by TheBusinessProfessor | Feb 23, 2025 | Operations, Project, & Supply Chain Management
What is a Competitive Bid?Competitive bids refer to prices that a vendor, supplier, or service provider quotes to a firm for its goods or services. When a firm needs a large volume of goods or is seeking professional services, it may send out an offer or an appeal in...
by TheBusinessProfessor | Feb 23, 2025 | Operations, Project, & Supply Chain Management
What is an Absolute Performance Standard?An absolute performance standard refers to a gauge used in evaluating the performance of businesses and employees. It serves as a model standard and seeks to measure how well an organization is performing and how employees are...
by TheBusinessProfessor | Feb 23, 2025 | Operations, Project, & Supply Chain Management
What is Capability Analysis?Capability analysis refers to a set of tools and calculations used in determining whether a system meets certain specification requirements. The evaluation entails statistical analysis of how well the process meets the given requirements. A...
by TheBusinessProfessor | Feb 23, 2025 | Operations, Project, & Supply Chain Management
What is the Turing Test?Developed in 1950 by Alan Turing, the Turing test is a measure for determining if a machine can perform basic human tasks, or matches up with human technology in actions, words and imaginations. This test is the foundation of Artificial...
by TheBusinessProfessor | Feb 23, 2025 | Operations, Project, & Supply Chain Management
What is Two-Bin Inventory Control?The two-bin inventory control, often referred to as Kanban, is a model or system used in determining when resources or inputs should be restocked or recharged. This system is mostly used in the manufacturing sector. Items in the...
by TheBusinessProfessor | Feb 23, 2025 | Operations, Project, & Supply Chain Management
What is Acceptable Quality Level (AQL)?Goods are sampled or inspected in order to check their quality. AQL is the maximum number of defective products that is acceptable when inspecting a sample size. There are seven levels of inspections as stipulated by ISO 2859....
