Lesson 12

    Cards (46)

    • It is a formal statement setting out the estimted cost for a particular job, product or service
      Quotation
    • It is the threshold value that indicates the level below which the actual material stock items should not normally be allowed to fall
      Minimum level
    • It is a stated intention, either spoken or written, to engage in a commercial transaction for specific products or services
      order
    • This could be used as a first step in the process of purchasing. This is used to identify a need for an item
      purchase request
    • it is generally a document which is made by a user to notify the purchasing department regarding needed items and services
      purchase request
    • Allows one to track vendor quotations for items
      purchase quotation document
    • can be made manually or out of a purchase requisition
      single quotations
    • one of the biggest expenses for most medical institution
      inventory
    • plays an important part in refining the quality of healthcare services, since the lives of the people are on the line as well as because medical costs are increasing
      inventory control
    • an important activity in tracking medical inventory.
      accurate checking of shipments
    • highly vulnerable to inaccuracy
      sales projections
    • recurringly unable to cater to the needs of their patients to the best of their interests can be easily put under microscope
      medical institution
    • Used for maintenance of the attributes of an inventory item
      item tab
    • form specifies inventory levels across all warehouse
      item availability
    • the minimum quantity of an item that a company has in stock
      re-order level
    • a basic re-ordering method implemented in many ERPs and other inventory management software
      Min/Max Inventory
    • the value that prompts a re-order
      Minimum
    • the value that is representative of a new trageted stock level that follows a re-order
      maximum
    • The main differences between min and max is often interpreted as?
      Economic Order quantity
    • Are the starting point of a sale or purchase process
      Enquiries
    • Consist of various pieces of vial information of a requirement towards a sale/purchase
      Quotations
    • A stated intention, either spoken or written, to engage in a commercial transaction for specific products or services
      order
    • From a buyers point of view it expresses the intention to buy and is called?
      purchase order
    • from a sellers pov it expresses the intention to sell and is referred to
      sales order
    • a commercial document issued by a seller to the buyer, indicating the products, quantities, and agreed prices for products or services
      bill
    • this needs to be created in order to enable a quotation, order, invoce, tax form, etc.
      documents
    • a document for requesting prices and delivery information from a vendor before the purchase order
      purchase quotation
    • a document that notifies the purchasing department that certain items, or services need to be replenished
      purchase request
    • a document which records a business transaction between the buyer and the seller
      pruchase order
    • a unique ID number to trac each business transaction
      Order Number
    • details, quantity of goods, cost per unit, and total price of goods
      item description
    • location of where the invoice should be sent so the buyer can pay
      Billing address
    • The person who creates the document, either a purchase requestor order
      originator
    • immediately sent to the first approval stage when the approval process is launched
      internal request
    • Whenever possible, the person receiving the product should sign the receiving documents
      signing for deliveries
    • whenever possible, departments should refuse to accept shipments if they are unable to confirm that the order was placed by thier department
      refusing delivery
    • takes physical possession and legal ownership of the shipment
      receiving department
    • whenever a purchase is received partial delivery without acknowledgement or notification from the supplier
      purchasing agent
    • can be easily tracked/traced when they are managed by serual or batch
      goods
    • Inventory items are sold in the order they are purchased.
      First in First Out
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