Supply Chain Glossary – V Letter

Description

• Value Stream Mapping (VSM): VSM is a visual tool that analyzes and optimizes the flow of materials and information in a process.
• Vendor-Managed Inventory (VMI): VMI allows suppliers to manage inventory levels at customer locations, ensuring timely replenishment.
• Variance Analysis: Variance analysis compares actual performance against planned or expected outcomes to identify deviations.
• Virtual Reality (VR): VR technology creates immersive simulations for training, design, and visualization in industrial applications.
• Value-Added Services: Value-added services are extra offerings that enhance the value of products or services to customers.
• Value Chain Analysis: Value chain analysis examines activities and processes that contribute to the creation of value for customers.
• Vendor Rating: Vendor rating evaluates supplier performance based on predefined criteria, such as quality and delivery.
• Voice of the Customer (VoC): VoC captures customer feedback and preferences to guide product and service improvements.
• Visual Management: Visual management uses visual cues and displays to communicate information and monitor processes.
• Variable Cost: Variable costs vary with production volume and include expenses like materials and direct labor.
• Vendor Qualification: Vendor qualification assesses and verifies suppliers’ capabilities, standards, and compliance.
• Vertical Integration: Vertical integration involves controlling multiple stages of the supply chain, from production to distribution.
• Value Engineering (VE): VE focuses on optimizing product functionality and cost while meeting customer requirements.
• Virtual Factory: A virtual factory is a digital representation of manufacturing processes used for planning and optimization.
• Volume Forecasting: Volume forecasting predicts the quantity of products or materials needed to meet future demand.
• Vendor Portal: A vendor portal provides suppliers with access to information, orders, and collaboration tools.
• Value Delivery Network: A value delivery network encompasses all entities involved in delivering value to customers.
• Vendor Collaboration: Vendor collaboration fosters cooperation and communication with suppliers to achieve mutual benefits.
• Variability Analysis: Variability analysis examines fluctuations and variations in processes to improve consistency.
• Value Proposition: A value proposition defines the unique benefits a product or service offers to customers.
• Vendor Performance Management: Vendor performance management tracks and assesses supplier performance over time.
• Visual Inspection: Visual inspection assesses product quality by examining physical attributes and visual cues.
• Volume Flexibility: Volume flexibility enables production adjustments to accommodate changes in demand or order size.
• Vendor Negotiation: Vendor negotiation involves discussions with suppliers to establish favorable terms, prices, and conditions.
• Virtual Warehousing: Virtual warehousing optimizes inventory management by leveraging shared or on-demand storage.
• Variable Manufacturing Cost: Variable manufacturing costs directly relate to the production of goods and vary with production levels.
• Value Stream Improvement: Value stream improvement identifies and eliminates non-value-added activities in processes.
• Vendor Collaboration Platform: A vendor collaboration platform facilitates communication and data exchange with suppliers.
• Vulnerability Assessment: Vulnerability assessment identifies weaknesses and risks in supply chain operations and security.
• Validation Testing: Validation testing verifies that products or processes meet specified requirements and standards.
• Vendor Managed Replenishment (VMR): VMR allows suppliers to monitor and replenish inventory at customer locations, optimizing supply chain efficiency.