TermiKnowledge - Supply Chain, Procurement and Inventory Terminologies
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Certified Inventory Optimization Professional (CIOP) is an end-to-end supply chain certification program. The certification consists of 30 modules focusing both on traditional and futuristic topics. The traditional topics are introduction to supply chain management, all about inventory, strategic business planning, forecasting, demand management, capacity management, sales and operations planning (S&OP), master scheduling (MPS), materials requirements planning (MRP) and production activity control (PAC). It also includes topics on procurement, warehousing, transportation, distribution, and packaging. The topic on the future trends such as Blockchain, Internet of Things (IoT), Robotic Process Automation (RPA), Machine Learning (M/L) and Artificial Intelligence (AI). There is a significant focus on supporting technologies such as forecasting and process mapping tools such as Microsoft Visio. In addition to the above indicated topics the participants need to master over 3000 terminologies in supply chain management.

Everyone knows that Earth, Jupiter and Mars are planets. But only Pluto and Ceres was known as a planet until new scientific studies triggered new scientific research about the nature of these planets. We now know that they are not really planets but super-gas giants which orbit the very outer regions of our solar system. They are much too massive to be considered a planet but close enough that many scientists consider them to be a dwarf planet.

One way to distinguish a dwarf planet from a planet is by using the terms Astronomy or Astrology which describes an object's position in relation to the sun, i.e. a term planet is an object that receives no amount of solar radiation and is therefore considered a term. A dwarf planet on the other hand is an extremely large planet whop receives a significant amount of solar radiation and so it is classified a celestial body.

Many astronomers believe that a large planet such as asteroid or comets could be a habitable planet in our own solar system. The discovery of Planet Nine is an exciting announcement but more work has to be done to determine if this could actually be a rocky planet similar to Earth. If it is not a rocky planet like Earth then it could very well be a brown dwarf planet much like the Dwarf planet system which has a larger companion star. In the case of Planet Nine it would be much bigger and could be a safe target for NASA's upcoming Widefield Survey or WES.

Accounts payable represents all monies owed by an enterprise to its suppliers in agreed terms as a liability on the balance sheet of that enterprise. It is different from general notes payable, which are obligations generated by written formal legal instruments. General notes are obligations that are due by an enterprise at a particular date and are not secured by any asset or equity. Accounts payable are usually settled at the close of the year and collections are generally made in the first half of the fiscal year. Generally, the balance sheet will record the collection rather than an accounting allowance.


The process of accounts payable collection begins with a notice of default by one or more suppliers to the enterprise. The enterprise must investigate the account before attempting to collect the outstanding balances from the vendors. The enterprise must establish both a practical and potential claim to the goods or services owed by the vendors and must be able to estimate a reasonable estimate of the loss, if any, to the enterprise due to the non-payment of accounts payable by the vendors. Once the claim has been made in good faith, the vendor will then be required to make payment in terms of cash, with funds being available for a recovery action to be filed by the supplier or manufacturers in the event of refusal to pay.

Accounts Payable collection can be used by manufacturers, suppliers, distributors, or retailers to meet their short-term debt requirements. Accounts payable collections are generally less costly to large businesses since it only involves a small amount of money to create the payment process between the supplier and the receiver of the goods, with a lesser amount of money to pay the suppliers as well. This process can be established for short-term periods, such as one month to four months, or can be extended indefinitely with a contract that allows the company to set up a revolving account that collects amounts from suppliers over time. This provides an opportunity for the business to establish a sound supply chain with its suppliers and to gain a solid credit history with its suppliers and creditors. As more companies take advantage of Accounts Payable to satisfy their supplier needs and avoid additional expense to themselves, this method of collecting overdue invoices will become increasingly popular and beneficial to all parties involved.

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Certified Inventory Optimization Professional 

CIOP is an end-to-end supply chain certification that contains 30 modules such as Introduction to Supply Chain Management, All About Inventory, Production Planning System, Strategic Business Planning, Sales & Operations Planning, Master Scheduling, Material Requirements Planning, Demand Management, Capacity Management, Forecasting, Production Activity Control, Procurement, Order Quantities, Independent Demand Ordering Systems, Warehouse Management, Transportation Management, Supplier Relationship Management (SRM), Customer Relationship Management (CRM), Introduction to Quality, Introduction to Packaging, Introduction to Process, Lean, Six Sigma, Total Quality Management, Theory of Constraints, Supply Chain Technologies, Supply Chain Techniques, Industry 4.0, International Standards and Supply Chain Risk, Safety and Security. 

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CIOP Knowledge Series

One-Minute Supply Chain Facts

The most recent video is available here. To access the past videos in the One-Minute Supply Chain Facts Series, please click the playlist icon located on the Top-Right of the video.





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