Glossary

WAITING TIME CHARGE

Charge applied by a supplier if their specified waiting time to be offloaded is exceeded.

WAREHOUSE SLOTTING

The process of assigning identity codes to picking locations based on various criteria such as unit sales, size or weight.

WARRANTY

A promise made by the supplier to the buyer, in return for a monetary sum, to repair or replace a product or service without further charge in an agreed period of time.

WARRANTY

The representation, either expressed or implied, that a certain fact regarding the subject matter of a contract is presently true or will be true. Not to be confused with “guarantee,” which means a contract or promise by one person to answer for the performance of another person.

WATER PURIFICATION

The process of removing chemicals, biological contaminants, suspended solids and gases from contaminated water.

WAYBILL (OR AIRWAY BILL)

A bill of lading issued by an airline certifying that items carried comply with standards set by the International Air Transport Authority (IATA).

WEARING PARTS

Parts with a limited lifespan that need replacing periodically.

WHISTLE-BLOWER

A person who discloses activity or information which they believe to be illegal, unethical or not in accordance with the organization’s policies and procedures.

WIRE TRANSFER

A method of transferring funds electronically from one person or entity to another using bank accounts.

WOMAN-OWNED BUSINESS ENTERPRISE (WBE)

A Woman-Owned Business Enterprise (WBE) is defined as one that is at least 51% owned, operated and controlled on a daily basis by one or more female American citizens.

WOMEN-OWNED SMALL BUSINESS CONCERN (WOSB)

Women-owned small business concern means a small business concern which is at least 51 percent owned by one or more women; or, in the case of any publicly owned business, at least 51 percent of the stock of which is owned by one or more women; and whose management and daily business operations are controlled by one or more women.

WORD-OF-MOUTH

The informal sharing of information between people.

WORK IN PROGRESS INVENTORY

Assets that are being used in the production process, which may include raw materials, labor and overheads.

WORKING CAPITAL

Capital of a business that is used in its day-to-day trading operations, calculated as the current assets minus the current liabilities.