Definitions: An Analysis of Supplier Evaluation
Definitions
Economic Order Quantity
Just-in-Time
Total Quality Management
Life Cycle
Electronic Data Interchange (EDI)
Extensible Markup Language (XML)
p. Supplier Evaluation is a sourcing strategy used to assess suppliers in terms of product or service quality, delivery speed and accuracy, price competitiveness and the ability to develop / implement technologies in order to increase the value of products and services and to assure continuous improvement. Key terms include:
Economic Order Quantity
A philosophy of ordering supplies in batches rather than continuously replenishing inventory. Ordering is done this way in order to achieve price breaks offered for purchasing specific quantities (12).
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h2. Just-in-Time
A production approach that seeks to eliminate all types of waste by processing and moving materials and goods just as they are needed (12).
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Total Quality Management
A philosophy that places the responsibility of quality on workers producing products or providing services rather than on quality control. This philosophy is based on the idea that it is more efficient to produce quality inputs than to fix outputs (12).
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h2. Life Cycle
The period of time that starts at the time of the purchase of a good and continues as long as the good is used or in process.
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h2. Electronic Data Interchange (EDI)
The computer-to-computer exchange of business data in a standardized format. (9).
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h2. Extensible Markup Language (XML)
A way to create, maintain, share, and use common information formats that are self-defining, self-contained, and allow for the transfer of information over all electronic means – intranets, internets, and extranets – and all forms of media – not just paper, but even braille and voice applications (5).
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