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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