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94 Cards in this Set

  • Front
  • Back

Supply Chain

Global network used to deliver products and services from raw materials to end customers through an engineered flow of information, physical distribution, and cash. Supply chains whatdon't have to be global

What are the 3 entities of a supply chain

Supplier, producer (nucleus firm/company), and customers

What are 3 characteristics of a stable supply chain stage

Predictable supply and demand



Low cost due to predictable demand and minimal charges



Production runs are long with few line changes

What are 3 characteristics of a reactive supply chain stage

Fulfills demand but without much concern as to cost



Is perceived as a cost center



Needs minimal competitive or connectivity technologies and capital assets to respond to demand

What are the 5 stages of a supply chain

Stable, reactive, reactive efficient, proactive efficient, strategic driver

Benefits to lateral supply chain

Achieve economies of scale and scope



Improve business focus and expertise



Leverage communications and production competencies


What are the 4 stages of the supply chain management evolution

Stage 1: multiple dysfunctional


Stage2: semifunctional enterprise


Stage 3: integrated enterprise


Stage 4: extended enterprise

What are 3 characteristics of the reactive efficient stage of the supply chain?

Supports competitive positioning by servicing as an efficient, low cost, and integrated unit



Focuses efficiency and cost management on the total delivered COFG



Places more importance on connectivity technology and new equipment to automate functions to reduce labor cost and improve capacity and throughput

What are 3 characteristics of the proactive efficient stage of the supply chain?

Recommends new raw materials or product designs to reduce complexity and cost



Instigates changes to product designs



Invest in integrated information systems to facilitate sharing of info

What are the 4 characteristics of the strategic drive stage of the supply chain?

Demand generation and fulfillment are fully integrated



The supply chain contributed to development of the orgs overall strategy



Forecasting, planning, and replenishment are fully integrated and visible



Technological improvements, knowledge, and real time info are shared with chain partners

What 4 basic flows connect the supply chain entities?

Flow of info



Primary product flow



Primary flow of cash



Reverse flow of products returned

Service Industry

An organization that provides an intangible product such as medical or legal advice

SCOR Model: Supply chain operations reference

The main focus of the model is on the supply chain's management processes: plan, source, make, deliver, return, and enable.

Vertical integration

Refers to the practice of bringing the supply chain inside one organization. The primary benefit is control

Lateral supply chain management

When companies turn to outsourcing various activities and deal separately with supplier and customers. Allowing the companies to focus on their core competencies and deal with each other through discrete transactions or long term contracts. This is replacing vertical integration.

Keiretsu

Japanese term; intermediate form of integration where companies largely remain legally and economically independent even though they work closely in various ways. A member usually owns limited amount of stock in other member companies

Multiple dysfunction

The (potential) nucleus company lacks clear internal definitions and goals and has no external links other than transactional ones

Semifunctional enterprise

The nucleus company takes initiatives to improve effectiveness, efficiency, and quality within fictional areas

Integrated enterprise

The company that breaks down silo walls and brings functional areas together in processes such as sales and operations planning with a focus on company wide processes rather than individual functions

Extended enterprise

The company integrates its internal network with the internal networks of selected supply chain partners to improve efficiency, product/service quality, or both.

Supply chain management

The design, planning, execution, control, and monitoring of supply chain activities with the objectives of creating net value, building a competitive infrastructure, leveraging worldwide logistics, synchronizing supply with demand and measuring performance globally

Value chain

The functions within a company that add value to the goods or services that the organization sells to customers and for which it receives payment

Value stream mapping

A lean production tool to visually understand the flow of materials from supplier to customer that includes the current process and flow as well as the value added and non value added time of all the process steps

5 objectives of supply chain management

Add value for customers and stakeholders



Improve customer service



Effectively use systemwide resources



Efficiently use systemwide resources



Leverage partner strengths

Value

The worth of an item, good, or service

Value

The worth of an item, good, or service

Value added

The actual increase of utility from the viewpoint of the customer as a part is transformed from raw material to finished inventory. It is the contribution made by an operation of a plant to the final usefulness and value of a product as seen by the customer

Triple bottom line (tbl)

The concept that corporate success should be measured in 3 dimensions; economic, social, and environmental- and not only the traditional bottom line of relative profitability

Primary stakeholder

An any business activity it is the business itself. A business must be profitable to survive and create value for any other stakeholder

Customers

Significant stakeholders in supply chain

External stakeholders

Public or private investors, lenders, and communities and governments

Sustainability

Activities that provide present benefit without compromising the needs of future generations

Green supply chain

A supply chain that considers environmental impacts on its operations and takes action along the supply chain to comply with environmental safety regulations and communicate this to customers and partners

Inventory optimization software

A computer application having the capability of finding optimal inventory strategies and policies related to customer service and return on investment over several echelons of supply chain

Return on investment

A relative measure of financial performance that provides a means for comparing various investments by calculating the profits returned during a specified time.

