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SUPPLY CHAIN CHAP 1,2,3 > ALL > Flashcards

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1
Q

The real value of CPFR comes from the

A

sharing of forecasts among firms, rather than firms relying on sophisticated algorithms and forecasting models to estimate demand.

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2
Q

Collaborative Planning, Forecasting, and Replenishment (CPFR) is a

A

business practice that combines the intelligence of multiple trading partners who share their plans, forecasts, and delivery schedules with one another in an effort to ensure a smooth flow of goods and services across a supply chain.

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3
Q

How can the Bullwhip Effect be Alleviated?

A

collaboration, synchronizing the supply chain, reducing inventory

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4
Q

The Bullwhip Effect: When the new demand reaches the material or components supplier at the other end of the supply chain…

A

, the magnitude of fluctuation becomes unrecognizable.

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5
Q

Forecasts are based on statistics, and they are rarely 100% accurate, therefore, companies often carry an inventory buffer called

A

safety stock

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6
Q

In the absence of any other information or visibility, individual supply chain participants are

A

second-guessing what is happening with ordering patterns, and potentially over-reacting, creating the bullwhip effect.

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7
Q

A _____ RSFE indicates that the forecasts were generally too low, underestimating the demand.

A

positive

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8
Q

A _____ RSFE indicates that the forecasts were generally too high, overestimating demand.

A

negative

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9
Q

Forecast Bias is a _____ from the mean in one direction; either high or low.

A

consistent deviation

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10
Q

A best practice is to measure for forecast bias _____ and then make corrections accordingly.

A

routinely

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11
Q

Mean Squared Error (MSE) magnifies the errors by _____ each one before adding them up and dividing by the number of forecast periods.

A

squaring

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12
Q

Mean Absolute Percent Error (MAPE) measures the size of the error in percentage terms. It is calculated as the _____

A

average of the unsigned percentage error

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13
Q

Mean Absolute Deviation (MAD) measures the

A

size of the forecast error in units

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14
Q

companies need to track the forecast against actual demand and measure the size and type of the forecast error because…

A

forecasts are almost always inaccurate

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15
Q

Error measurement plays a critical role in

A

tracking forecast accuracy, monitoring for exceptions, and benchmarking the forecasting process.

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16
Q

Analysis of social sentiment can be used to:

A

evaluate the health of a brand, improve demand prediction, Address a crisis, Research the competition

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17
Q

Today, the best practice for forecasting is a combination of

A

qualitative and quantitative

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18
Q

When you have to make a ______ it’s likely that you will be adding some bias to the forecast.

A

range of assumptions

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19
Q

Technology is not the answer; _____ to help you make the forecast better.

A

its a tool

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20
Q

_____ helps identify mistakes and smooths out inconsistencies over time.

A

regular use of data

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21
Q

Many factors will _____ you’re trying to forecast.

A

affect the pattern

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22
Q

When creating a quantitative forecast, if you detect a pattern of demand data that shows a movement of a variable over time. This is known as what type of variation?

A

trend variation

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23
Q

T/F Collaborative Planning, Forecasting, and Replenishment is the process of combining statistical forecasting techniques and judgment to construct demand estimates for products or services.

A

false, this is demand planning

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24
Q

Which one of the following is NOT a type of qualitative forecasting?

A

Linear trend

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25
Q

T/F Exponential smoothing is always the best and most accurate of all forecasting methods.

A

false

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26
Q

T/F Historical Analogy is a quantitative method of forecasting.

A

false; historical demand data is

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27
Q

T/F Forecasts generally become less accurate the farther out into the future that you forecast.

A

true

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28
Q

Dependent demand items are generally forecasted based on market conditions and/or historical sales and usage data

A

false

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29
Q

The first step in understanding the supply chain is to visualize _____ from beginning to end

A

the flow of materials

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30
Q

Supply Chain Management is

A

It is the coordination of the network of otherwise independent trading partners, creating a desired product or service, and moving it from suppliers, through manufacturing, and out to customers when and where they want it.

