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The Institute for Supply Management® (ISM) is the first supply management institute in the world. Since 1915, ISM has executed and extended its mission through education, research, standards of excellence and information dissemination — including the renowned monthly ISM Report On Business® — and maintains a strong global influence among individuals and organizations.

Glossary of Key Supply Management Terms TERM OF THE DAY:


Tax based on the value added at each stage of a product’s production or distribution; differs from a sales tax by being noncumulative; often refunded upon exportation of a good; may also be applied to services (then often referred to as a goods and services tax [GST]). Used in 135 countries including the European Union, Canada, China, and India.

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