|
Back Order
Items ordered but
not shipped due to a stock out or some other reasons. This is
used as a measure of supplier performance and customer service
Balance of Payments
A measure for the difference in the
flows of funds across a nation's boundaries
Balance of Trade
The difference between the
value of a country's exports and imports
Balance Sheet
A statement of an
organization's
assets, liabilities and shareholder equities
Banker's Acceptance
A negotiable instrument used in
financing overseas purchases, involving a bank's commitment to
pay upon presentation of the document
Bar Code
These are machine readable
codes showing a pattern of alternating parallel bars and
spaces, representing numbers and other characters. The major
advantages of using bar coding technology in receiving and
stores operations are the reduction in error rate and improved
entry speed besides count accuracy
Bar Coding
Bar codes are machine readable
codes (seen as cluster of straight lines) that are stuck on
the packages/ products for easy identification and
computerized record keeping. Bar coding is a process that
involves sticking bar codes where required. It is mostly
used in Inventory control.
Best buy
It refers to a purchase made
representing a combination of price, quality, timing and other
elements of required service that are optimal in respect to
the organizational requirement
Best Practice
An activity , operation or an over all
system that has been successful in achieving the objective it
was meant to is the best practice for the given objective for
an organization
BID
A bid is an offer ,usually in a sealed
cover by a seller to a purchaser. It is considered to have
legal sanctity. Usually, there is a time frame
fixed for submission as well as opening of the bid.
A bid can be Single part, in which all the
Techno-commercial terms and conditions as well as
the price are listed in one cover, Two part, in
which the Techno-commercial part and the price part
are kept in separate cover and not opened at the
same time, Three part, in which Technical,
commercial and price part are submitted separately.
Bid Analysis
A comparison of the strengths and
weaknesses of the various offers received in a competitive
bidding process
Bid Bond
Also known as Bid security , it's
monetary document submitted by a tender along with the bid.
Bid bond's provision is made in order to ward off
unserious bids as in case the bidder refuses to accept the
order later the bid bond is forfeited by the purchaser
Bid opening
It's
an occasion determined by a specific day
and time on which the bids received from the vendors are
opened. Usually, the bids are opened in the presence of
bidders, purchase executives and others who might be related
to the purchase case
Bilateral Contract
A contract in which both of the
contracting parties made promises to each other. Usually, such
a contract is formed when an offer is considered and accepted
by the purchaser or offeree
Bill of Exchange
A document drawn by the seller on the
buyer, instructing the buyer to pay the amount of the purchase
under specified circumstances.
Bill of Lading
A carrier's contract and receipt
for goods it agrees to transport from one place to another and
to deliver to a designated recipient (consignee). There are
numerous types of bills of lading:
1. A clean (clear) Bill of lading or a carrier
receipted bill of lading is
provided when a shipment is deemed to be in good
condition and contains no exceptions
2.An Export bill of lading is issued by an inland
carrier to contract for the movement of goods from
from an interior point of origin to a port for the
ultimate movement to a foreign destination
3. A foul Bill of lading is a document where the
master of the vessel has taken exception and stated
that the goods were received in damaged condition
and / or the shipment was incomplete
4. An ocean bill of lading is issued by an ocean
carrier for marine transport of goods
5.An order Bill of lading is consigned to the order
of a third party, usually the shipper or a bank,
whose endorsement is required to transfer the title
to the goods. This negotiable instrument of title
must be surrendered to the carrier before the goods
will be released.
6. A short form bill of lading is a deviation from
the straight bill of lading in that it only refers
to the contract terms but does not include them
7. A straight bill of lading consigned directly to
the consignee and therefore is not negotiable.
Accordingly , the goods will usually be delivered by
the carrier without surrender of this type of bill
of lading. A delivery receipt is used at the
destination
8.A through bill of lading is issued by a shipping
company or its agent, covering more than one mode of
transportation or two or more carriers in a through
movement.
Bill of Materials
BOM or B/M is a list containing the
quantity and description of all materials required to produce
one unit of a finished product. A bill of material is an
essential element in using a material requirement planning
(MRP) system
Blanket
Order
A
term commitment to a supplier for providing certain goods or
services over a predetermined price. This system helps in
reducing small orders
Bond
A
written instrument executed by a bidder or contractor and a
second party (surety) to ensure fulfillment of the contractors
obligations to a third party
Bonded
Warehouse
A
warehouse where goods are stored until duties are paid or
goods are otherwise properly released
Brand
A
name, symbol, design or logo that an organisation uses to
appear distinct from from those of others
Breach
of Contract
A
failure to perform any promise which forms a part of a
contract
Breach
of Warranty
If
the material or product fails to meet the quality or other
specification warranted by the supplier breach of warranty is
said to have occurred
Break
Even Analysis
A
method for determining the output level at which revenues
equal cost
Break
Even Point
The
output quantity at which an organisation's revenues equal its
total cost, resulting in no profit or loss
Broker
A
middle man who brings a purchaser and a seller together. He
charges a fee for doing this job and can also provide some
services. He has no ownership of the goods
|
