AD 680 test study Flashcards
Global Supply Chain:
The network created among different worldwide functions and activities that contribute in the production and delivery of a product or service.
Manufacturing and Service Supply Chains:
: The sequence of processes involved in the production and distribution of goods or services.
Operations Management
The administration of business practices to create the highest level of efficiency within an organization.
Supply Chain Strategy:
An iterative process that evaluates the cost-benefit trade-offs of operational components.
Push-Pull Strategy:
A strategy that involves “pushing” the product through the supply chain to consumers and then “pulling” it back in the form of demand.
Bullwhip Effect:
A distribution channel phenomenon in which forecasts yield supply chain inefficiencies.
Supplier Management:
The process that ensures value is received for the money spent with suppliers.
Supplier Selection:
The process of finding and choosing the suppliers who can meet the company’s requirements.
Procurement Management:
The process of planning, executing, and controlling procurement.
Sourcing Strategies:
Decisions and processes relating to how an organization sources its goods and services.
Forecasting Framework:
A plan for predicting future numbers, quantities, or trends.
Time Series Forecasting Model:
A model that predicts future values based on previously observed values.
Mean Absolute Deviation (MAD):
A measure of the average magnitude of errors in a set of forecasts.
Extended Enterprise:
The concept that a company does not operate in isolation because it is part of a larger process that includes many other business entities such as suppliers, intermediaries, logistic providers, and customers
Newsvendor Model:
A mathematical model in operations management and applied economics used to determine optimal inventory levels in the presence of uncertain demand.
Business Model Integration Business Model Integration:
An approach where a business aligns its processes and goals with both its internal operations and external business environment.
Inventory Holding Cost:
The cost associated with keeping a certain amount of stock in storage. This may include storage costs, insurance, depreciation, and opportunity costs.
Supply Chain Incentives Alignment:
The process of ensuring all parties involved in a supply chain are motivated towards achieving the common goals of the supply chain.
Cross-Company Integration:
The process of bringing together different organizations to work collaboratively, share resources, knowledge, and skills, to achieve common business goals.
