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Supply Chain BA 339 > CH 1 - Operations and Supply Chain Management > Flashcards

CH 1 - Operations and Supply Chain Management Flashcards

1
Q

The design, operation, and improvement of the systems that create and deliver the firm’s primary products and services

A

Operations and Supply Chain Management

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2
Q

Manufacturing and service processes that are used to transform the resources employed by a firm into products desired by customers.

A

Operations

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3
Q

Processes that move information and material to and from the manufacturing and service processes of the firm

A

Supply Chain

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4
Q

All managers should understand these basic principles of ________

A

Operations and Supply Chain Management

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5
Q

One or more activities that transform inputs into outputs

A

Process

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6
Q

What are the five processes involved in Operations and Supply Chain Management

A
  1. Planning
  2. Sourcing
  3. Making
  4. Delivering
  5. Returning
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7
Q

Consists of the processes needed to operate an existing supply chain strategically

A

Planning

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8
Q

Involves the selection of suppliers that will deliver the goods and services needed to create the firm’s product

A

Sourcing

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9
Q

Where the major product is produced or the service is provided

A

Making

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10
Q

Referred to as a logistics process

A

Delivering

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11
Q

Involves processes for receiving worn-out, defective, and excess products back from customers and support for customers who have problems with delivered products

A

Returning

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12
Q

What are the five essential differences between services and goods?

A
  1. Service is intangible while a good is tangible
  2. Service requires interaction with the customer while goods are generally produced separate from the customer
  3. Services are heterogeneous (they vary day to day) while goods have essentially zero variability
  4. Services are perishable and time dependent and can’t be stored like goods
  5. Services are a package of features that affect the five senses
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13
Q

Industries that have become low margin commodity businesses and often add some services

A

Pure Goods (Food Products, Chemicals, Mining)

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14
Q

Industries that already provide a significant service component as part of their business.

A

Core Goods (Applications, Cars, Data Storage Systems)

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15
Q

Industries that must integrate tangible goods

A

Core Services (Hotels, Airlines, Internet Service)

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16
Q

Industries that may need little in the way of facilitating goods but what they do use is critical to their performance.

A

Pure Services (University, Medical, Investment)

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17
Q

Refers to a company building service activities into its product offerings for its customers

A

Product Service Bundling

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18
Q

Means doing something at the lowest possible cost

A

Efficiency

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19
Q

The goal of an ____ process is to produce a good/service by using the smallest ___ of resources

A

Efficient, Input

20
Q

Means doing the right things to create the most value for the customer

A

Effectiveness

21
Q

Often maximizing ____ and ____ at the same time creates conflict between the two goals

A

Effectiveness, Efficiency

22
Q

The attractiveness of a product relative to its price

A

Value

23
Q

A process in which one company studies the processes of another company (or industry) to identify best practices

A

Benchmarking

24
Q

The time it takes a company to convert the money that it spends for raw materials into the profit that it receives for products that are rold and use those materials. The quicker the cycle, the better for the company.

A

Cash Conversion Cycle

OR

Cash-to-Cash cycle time

25
Q

Number of days that it takes for a company to collect cash from customers

A

Days Sales Outstanding

26
Q

Number of days worth of inventory the company holds in operation and supply chain processes

A

Days Inventory

27
Q

Indicates how quickly suppliers are paid by a company

A

Payables Period

28
Q

The number of times receivables are collected, on average, during a fiscal year.

A

Receivables Turnover

29
Q

The ____ ____ ratio measures a company’s efficiency in collecting its sales on credit. Higher is better.

A

Receivables Turnover

30
Q

Measures the average number of times inventory is sold and replaced during the fiscal year

A

Inventory Turnover

31
Q

Measures the efficiency in turning its inventory into sales. The higher the better.

A

Inventory Turnover

32
Q

The amount of sales generated for every dollar’s worth of assets

A

Asset Turnover

33
Q

___ ____ measures a firm’s efficiency at using its assets in generating sales revenue. The higher the better.

A

Asset Turnover

34
Q

Emphasized how manufacturing executives could use their factories capabilities as strategic competitive weapons

A

Manufacturing Strategy

35
Q

Integrated set of activities designed to achieve high volume production using minimal inventories of parts that arrive exactly when they are needed.

A

Just in Time (JIT) Production

36
Q

Aggressively seeks to eliminate causes of production defects

A

Total Quality Control (TQC)

37
Q

Term used to refer to the set of concepts relating to Just In Time and Total Quality Control

A

Lean Manufacturing

38
Q

Managing the entire organization so that it excels on all dimensions of products and services that are important to the customer

A

Total Quality Management

39
Q

Approach that seeks to make revolutionary changes as opposed to evolutionary changes

A

Business Process Reengineering (BPR)

40
Q

A statistical term to describe the quality goal of no more than 3.4 defects out of every million units. Also refers to a quality improvement philosophy and program

A

Six Sigma

41
Q

The ability to product a unique product exactly to a particular customer’s requirement

A

Mass Customization

42
Q

The use of the Internet as an essential element of business activity

A

Electronic Commerce

43
Q

Ability to maintain balance in a system

A

Sustainability

44
Q

Involves the analysis of data to better solve business problems

A

Business Analytics

45
Q

What are some current issues in Operations and Supply Chain Management? (name 4)

A
  1. Coordinating the relationships between mutually supportive but separate organizations
  2. Optimizing global supplier, production, and distribution networks
  3. Managing customer touch points
  4. Raising senior management awareness of OSCM as a significant competitive weapon

Supply Chain BA 339 (6 decks)

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