Product Suite

Supply Chain Glossary - O

Supply Chain Glossary - O

open period

Accounting time period for which the books will still accept adjusting entries and postings. Ant: closed period.

A seven-layer network system architecture that specifies how to communicate messages from an application on one computer to an application on another computer. Each layer is self contained, allowing for advances in one layer to be implemented without affecting the other layers. See: modular system.

A control technique used in aggregate inventory management in which authorizations to purchase are made without being committed to specific suppliers. These authorizations are often reviewed by management using such measures as commodity in dollars and by time period.

Authorization to receive goods, such as a blanket release, firm purchase order item, or supplier schedule. Open-to-receive represents near-term impact on inventory, and is often monitored as a control technique in aggregate inventory management. The total of open-to-receive, other longer term purchase commitments, and open-to-buy represents the material and services cash exposure of the company.

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