Fhyzics brought out this series of articles on supply chain terminologies to help the supply chain aspirants better prepare for supply chain and procurement job interviews. Each article will contain a set of terminologies in one of the supply chain or procurement sub-domains and are equally applicable to all industries.

Fhyzics Business Consultants Pvt. Ltd. – a boutique business consulting firm specialising in supply chain management, procurement, business analysis and new product development. Fhyzics offers consulting, certifications, and civil services training and conducts conferences. Fhyzics represents the Association of Supply Chain Management (ASCM/APICS), USA; Chartered Institute of Procurement and Supply (CIPS), UK; EEP of International Institute of Business Analysis, IIBA, Canada; REP of International Requirements Engineering Board, IREB, Germany; Indian Affiliate of Product Development and Management Association, PDMA, USA.

Top Supply Chain and Procurement Terminologies

Acceptance testing
Accrual
Annual planning cycle
Approved supplier list
Arms length relationship
Asset value
Bargaining power
Benchmarked prices
Bill of materials
Break even points
Breakthrough results
Business case
Business requirement
Business requirements definition (BRD)
Buying off contract
Call off
Capability
Capacity
Cash flow
Change management
Collaborative agreement
Company annual reports
Competitive assessment / ‘teardown’
Competitive bids
Consumer markets
Continuous improvements
Corporate goals
Cost estimating \cost leadership
Cost down approach
Cost benefit analysis
Criteria
Critical path
Cross functional collaboration
Decommissioned
Design specification
Differentiation
Direct cost
Direct marketing
Distribution marketing
Distribution channel
Early adopters
Early supplier involvements
Ergonomics
Exit barriers
Financial budget
Fixed costs
Framework agreement
Functional requirements
Functional tests
Histogram
Hybrid strategies
Indirect cost
Innovators
Invitation to tender (ITT)
Issues management
Key suppliers
Kraljic matrix
Laggards
Lead time
Lean
Learning curve
Liability
Life cycle costing
Limitation of liability
Line of best fit
Logarithmic scale
Market comparisons
Middle majority
Mission statement
Mitigation actions
Modified re-buy
Monte carlo model
New purchase
Nonfunctional requirements
Nonprofit organization
Normal distribution
Open book costing
Opportunity cost
Order patterns
Outcome focused specifications
Output specifications
Performance measures
Performance specification
Premium price
Price analysis
Price Comparator
Price indexes
Procurement specification
Product life cycle
Productivity
Profit
Pugh analysis
Purchase cost analysis
Purchase order
Quality function deployment
Regulatory bodies
Request for information
Request for proposal
Request for quotation
Requisition
Return on investment
Risk assessment
Rivalry
Safety stock
Semi variable costs
Should cost analysis
Six sigma
Social capital
Sourcing strategy
Specification
Sponsor
Standard deviation
Statement of needs
Statement of work
Straight re-buy
Strategic suppliers
Substitutes
Super profits
Supplier cost breakdowns
Supply market
Switching costs
Target cost analysis
Target costs
Technical specifications
Tendering process
Terms and conditions
Through life contracts
Tolerances
Total cost modeling
Total cost of ownership analysis
Trigger events
Value chain
Value engineering
Variable costs
Vision statement
Volume discount
Warranties
Zero based budget

The fifty questions presented above will help the following supply chain job interviews.Demand Planner; Production Planner; Supply Planner; Supply Chain Analyst; Supply Chain Head; Inventory Controller; Materials Planner; VP Supply Chain; Warehouse Executive; Warehouse Manager; Inventory Analyst; Master Planner; Master Scheduler; Materials Manager; Category Manager; Commodity Manager; Procurement Specialist; Purchasing Manager; Sourcing Manager; Operations Manager; Operations Director; Production Manager; Production Scheduler; Logistics Coordinator; Logistics Manager; Transportation Analyst; Inventory Manager; Director of Supply Chain; Consultant; Buyer Planner; Logistics Resource Planner; Load Planner; Quality Manager; Production Supervisor; Production Operative; Strategic Sourcing Manager; Purchasing and Inventory Clerk; Logistics Administrator; Reverse Logistics Manager; Transport Administrator; Supply Chain Solution Design Analyst; Warehouse Clerk; Production Clerk; Production Technician; Inventory Associate; Export Manager; Capacity Manager; Manufacturing Manager; Plant Manager; VP of Operations; VP of Manufacturing; Supply Clerk; Replenishment Manager; Director of Procurement; Purchasing Agent; Vendor Manager; Fulfillment Associate; Route Manager; Import Manager; Distribution Manager; Director of Transportation; Operations Assistant; Quality Technician; Business Process Analyst; Quality Assurance Engineer; Continuous Improvement Manager; Planning Engineer; Lean, Six Sigma Specialist; SAP Consultant; Import Export Executive; Supply Network Specialist; Material Availability Analyst; Team Manager SCM; SCM Trainer; Sr. Specialist Supply Chain Logistics Management; Sustainable Supply Chain Specialist; Supply Chain Planner; Manager Supply Chain Management Analytics; Procurement Lead; Manager Store; Procurement Professional; Logistics Specialist; Global Delivery Manager; Sourcing Support Specialist; Category Head; Regional Logistics Incharge; Dispatch Incharge; Digital Transformation Leader for Supply Chain; Field Delivery Executive; Indirect Procurement Officer; DC Manager; Regional Procurement Lead; Yard Supervisor; Principal Buyer; Procurement HR; Fleet Coordinator; Supplier Developer; Vendor Consultant; Transportation Analyst; Manager Hub Operations; Supply Chain Planning System Manager;