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SCM > Abbreviations > Flashcards

Abbreviations Flashcards

1
Q

ERP

A

Enterprise Resource Planning = A software system that organizations use to manage and integrate the key parts of their business operations, such as finance, human resources, manufacturing, supply chain, services, and procurement

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2
Q

VMI

A

Vendor Managed Inventory: the producers taking care of the resupply in the shelves of the supermarkets

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3
Q

KPI

A

Key performance indicator

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4
Q

ROI

A

Return on Investment

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5
Q

VAL

A

Value-added logistics

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6
Q

VUCA

A

Volatile – Uncertain - Complex – Ambiguous

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7
Q

AS/RS:

A

Automate storage and retrival system (robotic rooms that process, can achieve higher thoughput, thoughput is the capaticy you have that can be handle in a certain period of time)

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8
Q

TCO

A

Total cost of ownership

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9
Q

3PL

A

third party logistics (the supplier is the 3rd party)

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10
Q

JIT

A

just in time (to supply our end customers)

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11
Q

CAD

A

Computer Aided Design

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12
Q

CCP

A

customer order commit point

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13
Q

COCP

A

customer order commit point

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14
Q

Rack-jobbing

A

related to consignment stocks but in this case instead of putting a little display in a retail store you are putting and actual person next to itReverse buying = Instead of a company seeking suppliers and negotiating deals, suppliers compete to fulfill a company’s needs. The buyer specifies the products or services they require, often through an online platform, and suppliers submit proposals to offer the best price or terms.

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15
Q

electronic data interchange

A

a technology that allows the electronic exchange of business documents between organizations in a standardized format. it enables companies to share important information like purchase orders, invoices, shipping notices and other documents without the need for manual processes like paper based systems, emails or faxes

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16
Q

supply chain management software

A

help organizations efficiently manage and optimize their supply chain processes, from raw materials procurement to product delivery to customers. It enhances the flow of goods, information, and finances along the supply chain, aiming to improve collaboration, reduce costs and increase efficiency

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17
Q

radio frequency identification

A

a wireless technology that uses chips to identify and track tags attached to objects. the tags contain electronically stored information, and RFID is commonly used for tracking inventory, managing assets and improving supply chain efficiency

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18
Q

DSN (data source name)

A

refers to a centralized system for managing and accessing data connections in applications, typically within databases or integrated software environments. it stores connection information such as database names, driver details, host servers, usernames and passwords that applications need to access specific data sources

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19
Q

SKU

A

stock keeping unit = barcode = detailed information about individual stock keeping units

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20
Q

MPS

A

Master production schedule

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21
Q

1PL

A

first party logistics refers to companies managing their own logistics and transportation of goods. they own the transportation assets such as trucks ships or planes, and directly handle the movement of products

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22
Q

2PL

A

in second party logistics, a company outsources transportation or warehousing services to a service provider. however these providers usually focus on specific tasks such as transport or storage without managing the entire logistics process. the client maintains control over other logistics activities. exaple: a company hires a shipping line, trucking company, or airline to move goods from point a to point b. the transportation provider owns the transport assets

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23
Q

3PL

A

Third-Party Logistics is the outsourcing of logistics operations to a provider that manages a broader range of activities. This could include transportation, warehousing, inventory management, packaging. 3PL providers integrate more into the customer’s supply chain, acting as an extension of their logistics operations.

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24
Q

4PL

A

Fourth-Party Logistics manages the entire supply chain on behalf of the client.

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25
Q

porters generic business strategies

A

target: broad/narrow
advantage: cost/product oriented

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26
Q

porters generic business strategies list

A

cost leadership strategy
differentiation strategy
(narrow) focus strategy(low cost)
(narrow) focus strategy (differentiation)

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27
Q

efficient supply chains

A

primary goal: supply demand at lowest cost
product design strategy: maximize performance at a minimum product cost
pricing strategy: lower margins because price is a prime customer driver
manufacturing strategy: lower cost through high utilisation
inventory strategy: minimize inventory to lower cost
lead time strategy: reduce, but not at the expense of costs
supplier strategy: select based on cost and quality

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28
Q

responsive supply chains

A

respond quickly to demand
create modularity to allow postponement of product differentiation
higher margins because price is not a prime customer driver
maintain buffer inventory to deal with demand/supply uncertainty
reduce aggressively, even if the costs are significant
select based on speed, flexibility, reliability and quality

