by TheBusinessProfessor | Feb 23, 2025 | Operations, Project, & Supply Chain Management
What is an Accomplished Bill of Lading?A bill of lading is a document issued by a carrier of a ship’s cargo to the shipper evidencing the cargo and ownership. The bill of lading is a contract, often issued as a receipt of carriage that serves as a reference that...
by TheBusinessProfessor | Feb 23, 2025 | Operations, Project, & Supply Chain Management
What is a Manufacturer’s Identification Number?The United States Customs use the Manufacturer’s Identification Number (MID) in the electronic data processing and monitoring of manufacturers. MID is an identifying reference number given to manufacturers...
by TheBusinessProfessor | Feb 23, 2025 | Operations, Project, & Supply Chain Management
What is an Original Equipment Manufacturer (OEM)?An original equipment manufacturer (OEM) is referred to as the company producing components to be used in the final products manufactured and sold by another company. The company purchasing from an OEM manufacturer is...
by TheBusinessProfessor | Feb 23, 2025 | Operations, Project, & Supply Chain Management
What is User Experience (UX)?The International Organization for Standardization defines User Experience (UX) as, a persons perceptions and responses resulting from the use and or anticipated use of a product, system or service. According to the ISO, the user...
by TheBusinessProfessor | Feb 23, 2025 | Operations, Project, & Supply Chain Management
What is the Inventory Turnover Ratio?Inventory turnover, also known as Sales Turnover, is a metric representing the rate at which a company sells its inventory and replaces it in a given period. Inventory Turnover Ratio = COGS / Average InventoryThis metric is...
by TheBusinessProfessor | Feb 23, 2025 | Operations, Project, & Supply Chain Management
What is Logistics?Logistics is described as the entire process that entails how goods are procured from an initial point, stored (if need be), and then transported to their final destination. Logistics may also refer to how a company manages and structurally organizes...
