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Supply Chain Glossary - O

Supply Chain Glossary - O

observational research

A form of research (frequently used in marketing research) where data are gathered by direct observation of consumers in the market place. See: marketing research.

1) The condition of being out of date. A loss of value occasioned by new developments that place the older property at a competitive disadvantage. A factor in depreciation. 2) A decrease in the value of an asset brought about by the development of new and more economical methods, processes, or machinery. 3) The loss of usefulness or worth of a product or facility as a result of the appearance of better or more economical products, methods, or facilities.

Inventory items that have met the obsolescence criteria established by the organization. For example, inventory that has been superceded by a new model or otherwise made obsolescent. Obsolete inventory will never be used or sold at full value. Disposing of the inventory may reduce a company's profit.

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