Final answer:
The time from ordering an item until it is received and prepared for use is known as 'order cycle time', which is a crucial term in supply chain management affecting customer satisfaction and inventory.
Step-by-step explanation:
The time from ordering an item until it is received and ready for use is referred to as the order cycle time. This period encompasses all processes from the moment an order is placed until the product is delivered and set up for its intended use.
It includes manufacturing time (if applicable), processing of the order, picking and packing, shipping, and any final assembly or installation. This term is crucial in supply chain management, as it directly influences customer satisfaction and inventory levels.
Using Richard's Furniture Company as an example with its deliveries from 10 a.m. to 2 p.m., if we are interested in how long past the 10 a.m. start time individuals wait for their delivery, we'd be investigating a component of the order cycle time related to delivery scheduling and performance.