transparent and effective procurement and help detect and report irregularities. Compliance checklists reflect good practice in procurement processes by providing a set of indicators to assess adherence to procurement rules and regulations.

Procurement planning: is the process of identifying and consolidating requirements and determining the timeframes for their procurement with the aim of having them as and when they are required A good procurement plan will describe the process in the identification and selection of suppliers/contractors/consultants

An article or substance that is manufactured or refined for sale.

Factors of production are the items needed to create a service or product. Factors include things like labour, capital, land and entrepreneurship.

Productivity is defined as the efficient use of resources (materials, labour, money, time) and utilisation of machines, land, energy and information, in the production of various goods and services. Higher productivity means accomplishing more with the same amount of resources or achieving higher output in terms of volume and quality from the same input.

Company productivity is generally defined as the “function of the output performance of the individual firm compared with its input”

In economic terms, productivity refers to the extent to which a firm is able to optimize its management resources in order to achieve its goals

© Asian Productivity Organization, 2003

Refers to facts, feelings, and opinions the customer has shared with you . It is now time for you to paraphrase what the customer told you, and to repeat the information in your own words. Make sure to use words that confirm what the customer said, and structure your response in an organised and respectful manner.

The amount by which revenue from sales exceeds costs in a business.

When a company’s objective is to earn as much profit as possible.

A contract which is in place for multiple activities and/or delivery dates may have progress payments linked to it. A progress payment will be paid for the portion of work as it is completed. A contract may have multiple progress payments which are paid over the duration of the contract. 

A project dashboard quickly communicates project progress. It provides real time information about the project status. It is easy to read and understand and usually has alerts set for achievement indicators.

Project management is the practice of initiating, planning, executing, controlling and finalising work to achieve specific goals and meet specific success criteria within (and by) a specified time. It is a process by which projects are defined, planned, monitored, controlled and delivered.

According to transport regulations in most countries, all dangerous goods must be assigned a standard, recognized name – known as a Proper Shipping Name – as is shown on the Dangerous Goods List of the applicable transport regulations.

A thing or things belonging to someone; possessions collectively.

A municipal tax charged on the assessed value of a property.

A person, organization or business that offers a good or service

The degree to which a business or activity yields profit or financial gain.

Public Sector Contract is an agreement entered into between the Purchaser and the Supplier, together with the Contract Documents. The agreement and the Contract Documents constitute the Contract

A method of production control in which downstream activities signal their needs to upstream activities. Pull production strives to eliminate overproduction and is one of the three major components of a complete just-in-time production system.

A purchase order is a legally binding document between a supplier and a buyer. It details the items the buyer agrees to purchase at a certain price point. It also outlines the delivery date and terms of payment for the buyer. Purchase order computer systems have made the purchasing process more efficient and allow for better inventory and payment tracking.

Purchasing is the specific act of acquiring something by paying money for it.

Is the interval between when the decision is made to acquire goods and when the goods are received.

To satisfy specific customer or user requirements, Quality is a measure of excellence or a state of being that is free from defects, deficiencies and significant variations. To achieve the acceptable uniformity of quality in a product, a strict and consistent commitment to the agreed standards is necessary.

Some other popular definitions for quality, all of which are right, as they each contain a key element of what quality means to users of products and services, are listed below:

A degree of excellence;

 Conformance to requirements;

 Totality of characteristics which act to satisfy a need;

 Fitness for use;

 Fitness for purpose;

 Freedom from defects;

 Delighting customers

Quality or Behavioural Expectations focus on the means or methods for achieving a goal.

Example: Customer complaints should be actively listened to, documented in writing, thoroughly investigated, resolved by appropriate action, and results should be communicated to the customer within two (2) working days.

Is a small group of employees who work in the same work area are doing a similar type of work who voluntarily meet regularly for above an hour every week identity, analyse, and resolve work-related problems, leading to improvement in their total performance, and enrichment of the work-life.

Quality at the source is a lean manufacturing principle which defines that quality output is not only measured at the end of the production line but at every step of the productive process and being the responsibility of each individual who contributes to the production or on time delivery of a product or service.

Relating to, measuring, or measured by the quantity of something rather than its quality.

Quantity or Output Expectations focus on results and often involve a numerical measurement.

Example: Accurately process 50 housing applications per day.

Items of inventory that are separated from normal inventory and are not available for sale. Inventory items in quarantine can include items returned from customers, items set aside for inspection from production, items set aside for inspection from suppliers, items set aside from normal inventory which may be damaged.

An RFx is a catch-all term that refers to any document that is a 'request for' something. It represents documents like requests for proposals (RFPs), request for quotations (RFQs) and more. 

Are a type of tracking system that uses radio frequency to search, identify, track, and communicate with items and people.

Roll-on/roll-off or RO-RO is the term given when freight is loaded onto a road vehicle at some inland origin, the vehicle is then driven to an appropriate port and, upon arrival at port, driven straight onto a vessel.

Racking (in a warehouse) is defined as: A vital part of a warehouse infrastructure (consisting of steel upright structures) that uses frames, beams, and connectors to support raw material, components and finished goods that are to be kept in storage

Randomness is another factor that affects time series data. Randomness re-fers to unexpected events that may distort trends that otherwise exist over the long-term. Events such as natural disasters, political crisis, and the out-break of war can result in temporary distortions in trends.

Is a variant of the popular multiple-choice question which is widely used to gather information that provides relative information about a specific topic.

The reorder point is the level of inventory which triggers an action to replenish that particular inventory stock. It is a minimum amount of an item which a firm holds in stock, such that, when stock falls to this amount, the item must be reordered.

Relating to a system in which input data is processed within milliseconds so that it is available virtually immediately as feedback to the process from which it is coming,

A period of reduced economic activity.