ECONOMICS

Detailed explanation-1: -The term purchase order lead time (POLT) refers to the number of days it takes between the time that a company orders production inputs and the time those items arrive at the manufacturing plant. Put simply, a purchase order lead time is the estimated time it takes to receive an order after it is placed.

Detailed explanation-2: -It refers to the time from the start of the work through the end of it in a process, and it usually consists of waiting time, setup time, real operating time, and post-processing time. waiting time: It means the status of waiting for the time when the work is allocated to each machine.

Detailed explanation-3: -Lead time consists of: Preprocessing Lead Time (also known as “planning time” or “paperwork"): the time required to release a purchase order (if you buy an item) or create a job (if you manufacture an item), from the time you learn of the requirement.

Detailed explanation-4: -In supply chain management, lead time exclusively refers to the time it takes for a supplier company to have goods ready for delivery. For example, an apparel company may have a 7-day lead time for custom t-shirts. Typically, this measurement does not include shipping time.

Detailed explanation-5: -Delivery lead time is the period between when an order is placed and when that order is delivered. Delivery lead time tells a company how far in advance it needs to place an order for the delivery to arrive on time. It is one of the most important metrics for managing supply chains and inventory.