Exam Flashcards
COMPONENTS OF EFFICIENCY
Allocative Efficiency
Technical Efficiency
5 COMPONENTS OF SUPPLY CHAIN MANAGEMENT
Plan
Source
Make
Deliver
Return
Parts of Customer Relationship Management
Analytical
Operative
Collaborative
Perspectives of Balance Score Card
Financial
Customer
Internal Business Process
Learning and Growth
Elements of MIS
Management
Information
System
Principles of Total Quality Management
Customer Focus
Managerial Leadership
Belief in Continuous Improvement
5s’s Concept of Quality Management
SEIRI - Organization or re-organization
SEITON - Neatness
SEISO - Cleaning
SEIKETSU - Standardization
SHITSUKE - Discipline
SHEWHART CYCLE
Plan
Do
Check
Act
Types of Risks
Hazard (or pure) risks
Control (or uncertainty) risks
Opportunity (or speculative) risks
certain risk events that can only result in negative outcomes; associated with a source of
potential harm or a situation with the potential to undermine objectives in a negative way; the most common risks
associated with organizational risk management, including occupational health and safety programs; (ex: theft)
hazard (or pure) risks
associated with unknown and unexpected events; can be extremely difficult to
quantify; often associated with project management. In these circumstances, it is known that the events will occur,
but the precise consequences of those events are difficult to predict and control.
control (or uncertainty) risks
There are risks/dangers associated with taking an opportunity, but there are also
risks associated with not taking the opportunity. Opportunity risks for small businesses include moving a business to
a new location, acquiring new property, expanding a business and diversifying into new products
opportunity (or speculative) risks
Identification, analysis and economic control of those risks; conscious effort of planning, organizing,
directing and controlling resources and activities; minimize the adverse effects of accidental loss at the least acceptable cos
Risk Management
concerned with direction of purposeful activities towards the achievement of
individual or organizational goals
Management of Risk
Risk arising due to dishonesty of employees and others in course of their performance in duties causing loss of
money and stocks to the owner
Fidelity risk
They arise out of human mistakes often termed as civil wrongs committed by a person resulting in injury
and/or death to another person and/or loss of damage to property.
Liability Risk
: Apply actions to the outcome for necessary improvement. That means reviewing all steps (plan, Do, Check,
Act) and modifying the process to improve it before its next implementation.
ACT:
Monitor and evaluate the processes and results as agent objectives and specifications and report the out
come
CHECK:
Implement the processes
Do
: Establish the objectives and processes necessary to deliver results in accordance, with the specifications
Plan
Quality is considered a by-product of the manufacturing system i.e., each individual process has some variation that
will lead to the production of some defective units
TOTAL QUALITY MANAGEMENT (TQM)
a composite entity consisting of a number of elements which are interdependent and interacting, operating
together for the accomplishment of an objective
System
data that have been organized into a meaningful and useful context
Information
comprises of the processes or activities that describe what managers do while working in their
organization
Management
a systematic process of providing relevant information in right time in right format to all levels of users in the
organization for effective decision making.
MIS
is also defined to be system of collection, processing, retrieving and
transmission of data to meet the information requirement of different levels of managers in an organization
MIS
- looks at the ability of employees, the quality of information systems, and the effects of
organizational alignment in supporting accomplishment of organizational goals
Learning and Growth
focuses on the internal business results that lead to financial success and satisfied
customer
Internal Business Process -
captures the ability of the organization to provide quality goods and services, the effectiveness of their
delivery, and overall customer service and satisfaction
Customers
serves as the focus for the objectives and measures for the objectives and measures in the other
scorecard perspectives. This perspective is concerned for profit of the enterprises
Financial
is a performance management and strategy development methodology that helps
executives translate on organization’s mission statement and overall business strategy into specific, qualifiable goals and
monitors the organization’s performance in terms of these goals.
BALANCED SCORE CARD (BSC) -
enables all companies along the distribution channel, as well as all departments in a company, to work
together and share information about customers, even speaks about partner relationship management (PRM).
Collaborative
supports the actual contact with customers conducted by front office workers and general automation of
business processes including sales of products, services and marketing
Operative
is customer data analysis, its evaluation, modeling and prediction of customer behavior.
Analytical
entails initiatives that surround the customer side of the business
CUSTOMER RELATIONSHIP MANAGEMENT (CRM)
a business strategy comprised of process, organizational and technical change whereby a company seeks to better
manage its enterprise around its customer behaviors
CUSTOMER RELATIONSHIP MANAGEMENT (CRM)
The problem part of the supply chain. Create a network for receiving defective and excess products back from
customers and supporting customers who have problems with delivered products.
Return
This is the part that many insiders refer to as logistics. Coordinate the receipt of orders from customers,
develop a network of warehouses, pick carriers to get products to customers and set up an invoicing system to receive
payments.
Deliver
This is the manufacturing step. Schedule the activities necessary for production, testing, packaging and
preparation for delivery.
Make
Choose the suppliers that will deliver the goods and services you need to create your product. Develop a set
of pricing, delivery and payment processes with suppliers and create metrics for monitoring and improving the
relationships
Source
This is the strategic portion of SCM. You need a strategy for managing all the resources that go toward the
meeting customer demand for your product and services.
Plan
encompasses the planning and management of all activities involved in sourcing, procurement, conversion and logistics
management activities; includes coordination and collaboration with channel partners, which can be suppliers,
intermediaries, third party service providers, and customers; integrates supply and demand management within and
across companies
SUPPLY CHAIN MANAGEMENT (SCM)
occurs if a firm obtains maximum output from a set of inputs.
Technical efficiency
occurs when a firm chooses the optimal combination of inputs, given the level of prices and the production technology.
Allocative efficiency
