Chapter 10 Flashcards
(12 cards)
International strategies
Global standardization, Localization strategy, Transnational strategy and international strategy
Risk
An uncertain event or condition that, if it occurs, has a positive or negative effect on project objectives.
Risk management
An attempt to recognize and manage potential and unforeseen trouble spots that may occur when the project is implemented.
Risk management process
Risk identification, risk assessment, risk response development and risk response control.
Inventory
Is the stock of any item or resource used in an organization. Includes raw materials, finished products, component parts, supplies, and work-in-process.
Inventory system
Is the set of policies and controls that monitor levels of inventory.
Determines what levels should be maintained, when stock should be replenished, and how large orders should be
Inventory costs
Holding costs, Setup costs, Ordering costs, and Shortage costs.
ABC inventory classification
It divides items into three categories: high dollar volume (A), moderate dollar volume (B), and low dollar volume (C).
Inventory accuracy
It refers to how well the inventory records agree with physical count.
Cycle counting
A physical inventory-taking technique in which inventory is counted on a frequent basis rather than one or twice a year
Inventory management
It´s the process of overseeing and controlling the flow of goods within a business, form raw materials to finished products
Inventory models
Single-period model, Fixed-order quantity model, and Fixed–time period model