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31
Q

Supply Chain Management creates _____ by managing the processes of all of those independent trading partners

A

value

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32
Q

Service products cannot generally be produced in

A

advanced or inventoried

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33
Q

Services are typically _____, and in almost every service offering, the service cannot start until the customer arrives and actively participates

A

produced and consumed simultaneously

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34
Q

Many services require the use of _____ which are tangible elements that are used along with the service provided.

A

Facilitating Goods

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35
Q

Supply chains are generally described as _____ i.e., from your suppliers-suppliers on one end, through your internal operations, and out to your customers-customers on the other end

A

spanning from end-to-end

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36
Q

Planning establishes the _____ within which the supply chain will operate

A

parameters

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37
Q

Sourcing is the process of _____ that provide the materials and services needed for the supply chain to deliver the finished product(s) desired by the customer(s).

A

identifying the suppliers

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38
Q

Make or manufacturing is the series of operations performed to convert _____

A

materials into a finished product

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39
Q

Deliver, also known as the _____ phase, this is the part of supply chain management that oversees the planning and execution of the _____

A

logistics, forward flow of goods

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40
Q

Return, also known as _____, this is the part of supply chain management that deals with planning and controlling the process of _____ specifically from the point of consumption _____ for repair, reclamation, remanufacture, recycling, or disposal.

A

reverse logistics, moving goods, back to the point of origin

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41
Q

Enabling processes _____ a company’s ability to _____ and are spread throughout every stage.

A

facilitate, manage the supply chain

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42
Q

Manufactures were _____ on maximizing their own internal operations.

A

internally focused

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43
Q

production planning

A

manufacturing output to best satisfy the planned level of sales

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44
Q

Material Requirements Planning

A

a time-phased method of determining what materials are needed and when they are needed

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45
Q

Manufacturing Resource Planning

A

a method for the effective planning of all resources of a manufacturing company

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46
Q

Just-in-Time (JIT)

A

planned elimination of all waste and continuous productivity improvement.

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47
Q

Total Quality Management (TQM)

A

improving processes, goods, services, and the culture in which they work

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48
Q

Sales and Operations Planning (S&OP)

A

strategically direct the business. The S&OP process can be broken down into six essential steps: data gathering and forecasting, demand planning, production planning, pre-SOP meeting, executive S&OP meeting, and the S&OP strategy implementation.

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49
Q

Collaborative Planning, Forecasting and Replenishment (CPFR)

A

jointly plan key supply chain activities

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50
Q

Business Process Reengineering (BPR)

A

redesign of business processes to achieve dramatic organizational improvements

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51
Q

Accelerated pace of change driven by the

A

explosion of e-commerce

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52
Q

Process Management

A

using LEAN Manufacturing to improve the flow of materials and eliminate waste in the process, and using Six Sigma to improve quality compliance across all suppliers

53
Q

International Trade Management

A

the exchange of goods and services across international borders or territories.

54
Q

Service Response Logistics

A

the management and coordination of the company’s activities that occur while the service is being performed.

55
Q

Performance Measurement

A

the system for collecting, measuring, and comparing a measure to a standard for a specific criterion for an operation, item, service, business, etc.

56
Q

2 Basic Supply Chain Capability Models

A

efficient model and responsive model

57
Q

World class _____ begins with effective supply chain planning and control techniques which:

A

operational excellence (provides single set of numbers)

58
Q

As the supply chain continues to evolve, it’s critical for companies to

A

adapt to emerging technologies and strategies

59
Q

Logistics labor shortages will continue through 2020 and beyond so

A

Wages will continue to rise due to demand.

60
Q

Warehouses are increasing adoption of automation such as _____ to meet the requirements of direct-to-consumer fulfillment.

A

autonomous mobile robots (AMR)

61
Q

where the forecast is developed through data analysis and judgement

A

forecasting

62
Q

which is the process of combining statistical forecasting techniques and/or judgment to construct demand estimates for products or services

A

demand planning

63
Q

need for a particular product or component

A

demand

64
Q

qualitative is used when data is

A

limited, unavailable, or not currently relevant

65
Q

The Delphi Method can be

A

time-consuming and is therefore best for long-term forecasts.

