FBLA (A) Flashcards
Define supply chain management
Handling the entire production flow of goods or services - starting from raw materials to delivering the product to customers.
Define the entire supply chain.
All stages involved in fulfilling a customer’s request. Includes not only supplier and manufacturer, but also transportation, warehouses, retailers, and customers themselves.
Define logistics.
The movement of goods, services, or people.
Explain how logistics impacts supply chain management
Logistics ensure that goods are delivered efficiently and cost effectively. Efficient logistics reduce costs, improves delivery times, and enhances customer satisfaction.
Describe how E-commerce, logistics, import taxes, risk, tariffs, customs, and other
legal aspects impact global trading.
E-commerce: Drives the need for more agile and responsive supply chains due to increased customer expectations for fast delivery.
Logistics: Effective logistics systems are crucial for managing the flow of goods in global trade.
Import Taxes and Tariffs: Increase the cost of goods and impact pricing strategies.
Risk: Includes geopolitical risks, natural disasters, and economic instability, which can disrupt supply chains.
Customs and Legal Aspects: Compliance with various regulations is essential to avoid delays and penalties.
Analyze the creation of new value in the supply chain for customers, society, and the
environment.
Improving product quality, reducing costs, enhancing customer service, and implementing sustainable practices.
Explain how supply chain management is practiced in a wide array of industries
Food industries focus on freshness and taste, fashion industries focus on fast fashion and quick response times.
Explain demand forecasting.
Predicting future customer demand using historical data, market analysis, and statistical models. Accurate demand forecasting helps businesses become more efficient.
Define logistics management
Logistics management is the part of supply chain management that plans and controls the effective forward and backward flow and storage of goods, services, and information.
Define physical and information flows.
Physical - The movement of goods and materials throughout the supply chain
Information - The exchange of data and information that enables various supply chain activities, for example, order processing and inventory management.
Define strategic orientation for saving money within an organization
Strategic orientation involves aligning business strategies with supply chain management practices to reduce costs and improve efficiency.
Describe the global impact on supply chain management.
Global reduction has downsides such as longer lead times and differing regulations, but can also provide benefits such as cost reduction, market expansion, and access to foreign resources.
Explain the importance of understanding importing, exporting, trade agreements, and
customs regulations for supply chain management.
Knowledge of these aspects is crucial for compliance, cost management, and efficient operations.
Explain the reasons for growth of supply chain management (information revolution,
increased competition in globalized markets, relationship management)
Information Revolution - advanced technologies enhance supply chain visibility and decision making
Increased competition in globalized markets - companies have to optimize supply chains to stay relevant
Relationship management - Strong relationships with suppliers and partners are essential for flexibility and reliability in the supply chain.