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29
Q

logistical drivers

A

facilities
inventory
transport

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30
Q

cross functional drivers

A

information
sourcing

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31
Q

drivers of supply chain performance

A

facilities
inventory
transportation
sourcing
pricing

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32
Q

information is used when making decisions about

A

facility
inventory
transportation
sourcing
pricing and revenue management
information technology

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33
Q

total order costs

A

F*D/Q

34
Q

inventory costs

A

hpq/2

35
Q

total costs

A

TC=FD/Q + hPQ/2

36
Q

what is Q

A

the order quantity where total cosst of ordering and the inventory is lowest

37
Q

what is F

A

costs per order

38
Q

What is D

A

demand quantity

39
Q

h*P

A

inventory cost per unit

40
Q

FTL

A

full truck load, not only depth but also height

41
Q

cash2cash C2C

A

cycle roughly measures the average amount time from when cash enters the process as cost to when it returns as collected revenue

42
Q

supply chain manager, avg days in stock

A

40 days

43
Q

purchasing manager, avg payment suppliers

A

30 days

44
Q

sales manager, avg pay from customers

A

50 days

45
Q

to calculate C2C

A

40+50-30=60 days

46
Q

stock turns/inventory turnover

A

measures the performance of inventory and is calculated by dividing the yearly cost of goods by the average value of the stocks. in other terms how many times a year are stocks refreshed

47
Q

turnover time of inventory

A

measures the average time goods are kept in inventory and is calculated by first calculating the turnover speed of the inventory. then express this turnover speed in number of days a year

48
Q

VMI

A

vendor managed inventory
the producers taking care of the resupply in the shelves of the marker
1. make to stock
2. assemble to order
3. make to order
4. engineer to order

49
Q

MTO (make to order)

A

Raw material

50
Q

ATO (Assemble to order)

A

Semi finished good

51
Q

MTS (Make to stock)

A

Finished good

52
Q

PTO

A

Pack to order

53
Q

strategic

A

year + concerns
develop, deploy and invest

54
Q

tactical

A

months,years concerns
forecast sales
demand planning
supply planning

55
Q

operational

A

weekly concerns
manage orders
program operations
execute and release orders

56
Q

qualitative techniques

A

survey
expert groups
saales force composite: sales force reflection
test markets

57
Q

quantitative techniques

A

time series
analytic method
causal
simulations

58
Q

techniques for forecasting

A

qualitative
time series
causal
simulation

59
Q

observed demand

A

systematic component + random component

60
Q

systematic component

A

measures expected value of demand
level
trend
seasonality

61
Q

random component

A

part of forecast that deviates from systematic part

62
Q

forecast error

A

difference between forecast and actual demand

63
Q

time series

A

a sequence of data poins, measured typically at successive times spaced at uniform time intervals.

64
Q

time series analysis

A

consists of methods for analyzing time series data in order to extract meaningful statistics and other characteristics of the data

65
Q

methods

A

static or adaptive

66
Q

risk

A

too much emphasis on past events to predict future events

67
Q

moving average

A

Used when demand has no observable trend or seasonality
Systematic component of demand = level

68
Q

SIMPLE EXPONENTIAL SMOOTHING:

A

Used when demand has no observable trend or seasonality
Systematic component of demand = level

69
Q

HOLT’S MODEL:

A

Used when the demand is assumed to have a level and trend in the systematic component of demand but no seasonality
Systematic component of demand = level + trend

70
Q

WINTER’S MODEL:

A

Appropriate when the systematic component of demand has a level, trend, and seasonal factor
Systematic component = (level + trend) x seasonal factor

71
Q

Exponential smoothing

A

is a rule of thumb using the exponential window function technique for smoothing time series . Whereas in the simple moving average data the past observations are weighted equally, exponential functions are used to assign exponentially decreasing weights over time.

72
Q

the bias:

A

average deviation forecast on demand over a longer period

73
Q

the mape

A

absolute error % per time bucket

74
Q

forecast accuracy

A

this parameter will show how accurate your forecast was
100% = perfect forecast

75
Q

calculate FA

A

1- (absolute error/Actualy demand) *100

76
Q

absolute error

A

error/actual demand

77
Q

traditional buying-selling

A

supplier
(order and delivery)
customer warehouse
(sales)
shop

78
Q

vendor managed inventory VMI

A

supplier
(sales info, forecast, stock info, delivery)
customer warehouse
(sales)
shop

79
Q

Bottom-up approach:

A

Decisions or strategies are made based on input from employees at lower levels, which eventually shape organizational policies

80
Q

Top-down approach:

A

Executives set the company’s goals and strategies, which are then broken down into smaller tasks for different departments.

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