66
Q

history that is comparable

A

Historical Analogy

67
Q

Random variations are frequently consider to be

A

abnormal demand

68
Q

time series forecasting can be characterized as the act of

A

predicting the future by understanding the past

69
Q

Naïve Forecasting

A

Sets the demand for the next time period to be exactly the same as the demand in the last time period

70
Q

Simple Moving Average

A

Uses a calculated average of historical demand during a specific number of the most recent time periods to generate the forecast

71
Q

Weighted Moving Average

A

similar to a simple moving average except that not all time periods are valued/weighted equally

72
Q

Exponential Smoothing

A

Requires 3 basic elements: last period’s actual demand, last period’s forecast, and a smoothing factor, which is a number greater than 0 and less than 1

73
Q

Linear Trend Forecasting

A

is imposing a best fit line across the demand data of an entire time series

74
Q

Regression uses the _____ between an independent and a dependent variable to predict the future values of the dependent variable, i.e., demand

A

historical relationship

75
Q

Multiple Linear Regression

A

attempts to model the relationship between two or more independent variables and a dependent variable (demand) by fitting a linear equation to the observed data

76
Q

a _____ forecast for an item is likely to be more accurate than the individual _____ forecasts for that item

A

national, regional

77
Q

Mean Absolute Deviation (MAD) formula

A

find deviation from subtracting forecast from actual- this will give you the absolute deviation (get rid of negatives bc absolute). add these totals up and divide by amount of #s

78
Q

Supply Chain Planning’s objective is

A

to balance supply and demand in a way that realizes the financial and service objectives of the company

79
Q

A major principle of supply chain management is the use of a

A

standardized and __stepwise_ approach

80
Q

Supply chain planning is usually ______ and can be divided into three broad categories

A

hierarchial; long range, intermediate range, and short range

81
Q

business plans are typically updated and _____ usually during the annual budgeting cycle

A

reevaluated annually

82
Q

The planning horizon of APP is at least one year and is usually rolled forward by _____

A

three months every quarter

83
Q

Aggregate Planning purpose

A

to establish production rates that will achieve management’s objective of satisfying customer demand by maintaining, raising, or lowering inventories, while attempting to keep the workforce relatively stable.

84
Q

Steps to Develop the Aggregate Production Plan

A

Determine the demand, Determine the available capacity, Identify any constraints

85
Q

Demand Adjustments

A

influencing demand, backordering, counter-seasonal product mixing

86
Q

Supply Adjustments

A

Change inventory levels, Change capacity

87
Q

A process to develop tactical plans that provides management the ability to _____ to achieve a competitive advantage on a continuous basis by integrating customer-focused marketing plans for new and existing products with the management of the supply chain.

A

S&OP, strategically direct the business

88
Q

Sales & Operations Planning (S&OP) is typically performed _____ and is reviewed by management at an _____

A

once a month, aggregate (product family) level

89
Q

Sales & Operations Planning (S&OP) is the definitive statement of the company’s plans for the _____

A

near to intermediate term

90
Q

Sales & Operations Planning (S&OP) Covers a horizon _____ and to support the annual business planning process.

A

sufficient to plan for resources

91
Q

The Master Production Schedule (MPS) represents what the company _____ expressed in specific product configurations, quantities, and dates.

A

plans to produce

92
Q

Master Production Schedule (MPS) represents what the business _____ not necessarily what the customer wants.

A

plans to achieve

93
Q

Available-to-Promise (ATP) represents the _____ portion of a company’s projected available inventory to support customer order promising

A

uncommitted

94
Q

_____ Time Period: From the current date out several weeks into future

A

firmed

95
Q

_____ Time Period: From the end of the Firmed Time Period to the end of the planning horizon.

A

planned

96
Q

_____ maintains a constant production rate and allows inventory and backlog to vary according to fluctuating demand.

A

level production strategy

97
Q

_____ adjusts the production rate and capacity to exactly match demand.

A

chase production strategy

98
Q

_____ sets a baseline production rate based on a stable core workforce, and then uses other short-term means, such as overtime, subcontracting and part-time labor to manage short-term fluctuations in demand.

