Reading...
Play button
Play button
Use LEFT and RIGHT arrow keys to navigate between flashcards;
Use UP and DOWN arrow keys to flip the card;
H to show hint;
A reads text to speech;
39 Cards in this Set
- Front
- Back
|
supply chain
|
The network of services, material, and information flows that link a firm's customer relationship, order fulfillment, and supplier relationship processes to those of its suppliers and customers.
|
|
|
supply chain management
|
Developing a strategy to organize, control, and motivate the resources involved in the flow of services and materials within the supply chain.
|
|
|
supply chain strategy
|
Designing a firm's supply chain to meet the competitive priorities of the firm's operations strategy.
|
|
|
inventory
|
A stock of materials used to satisfy customer demand or to support the production of services or goods.
|
|
|
raw materials (RM)
|
The inventories needed for the production of services or goods.
|
|
|
work-in-process (WIP)
|
Items, such as components or assemblies, needed to produce a final product in manufacturing.
|
|
|
finished goods (FG)
|
The items in manufacturing plants, warehouses, and retail outlets that are sold to the firm's customers.
|
|
|
average aggregate inventory value
|
The total value of items held in inventory for a firm.
|
|
|
weeks of supply
|
An inventory measure obtained by dividing the average aggregrate inventory value by sales per week at cost.
|
|
|
weeks of supply formula
|
weekly supply= average aggregrate inventory value/ weekly sales (at cost)
|
|
|
inventory turnover
|
An inventory measure obtained by dividing annual sales at cost by the average aggregrate inventory value maintained during the year.
|
|
|
Inventory turnover formula
|
= Annual sales (at cost)/ Average aggregrate inventory value maintained during the year.
|
|
|
centralized placement
|
Keeping all the inventory of a product at a single location such as a firm's manufacturing plant or a warehouse and shipping directly to each of its customers.
|
|
|
inventory pooling
|
A reduction in inventory and safety stock because of the merging of variable demands from customers.
|
|
|
forward placement
|
Locating stock closer to customers at a warehouse, DC, wholesaler, or retailer.
|
|
|
vendor-managed inventories (VMI)
|
An extreme application of the forward placement tactic, which involves locating the inventories at the customer's facilities.
|
|
|
continuous replenishment program (CRP)
|
A VMI method in which the supplier monitors the customer's inventory levels and replenishes the stock as needed.
|
|
|
radio frequency identification (RFID)
|
A method for identifying items through the use of radio signals from a tag attached to an item.
|
|
|
cross-docking
|
The packing of products on incoming shipments so that they can be easily sorted at intermediate warehouses for outgoing shipments based on their final destinations; the items are carried from the incoming-vehicle docking point to the outgoing-vehicle docking point without being stored in inventory at the warehouse.
|
|
|
purchasing
|
The activity that decides which suppliers to use, negotiates contracts, and determines whether to buy locally.
|
|
|
green purchasing
|
The process of identifying, assessing, and managing the flow of environmental waste and finding ways to reduce it and minimize its impact on the environment.
|
|
|
competitive advantage
|
A supplier relation that views negotiations between buyer and seller as a zero-sum game: Whatever one side loses, the other side gains, and short-term advantages are prized over long-term commitments.
|
|
|
cooperative orientation
|
A supplier relation in which the buyer and seller are partners, each helping the other as much as possible.
|
|
|
sole sourcing
|
The awarding of a contract for a service or item to only one supplier.
|
|
|
electronic data interchange (EDI)
|
A technology that enables the transmission of routine business documents having a standard format from computer over telephone or direct leased lines.
|
|
|
catalog hubs
|
A system whereby suppliers post their catalog of items on the internet and buyers select what they need and purchase them electronically.
|
|
|
exchange
|
An electronic marketplace where buying firms and selling firms come together to do business.
|
|
|
auction
|
A marketplace where firms place competitive bids to buy something.
|
|
|
value analysis
|
A systematic effort to reduce the cost or improve the performance of services or products, either purchased or produced.
|
|
|
early supplier involvement
|
A program that includes suppliers in the design phase of a service or product.
|
|
|
presourcing
|
A level of supplier involvement in which suppliers are selected early in a product's concept development stage and are given significant, if not total, responsibility for the design of certain components or systems of the product.
|
|
|
mass customization
|
A strategy whereby a firm's flexible processes generate a wide variety of personalized services or products at reasonably low costs.
|
|
|
postponement
|
An organizational concept whereby some of the final activities in the provision of a service or product are delayed until the orders are received.
|
|
|
channel assembly
|
The process of using members of the distribution channel as if they were assembly stations in the factory.
|
|
|
outsourcing
|
Paying suppliers and distributors to perform processes and provide needed services and materials.
|
|
|
make-or-buy decision
|
A managerial choice between whether to outsource a processor do it in-house.
|
|
|
backward integration
|
A firm's movement upstream toward the sources of raw materials, parts, and services through acquisitions
|
|
|
forward integration
|
Acquiring more channels of distribution, such as distribution centers (warehouses) and retail stores, or even business customers.
|
|
|
offshoring
|
A supply chain strategy that involves moving processes to another country
|
