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18 Cards in this Set
- Front
- Back
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Strategic sourcing
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The development and management of supplier relationships to acquire goods and services in a way that aids in achieving the immediate needs of a business
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Vendor managed inventory
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When a customer allows the supplier to manage an item or group of items
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Bullwhip effect
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The variability in demand is magnified as we move from the customer to the producer in the supply chain.
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Functional products
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Staples that people buy in a wide range of retail outlets, such as grocery stores and gas stations
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Innovative products
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Products such as fashionable clothes and personal computers that typically have a life cycle of just a few months
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Outsourcing
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Moving some of a firm's internal activities and decision responsibility to outside providers
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Logistics
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Management functions that support the complete cycle of material flow: from the purchase and internal control of production materials; to the planning and control of work-in-process; to the purchasing, shipping and distribution of the finished product
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Total cost of ownership
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Estimate of the cost of an item that includes all the costs related to the procurement and use of the item including disposing the item after its useful life.
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Inventory turnover and weeks of supply
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Measures of supply chain efficiency that are mathematically the inverse of one another
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Costs of goods sold
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The annual cost for a company to produce the goods or services provided to customers
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Average aggregate inventory value
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The total value of all items held in inventory for the firm, valued at cost
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Weeks of supply
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A measure of how many weeks' worth of inventory is in the system at a particular point in time
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Specificity
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refers to how common the item is and, in a relative sense, how many substitutes might be available
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A request for proposal (RFP)
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used for purchasing items that are more complex or expensive and where there may be a number of potential vendors
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Efficient supply chains
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utilize strategies aimed at creating the highest cost efficiency
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Risk-hedging supply chains
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utilize strategies aimed at pooling and sharing resources in a supply chain to share risk
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Responsive supply chains
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utilize strategies aimed at being responsive and flexible
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Agile supply chains
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utilize strategies aimed at being responsive and flexible to customer needs
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