by TheBusinessProfessor | Feb 23, 2025 | Operations, Project, & Supply Chain Management
What is Perpetual Inventory?Perpetual inventory refers to a technique of accounting that records inventory purchases or sales immediately via the use of enterprise asset management software and computerized point-of-sale (POS) systems. The perpetual inventory provides...
by TheBusinessProfessor | Feb 23, 2025 | Operations, Project, & Supply Chain Management
What is Outsourcing?Outsourcing refers to a business practice of hiring someone outside of the organization to carry out a task or project that is traditionally performed in person, in-house, or by employees of the firm. Outsourcing is generally thought to provide the...
by TheBusinessProfessor | Feb 23, 2025 | Operations, Project, & Supply Chain Management
What is a Common Carrier?A common carrier refers to an individual or company that engages in the commercial transportation of goods and people for a fee. Waste removal companies, trucking companies, couriers, towing service companies, taxi services, and freight...
by TheBusinessProfessor | Feb 23, 2025 | Operations, Project, & Supply Chain Management
What is Project Management?Project management refers to a process of initiating a project, planning, executing, and managing the project until it is fully completed. It entails applying specific methods, skills, procedures, and knowledge to the execution of a...
by TheBusinessProfessor | Feb 23, 2025 | Operations, Project, & Supply Chain Management
What is a Tender in a Supply Contract?Tendering is a formal process of soliciting bids for a project that involves sending written documents to potential suppliers of goods or services, specifying the requirements of the project and inviting them to provide estimates...
by TheBusinessProfessor | Feb 23, 2025 | Operations, Project, & Supply Chain Management
What is a Requisition?Requisition is often used in procurement, it refers to a formal way of requesting goods and services form a department or supplier. It is generally in written form.There are certain situations where requisitions are used outside of purchase and...
