In each of the following, name the term defined. Answers are listed at the bottom.
1. Refers to how common an item is or how many substitutes might be available.
2. When a customer allows the supplier to manage inventory policy for an item or group of items.
3. A phenomenon characterized by increased variation in ordering as we move from the customer to the manufacturer in the supply chain.
4. Products that satisfy basic needs and do not change much over time.
5. Products with short life cycles and typically high profit margins.
6. A supply chain that must deal with high levels of both supply and demand uncertainty.
7. In order to cope with high levels of supply uncertainty, a firm would use this strategy to reduce risk.
8. Used to describe functions related to the flow of material in a supply chain.
9. When a firm works with suppliers to look for opportunities to save money and benefit the environment.
10. Refers to an estimate of the cost of an item that includes all costs related to the procurement and use of an item, including the costs of disposal after its useful life.