Letter of Understanding

Also called letter of agreement, letter of understanding (LOU) is essentially a document reaffirming or putting down in writing mutual agreements or a contract’s terms that have only been discussed verbally up to a point. To prepare an LOU, several aspects should be looked into and ascertained such as the parties involved, authority of individual […]

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All-Time Order

All-time order is the final purchase order for a product that’s supposedly in the fagging end of its life cycle. In other words, it’s the final purchase a company makes for a specific product that is about to be discontinued. The buying company must ascertain the number of units to be bought when placing the […]

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Allocated Inventory

Also called allocated stock, allocated inventory is a warehousing term indicating the number of units a firm keeps aside in inventory for a specific retail store, customer or any other purpose. The allocated goods are not available for sale to other clients. For example, if a firm has 100 (total) units in its inventory, with […]

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Agile Manufacturing

Agile manufacturing is an operations management strategy that incorporates a highly integrated communication and flexible production setup and a flatter hierarchy for developing tools, training methods, and processes to respond to fluctuating market demand and thereby attain optimal production. In other words, an agile manufacturer can use existing tools, labor, equipment and raw materials to […]

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Adverse Event

Adverse event is a healthcare term that indicates any undesirable and unintended series of events (psychological and/or physical) a patient experiences or could have undergone courtesy therapeutic goods or medical treatment such as hospitalization, surgery, medical product usage, medical test or research, etc. Any patient irrespective of his disease, medical condition, or medical diagnosis can […]

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