Supply Chain Vocabulary

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Supply chains

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The network of organizations, people, activities, information, and resources involved in producing and delivering a product or service from supplier to customer.

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Supply chain management

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The process of overseeing and controlling the flow of goods, information, and finances across the supply chain to ensure efficiency and profitability.

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Subcontractor

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A person or company hired by a main contractor to perform a specific task or part of a larger project.

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Bear the extra cost

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To be responsible for paying additional expenses beyond the original budget.

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Holding stock

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Keeping goods in storage until they are needed for production or sale.

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A formal appliance

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An official request, form, or tool used for a particular process (often in business or legal contexts).

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Equity stake

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The share of ownership in a company, often expressed as a percentage.

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Supplier audit

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The process of evaluating and verifying a supplier’s compliance with quality, safety, and operational standards.

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Remedial steps

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Actions taken to correct a problem or improve a situation.