January 2017 Volume 2, Issue 5

“Learn Together. Grow Together.”

MELT Leadership Luncheon Program
Tue, Jan 10, 2017
11:30 AM - 1:00 PM
Image Net Consulting
7231 E. 41st Street South
Tulsa, Oklahoma 74136

2016-2017

ISM-Tulsa

Board of Directors

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Welcome New Members
For Membership Information please contact Carol Glasgow - Director of membership;
Noteworthy News Articles
http://www.scmr.com/news /

ISM-Tulsa
Calendar of Events
2016-2017
Jan. 10th / MELT Leadership Luncheon Program
Image Net Consulting
7231 E. 41st Street South
11:30 – 1:00 PM
Mar. 28th / NSU Annual Meeting & Scholarship Award Dinner
NSU Broken Arrow
5:30-7:00 PM
May 9th / MELT Social Etiquette Dinner Program
Mayo Hotel - Downtown Tulsa
5:30 – 7:00 PM
May 22nd / Annual Golf Outing
Meadow Brook Country Club
July 11th / MELT Diversity Luncheon Program
Location TBD
11:30 – 1:00 PM
"The New Year, like an Infant Heir to the whole world, was waited for, with welcomes, presents, and rejoicings."
- Charles Dickens, The Chimes


ISM-Tulsa, Inc. 2016-2017
Mission for 2016-2017ISM-Tulsa’s mission is to promote professionalism, integrity and education in purchasing and supply management.
Vision for 2016-2017To be recognized as the premier professional association in Northeast Oklahoma.
Values for 2016-2017A professional association which desires to:
·  Provide our membership with educational opportunities to further their careers;
·  Provide members and others with training towards professional ISM certifications;
·  To be a conduit of information from ISM and leaders in the supply chain management profession and field;
·  To provide members with relevant and timely educational training that is pertinent to the supply chain management profession.
Looking to the Future of the Affiliate
Focusing on:
Ø  Continuing Education
Ø  Skills development
Ø  Certification Support Programs
About Institute for Supply Management®
Founded in 1915 as the first supply management institute in the world, Institute for Supply Management® (ISM®) is committed to advancing the practice of supply chain management to drive value and competitive advantage for its members, contributing to a prosperous and sustainable world. This year, ISM celebrates 100 years of leading, innovating and guiding the profession through the renowned ISM Report On Business®, highly regarded certification programs, and industry-standard training and educational resources. ISM is a not-for-profit organization with global influence, serving supply chain professionals in more than 90 countries. This report has been issued by the association since 1931, except for a four-year interruption during World War II. /

Buyer Dan Supply Chain January Glossary

Backflushing

The deduction from inventory, after manufacture, of the component parts used in a parent by exploding the bill of materials by the production total of parents produced.

Consignment Stock

The stock of goods held by an external customer which is still the property of the supplier but for which payment is only made when stock is sold or used by the customer.

Economic Order Interval (EOI)

In fixed order interval systems, the interval between orders that will minimize the total inventory cost, under a given set of circumstances, obtained by trade off analysis between the cost of placing an order and the cost of holding stock.

Inventory Shrinkage

Losses resulting from scrap, deterioration, pilferage, etc.

Pareto Principle

The heuristic rule which states that where there is a large number of contributors to a result, the majority of the result is due to a minority of the contributors. Sometimes known as the 80/20 rule, which states that, in many cases, approximately 80% of the turnover (stock etc.) can be ascribed to approximately 20% of the customers, articles or orders. The actual ratio in a particular case can be determined by ranking the customers and products etc. in order of magnitude and then calculating what percentage of the turnover (stock etc.) corresponds to 10%, 20% 30% etc. of the customer and products etc. The basis of ABC analysis.