Incorporates wider factors in the market and society in which the organization operates.

 Is the name for an item or place within which ammunition or other explosive material is stored.

MRO refers to any supplies or goods that are used within the production process, but that aren't part of the final product.

Is a process of planning, organizing, leading, and controlling, the human resources, financial, physical, and information resources of an organization to reach its goals efficiently and effectively.

Measures the efficiency of extending credit and collecting the same. It indicates the average number of times in a year a company collects its open accounts. A high ratio implies efficient credit and collection process.

Receivable Turnover = Net Credit Sales / Average Accounts Receivable

List price, or recommended retail price (RRP) of a product is the price the manufacturer recommends that the retailer sell the product for.

The manufacturing lead time is the time period between the placement of an order and the shipment of the completed order to the customer. A short manufacturing lead time is a competitive advantage; many customers want the delivery of their products as soon as possible following the placement of the order. Manufacturing lead time consists of wait time and throughput time.

Manufacturing Resource Planning (MRP II) is an integrated information system used by businesses. Manufacturing Resource Planning (MRP II) evolved from early Materials Requirement Planning (MRP) systems by including the integration of additional data, such as employee and financial needs. The system is designed to centralize, integrate and process information for effective decision making in scheduling, design engineering, inventory management and cost control in manufacturing.

The benefit gained in supplying an additional item or service.

The amount it will cost to add the item or service.

The difference between price and cost divided by cost. 

Market Economy also known as a Market System is a system allowing people to produce, sell, determine the how and what of this production and selling. The laws of supply and demand direct the production of goods and services.

Driven by free markets with no interference from government. Prices are determined by the laws of supply and demand.

When a company lower’s prices in order to reach the highest amount of customers.

A master production schedule (MPS) is a plan for individual commodities to be produced in each time period such as production, staffing, inventory, etc. It is usually linked to manufacturing where the plan indicates when and how much of each product will be demanded.

Matching is the process performed for goods and services ordered through a purchase order that takes place during receiving and approval processes.  

The "match" refers to comparing the quantities, price per unit, terms, and other information appearing on the three documents.  

Matching rights typically exist alongside rights of first refusal and usually bite after a right of refusal period has passed. A matching right is a promise that: “If any other person makes me an offer for my rights, I will come to you and, if you are willing to make me the same offer, I will sell you those rights.”

Is mechanical equipment used for the movement, storage, control and protection of materials, goods and products throughout the process of manufacturing, distribution, consumption and disposal.

Is the grouping of management functions supporting the complete cycle of materials flow, from the purchase and internal control of production materials to the planning and control of work in process to the warehousing, shipping, and distribution of the finished product.

During this stage, the product is established and the aim for the manufacturer or distributor is now to maintain the market share they have built up. This is probably the most competitive time for most products and businesses need to invest wisely in any marketing they undertake.

A measurement is an act of assigning a specific value to a physical variable. That physical variable becomes the measured variable.

A memorandum of understanding (MOU) is an agreement between two or more parties outlined in a formal document. It is not legally binding but signals the willingness of the parties to move forward with a contract. The MOU can be seen as the starting point for negotiations as it defines the scope and purpose of the talks.

A list of choices offered to the user which are typically accessed using a mouse.

A merchandiser is a business that purchases inventory and resells it to customers for a profit. Retailers and wholesalers are good examples of merchandisers because they typically buy goods from manufacturers to market and sell them to the public consumers.

The activity of promoting the sale of goods, especially by their presentation in retail outlets.

Factors or elements in a company‟s immediate area of operations that affect performance and decision-making abilities.

These factors include competitors, customers, distribution channels, suppliers and so forth.

A suite of applications that allows for the creation of documents, spreadsheets, and presentations, as well as an interface for email, cloud computing, and other applications.

An operating system that allows a PC to operate.

Milestones represent a point in the total project where activities can be signed off as completed. A milestone represents an activity or delivery which must be completed before other work can begin. There can be multiple milestones within in a contract. A milestone activity is a normally accompanied with a progress payment. 

A combination of the command system and the market system.

Mobile supply chain apps provide organizations with:

1.Real-time visibility - provides instant and up-to-date information 

2.Increased Collaboration - assists with geographical barriers in the supply chain, connecting all components regardless of location.

3.On-the-go Flexibility

4.Tracking of goods, people or processes.

5.Paperless / digital operations

A dialog box that locks the user out of an application until the dialog box is cleared.

A dialog box that allows a user to continue using applications while the box is open.

A current medium of exchange in the form of coins and banknotes; coins and banknotes collectively.

Observe and check the progress or quality of (something or someone) over a period of time; keep under systematic review and maintain regular surveillance over

A single supplier of a particular product or service.

Refers to the standards that an individual or a group has about what is right and wrong, or good and evil.

A long-term loan where the bank provides a loan for the purchase of property and takes a charge over the asset.

Multimodal transport is the transportation of goods under a single contract, but performed with at least two different modes of transport; the carrier is liable for the entire carriage, even though it is performed by several different modes of transport.