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60 Cards in this Set
- Front
- Back
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Demand management |
Match demand to available capacity |
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Vertically integrated firm |
A firm whose business boundaries include former suppliers and/or customers |
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TQM |
Total quality management |
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JIT |
Just in time |
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MRP |
Material requirements planning |
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MRP |
Material requirements planning |
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ERP |
Enterprise resource planning |
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Business process reengineering (BPR) |
The radical rethinking and redesigning of business processes to reduce waste and increase performance |
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Supplier management |
Encouraging or helping the firm's suppliers to perform in some desired fashion |
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Supplier evaluation |
Determining the current capabilities of suppliers |
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Supplier management |
Encouraging or helping the firms suppliers to perform in some desired fashion |
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Supplier certification |
Defined by the institute of supply management as an organizations process for evaluating the quality systems of key suppliers in an effort to eliminate incoming inspections |
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ISO 9000 |
A series of management and quality assurance standards in design, development, production, installation, and service developed by the international organization for standardization |
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Purchasing |
Obtaining merchandise, capital equipment, raw materials, services, or maintenance, repair, and operating (MRO) supplies in exchange for money or its equivalent |
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Purchasing |
Obtaining merchandise, capital equipment, raw materials, services, or maintenance, repair, and operating (MRO) supplies in exchange for money or its equivalent |
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Merchant buyers |
Wholesalers and retailers who purchase for resale |
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Purchasing |
Obtaining merchandise, capital equipment, raw materials, services, or maintenance, repair, and operating (MRO) supplies in exchange for money or its equivalent |
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Merchant buyers |
Wholesalers and retailers who purchase for resale |
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Industrial buyers |
Purchase raw materials for conversion, services, capital equipment, & MRO supplies |
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Material requisition |
An internal document initiated by the material user to request materials from the warehouse or purchasing department |
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Purchase requisition |
An internal document initiated by the material user to request the purchasing department to buy specific goods or services |
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Supplier development |
The efforts of a buying firm to improve the capabilities and performance to specific suppliers to better meet its needs |
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Supplier development |
The efforts of a buying firm to improve the capabilities and performance to specific suppliers to better meet its needs |
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Purchase order |
Is the buyers offer and becomes a binding contract when accepted by supplier. When initiated by the suppliers in their own terms the document is a sales order. The uniform commercial code governs transactions in the U.S. except Louisiana |
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Outsourcing |
Buying materials and components from suppliers instead of making them in house |
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Backward vertical integration |
Acquiring sources of supply |
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Forward vertical integration |
Awaiting customer's operations |
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Cost advantage |
Especially for components that are non-vital to the organization's operations, suppliers may have economies of scale |
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Centralized purchasing |
Purchasing department located at the firms corporate offices makes all the purchasing decisions |
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Decentralized purchasing |
Individual, local purchasing departments, such as plant level, make their own purchasing decisions |
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Barter |
The complete exchange of goods or services of equal value without the exchange of currency |
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Barter |
The complete exchange of goods or services of equal value without the exchange of currency |
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Offset |
Is an exchange agreement for industrial goods or services as a condition of military related export |
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Counter purchase |
An arrangement whereby the original exporter agrees to sell goods or services from the foreign importer |
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Reduced bullwhip effect |
The magnified reduction of safety stock costs based on coordinated planning and sharing of information |
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Strategic partnerships |
Successful and trusting relationships with top-performing suppliers |
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Demand management |
Match demand to available capacity |
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Demand management |
Match demand to available capacity |
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Transportation management |
Trade off decisions between cost & timing of delivery/customer service via trucks, rail, water & air |
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Customer relationship management |
Strategies to ensure deliveries, resolve complaints, improve communications, & determine service requirements |
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Network design |
Creating distribution networks based on trade off decisions between cost & sophistication of distribution system |
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Bench marking |
Improve over competitors' performance |
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Supply management |
A newer term that encompasses all acquisition activities |
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Traveling requisition |
A material requisition that is used for materials and standard parts that are requested on a recurring basis |
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Traveling requisition |
A material requisition that is used for materials and standard parts that are requested on a recurring basis |
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Supplier development |
The efforts of buying a firm to improve the capabilities and performance of specific suppliers to better meet its needs |
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Purchase order |
Buyer's offer that's becomes binding contract when accepted by supplier - when initiated by supplier on their own terms it is considered a sales order |
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Centralized purchasing |
Purchasing department located at the firm's corporate office makes all the purchasing decisions |
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Centralized purchasing |
Purchasing department located at the firm's corporate office makes all the purchasing decisions |
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Decentralized purchasing |
Individual, local purchasing departments, such as plant level, make their own purchasing decisions |
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Change management |
An organized approach to manage the change from the current state to the desired state |
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Trade secrets |
Proprietary info owned by the firm-financial, business, scientific, technical, economic or engineering info whether tangible or intangible |
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Total cost of ownership |
Made up of all costs associated with acquisition, use and maintenance of a good or service |
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Pre transaction costs |
Customer service activities that occur before a sale |
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Transaction costs |
Activities that occur during a sale |
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Post transaction costs |
Customer service costs that occur after a sale |
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1950 and 1960's |
U.S. Manufacturers focused on mass production techniques as their principal cost reduction and productivity improvement strategies |
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1960 & 1970's |
Introduction of new computer technology lead to development of materials requirements planning and manufacturing resource planning to coordinate inventory management and improve internal communication |
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1980 & 1990's |
Intense global competition led U.S. Manufacturers to adopt supply chain management as well as JIT, TQM, and BPR |
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2000's and beyond |
Industrial buyers will rely more on third-party service providers to improve purchasing and supply management |
