AD 680 Test study 2 Flashcards
Business Function Integration:
The coordination of different functional areas within a business, such as product design, finance, and environmental health and safety, to ensure they work towards common objectives.
Risk Management:
The process of identifying, assessing, and controlling threats to an organization’s capital and earnings.
Modular Product Design:
The approach of designing products in “modules” or components, that can be independently created and then used in different systems to drive efficiencies and reduce costs.
Sustainability:
A holistic approach that considers ecological, social and economic dimensions, aiming to create long-term stakeholder value through the implementation of a business strategy that focuses on the ethical, social, environmental, cultural, and economic dimensions of doing business.
Life Cycle Assessment (LCA):
A technique to assess environmental impacts associated with all the stages of a product’s life from cradle to grave (i.e., from raw material extraction through materials processing, manufacture, distribution, use, repair and maintenance, and disposal or recycling)
Reverse Logistics:
he process of planning, implementing, and controlling the efficient, cost-effective flow of raw materials, in-process inventory, finished goods, and related information from the point of consumption to the point of origin for the purpose of recapturing value or proper disposal.
Supply Chain Integration:
The close alignment and coordination within a supply chain, often with the use of shared management information systems.
Disintermediation:
The removal of intermediaries in a supply chain or from a business process. It is often the result of digitalization, where consumers can interact directly with manufacturers or service providers.
Demand Forecasting:
The method of projecting customer demand for a product or service in future periods.
Inventory Management:
The process of ordering, storing, and using a company’s inventory, including raw materials, components, and finished products.
Safety Stock:
Extra inventory that a company holds to protect against uncertainties in demand, lead time, and supply changes.
Lean Manufacturing:
A system of techniques and activities for running a manufacturing or service operation. The techniques and activities differ depending on the company, but the overarching aim is always to reduce waste and increase value for the customer.
Just-In-Time (JIT):
An inventory management strategy used to increase efficiency and decrease waste by receiving goods only as they are needed in the production process, thereby reducing inventory costs.
Vendor Managed Inventory (VMI):
A family of business models in which the buyer of a product provides certain information to a supplier of that product, and the supplier takes full responsibility for maintaining an agreed inventory of the material, usually at the buyer’s consumption location.
Total Quality Management (TQM):
A management approach to long-term success through customer satisfaction. TQM involves the application of quality management standards to all elements of the business, including production, management, services and customer care.
Six Sigma:
A set of techniques and tools for process improvement, aimed at reducing the occurrence of defects or errors in a business process.
Agile Supply Chain:
An approach to supply chain management that is focused on flexibility and responsiveness, and aims to reduce lead times and respond quickly to changes in demand or market conditions.
Supply Chain Risk Management (SCRM):
The process of identifying, assessing, managing, and controlling potential disruptions to supply chain operations to reduce their impact on supply chain performance.
Green Supply Chain:
A supply chain which uses environmentally friendly inputs and transforms these inputs through change agents - whose byproducts can improve or be recycled within the existing environment.
Supply Chain Coordination:
A method by which a supply chain attempts to optimize its operations in a way that enhances the performance of the chain as a whole.