Return on assets

Net income for the previous 12 months divided by total assets

Market driven

In a competitive economy making money depends upon responding to customers' needs

Reverse supply chain

The planning and controlling of the processes of moving goods from the point of consumption back to the point of origin for repair, reclamation, recycling, or disposal

What are the major processes of SCOR

Plan, source, make, delivere, return, enable

Customer service

The ability of a company to address the needs, inquiries, and requests from customers

Availability

The ability to have the product when it is wanted by a customer

Operational performance

Deals with the time needed to deliver a customer order

Customer satisfaction

Takes into account customer perceptions, expectations, and opinions based on the customer's knowledge and experience

Customer satisfaction

Takes into account customer perceptions, expectations, and opinions based on the customer's knowledge and experience

Efficiency

A measurement of the actual output to the standard output expected

Customer satisfaction

Takes into account customer perceptions, expectations, and opinions based on the customer's knowledge and experience

Efficiency

A measurement of the actual output to the standard output expected

Capacity

1) The ability of a system to perform its expected function



2) The capability of a worker, machine, work center, plant, or organization to produce output part time.

Partnership

A relationship based on trust, shared risk, and rewards aimed towards achieving a competitive advantage

What are the three V's?

Visibility, velocity, variability

Visibility

The ability to view important information throughout a facility or supply chain no matter where in the facility or supply chain the information is located

Velocity

A term used to indicate the relative speed of all transactions collectively within a supply chain community

Variability

The natural tendency of the results of all business activities to fluctuate above and below an average value, such as fluctuations around average time to completion, average number defects, average daily sales, or average production yield

Bullwhip effect

An extreme change in the supply position upstream that is generated by a small change in demand downstream in the supply chain

Variety

The mix of products and services in a portfolio that must alter to meet changes in customer demand

Volume

The amount of product being produced in a given time

Supply chain risk

The variety of possible events in their outcomes that could have a negative effect on the flow of goods, services, funds, or information resulting in some level of quantitative or qualitative loss for the supply chain

Risk management

The process of identifying risks, and analyzing exposures to risk, and determining how to best handle those exposures

Risk response

A written document defining known risk including description, calls, likelihood, cost, and proposed responses that also identifies the current status of each risk. This is also known as business continuity planning

Risk response planning

The process of developing a plantable a risk and to mitigate the effect of those that cannot be avoided

Cash to cash cycle time

An indicator of how efficiently a company manages its assets to improve cash flow

Speed management

Managing the outflow of funds in order to buy goods and services, The time is intended to encompass such processes as outsourcing, procurement, e-procurement, and supply chain management

Standard costs

The target cost of an operation, process, or product, including direct materials, direct labor, and overhead charges

Standard costs

The target cost of an operation, process, or product, including direct materials, direct labor, and overhead charges

Standard cost accounting system

A cost accounting system that uses costs units determine before production for estimating the cost of an order or product

Cost of goods

And accounting classification useful for determining the amount of direct materials, direct labor, allocated overhead associate with the product so during a given period of time

Current

The price currently being paid as opposed to standard costs

Current

The price currently being paid as opposed to standard costs

Usage

Deviation of the actual consumption of materials as compared to the standard

Cost

In cost accounting, the difference between what has been budgeted for an activity and what it actually costs

Balance sheet

A financial statement showing the resources own, the debts owed, the owner share of a company at a given point in time

Balance sheet

A financial statement showing the resources own, the debts owed, the owner share of a company at a given point in time

Income

A financial statement showing the net income for a business over a given period of time

Statement of cash flows or funds flow statement

A financial statement showing the flow of cash and it's timing into and out of an organization or project over a given period of time

Accounts Receivable

The value of goods shipped or services rendered to a customer on which payment has not yet been received and usually includes an allowance for bad debts

Accounts Receivable

The value of goods shipped or services rendered to a customer on which payment has not yet been received and usually includes an allowance for bad debts

Accounts payable

The value of goods and services acquired for which payment has not yet been made

Accounts Receivable

The value of goods shipped or services rendered to a customer on which payment has not yet been received and usually includes an allowance for bad debts

Accounts payable

The value of goods and services acquired for which payment has not yet been made

Net working capital

The current assets of a firm minus its current liabilities

Accounts Receivable

The value of goods shipped or services rendered to a customer on which payment has not yet been received and usually includes an allowance for bad debts

Accounts payable

The value of goods and services acquired for which payment has not yet been made

Net working capital

The current assets of a firm minus its current liabilities

Prof

Money remaining from revenues after deduction of certain expenses

Accounts Receivable

The value of goods shipped or services rendered to a customer on which payment has not yet been received and usually includes an allowance for bad debts

Accounts payable

The value of goods and services acquired for which payment has not yet been made

Net working capital

The current assets of a firm minus its current liabilities

Prof

Money remaining from revenues after deduction of certain expenses

Profit

the difference between sales and cost of goods sold sometimes expressed as a percentage of sales

Gross profit margin

The difference between total revenue and the cost of goods sold

Gross profit margin

The difference between total revenue and the cost of goods sold

Net

Is figured by deducting all expenses, not only the cost of goods sold, from revenues

Matching

Reporting related revenues and expenses together in the period in which they were incurred

Cash flow

The net flow of dollars into or out of the proposed budget or organization