A financial statement that summarizes a company's assets, liabilities, and shareholders' equity at a specific point in time.
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A basis for comparison set by monitoring the initial performance of a process. The baseline is used as a reference point to evaluate performance improvement efforts.
One of the four Kraljic Matrix spend category segmentation classifications. Bottleneck products/services are items that represent a relative limited value in terms of money but they are vulnerable...
A specification that uses one or more manufacturers’ brand names or catalog numbers to describe the standards of quality, performance and other characteristics needed to meet the requirements of a...
The practice of outsourcing non-core internal functions to third parties. Functions typically outsourced include logistics, accounts payable, accounts receivable, payroll and human resources....
The needs of business groups, business units or even stakeholder users who consume the goods or services that are procured.
A periodic assessment of the commercial context of a business, its mission statement, goals and strategic plan. The review cadence varies, but typically is held each quarter of the calendar year...
A part of an organization that is managed like a separate business with its own profit and loss financial reporting. For example, in the General Motors group Chevrolet is a business unit.
Buying, which is commonly referred to as purchasing, is the process of ordering and receiving goods and services. It describes how they will be ordered, which includes request, approval, payment...
The purchasing of sustainably preferable products and services, i.e. products made from recycled or remanufactured materials. A comprehensive set of green purchasing guidelines might be a focus in...