A

hybrid production strategy

99
Q

A computer-based materials management tool that calculates the exact _________, _________, and ___________________for all the component parts and materials required to manufacture a product.

A

quantities, need dates, and planned order releases

100
Q

Bill of Materials (BOM)

A

document that shows an inclusive listing of all raw materials, component parts, and assemblies making up the final product.

101
Q

__________Bill of Materials - Display of components that are directly used in a parent item, together with the quantity required of each component (i.e., the planning factor). Shows only the relationships one level down

A

single level

102
Q

__________Bill of Materials - A display of all the components directly or indirectly used in a parent, together with the quantity required of each component (i.e., the planning factor).

A

multilevel

103
Q

___________Demand - The external demand for an item that is unrelated to the demand for other items

A

independent

104
Q

____________Demand - the internal demand for items that are assembled or combined to make up the final product

A

dependent

105
Q

A time-phased requirement prior to netting out on-hand inventory and lead-time

A

Gross requirement

106
Q

The unsatisfied item requirement for a specific time period. Gross requirement for period minus current on-hand inventory

A

Net requirement

107
Q

Projected closing inventory at end of a period. Beginning inventory minus gross requirements, plus scheduled receipts plus planned receipts from planned order releases.

A

Projected Available Inventory

108
Q

A specific order for a specific item and quantity to be released to the shop or to the supplier.

A

Planned Order Release

109
Q

A planned order that can be frozen in quantity and time so that the MRP computer logic cannot automatically change when conditions change. Established by the Planner or Supply Chain Manager to prevent system nervousness. This can aid planners working with MRP systems to respond to material and capacity problems by firming up selected planned orders.

A

Firmed Planned Order

110
Q

A committed order awaiting delivery for a specific period

A

Scheduled Receipt

111
Q

The time it takes to process and prepare material, produce the product, and transport it to the customer

A

Lead time

112
Q

Unit of time / time period used in MRP, e.g., days, weeks, months

A

Time bucket

113
Q

Item generating demand for lower-level components

A

Parent

114
Q

parts demanded by a parent

A

Components

115
Q

The number/quantity of each component or material needed to produce a single unit of the parent item

A

Planning factor

116
Q

The process of converting a parent item’s planned order releases into component gross requirements

A

MRP Explosion

117
Q

Relates the gross requirements for a component part to the planned order releases of the parent item, so as to identify the source(s) of the item’s gross requirements. ____ can be thought of as active where-used information.

A

Pegging

118
Q

order size for MRP logic

A

Lot Size

119
Q

a quantity of stock planned to be in inventory to protect against fluctuations in demand or supply. Over planning supply versus demand can be used to create _____

A

safety stock

120
Q

the process of determining the amount of production capacity needed by an organization to produce the goods or services required by its customers

A

capacity planning

121
Q

Organizations must balance the _________________________. This directly impacts how effectively the organization deploys its resources in producing goods.

A

production plan with capacity

122
Q

A long-range capacity planning module used to check whether aggregate resources (i.e., labor and manpower) are capable of satisfying the Aggregate Production Plan

A

Resource Requirement Planning (RRP)

123
Q

A medium-range capacity planning module used to check the feasibility of the Master Production Schedule. Converts MPS from the production needed, to the capacity required, then compares it to capacity available

A

Rough-Cut Capacity Planning (RCCP)

124
Q

A short-range capacity planning module used to check the feasibility of the Material Requirements Plan.

A

Capacity Requirement Planning (CRP)

125
Q

A time-phased finished good inventory replenishment plan in a distribution network

A

distribution requirement planning

126
Q

______ is a manufacturing management process by which ________ and __________are optimally allocated to meet demand

A

Advanced Planning and Scheduling (APS), resources, capacity

127
Q

_____ is an information system connecting all the _______ _________________of an organization via common software infrastructure and database

A

Enterprise Requirements Planning Systems (ERP), functional areas and operations

128
Q

_____ pick the best application for each individual function. Disadvantage - software may not integrate well but this may not be a major issue in future

A

Best-of-breed

129
Q

_____ pick all the desired applications from a single vendor

A

Single integrator solution

SUPPLY CHAIN CHAP 1,2,3 (1 decks)

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