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Supplier relationship management (SRM) is the systematic, enterprise-wide assessment of suppliers' strengths, performance and capabilities with respect to overall business strategy, determination of what activities to engage in with different suppliers, and planning and execution of all interactions with suppliers, in a coordinated fashion across the relationship life cycle, to maximize the ...
Quality engineering is the discipline of engineering concerned with the principles and practice of product and service quality assurance and control. [1] In software development, it is the management, development, operation and maintenance of IT systems and enterprise architectures with high quality standard.
Supplier performance management (SPM) is a business practice which extends supplier evaluation, [1] and is used to measure, analyze, and manage the performance of a supplier in an effort to cut costs, alleviate risks, and drive continuous improvement. It is a function often associated with third party management. The ultimate intent is to ...
Strategic sourcing is the process of developing channels of supply at the lowest total cost, not just the lowest purchase price.It expands upon traditional organisational purchasing activities to embrace all activities within the procurement cycle, from specification to receipt, payment for goods and services [1] to sourcing production lines where the labor market would increase firms' ROI. [2]
Quality management uses quality assurance and control of processes as well as products to achieve more consistent quality. What a customer wants and is willing to pay for it determines quality. It is a written or unwritten commitment to a known or unknown consumer in the market.
It was developed as a guide for managers of manufacturing plants on how to combine lean manufacturing and Six Sigma to improve quality and cycle time in the plant. [ 5 ] In the early 2000s Six Sigma principles expanded into other sectors of the economy, such as healthcare , finance , and supply chains .
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