SCMG

lean production

integrated activities designed to achieve high-volume production using minimal inventories

customer value

something for which the customer is willing to pay

waste

anything that does not add value from the customers prospective

timing

careful scheduling of activities

value chain

each step in the supply chain should create value

value steam mapping

a special type of flowcharting tool used to analyze where value is or not being added as material flows through a process

procurement

the entire process overall encompassing sourcing and purchasing which can be critically important for companies leading up to the final decision

specificity

how common the item is

supplier development

finding new suppliers, improving existing ones, and keeping some competition

request for proposal

used for purchasing items that are more complex or expensive

total cost of ownership

an estimate of the cost of an item that includes all the costs related to it