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Logistics > Final Exam Review > Flashcards

Final Exam Review Flashcards

1
Q

Order Management

A

The process you use to take, process and fill customer orders

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2
Q

Costs of stock-outs

A

Lost revenues, loss of reputation, loss of follow-on business

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3
Q

Costs of overstocks

A

Opportunity costs (money could be better spent elsewhere, on better selling products), holding costs, disposal costs

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4
Q

3 core questions for getting inventory right

A
  1. What does an effective and responsive order fulfillment system look like?
  2. How can you effectively coordinate order management across intra- and intro-firm decision makers?
  3. How can you improve quality of forecasts?
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5
Q

7 rights of logistics

A

Product, customer, place, time, condition, cost, quantity

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6
Q

____ is the most basic output of an order fulfillment system.

A

Product availability

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7
Q

The overall likelihood of a perfect order is ____%.

A

85%

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8
Q

An integrated business management process through which the executive leadership team continually achieves focus alignment and synchronization among all functions of the organization.

This includes product review, demand review and supply review.

A

Internal sales and operations planning (S&OP)

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9
Q

A global, industry-wide process for trading partners to increase forecasting effectiveness through use of joint business planning process and common interfaces.

This includes strategy and planning, demand and supply management, execution and analysis.

A

External CPFR

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10
Q
  • Collaborate with internal departments
  • Detailed sharing of information
  • Break down barriers, promote responsibility
A

Features of S&OP

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11
Q
  • Collaborate with major customers
  • Detailed sharing of information to help lower inventory
  • Deals with suppliers as well as customers
A

Features of CPFR

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12
Q

Complexity, ownership, uncertainty

A

Challenges of effective order management

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13
Q

2 types of forecasting methods

A

Quantitative and Qualitative

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14
Q

Forecasting demand through speaking to and surveying customers and experts

A

Qualitative forecasting

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15
Q

Either correlational or time-series forecasting

A

Quantitative forecasting

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16
Q

Forecasting using an “X predicts Y model”

A

Correlational forecasting

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17
Q

Forecasting new values through examining and analyzing old values

A

Time-series forecasting

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18
Q

2 forms of logistics information

A

Coordinating flows and operating flows

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19
Q

A type of logistics information which facilitates planning across a firm and supply chain

A

Coordinating flows

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20
Q

A type of logistics information which facilitates the day-to-day order fulfillment processes

A

Operating flows

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21
Q

4 components of logistics information systems

A
  • Order processing
  • Decision support team,
  • Research and intelligence
  • Reports and outputs system
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22
Q
  • Deals with smaller, more frequent orders
  • Involves extensive delivery networks
  • Involves final consumers
A

Features of online retailing

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23
Q
  • Deals with fewer, larger orders
  • Transportation methods vary by request of buyer
  • Involves resellers
A

Features of in-store retailing

24
Q

Product movement

A

The movement of inventory to specified destinations

25
Q

Transportation is more than ___% of the cost of logistics

A

60%

26
Q

6 participants of transportation

A
  1. Shipper / consignee
  2. Carrier
  3. Agent
  4. Government
  5. Public
  6. Internet
27
Q

2 concerns (regulations) of government with transportation

A

economic regulation and social regulation

28
Q

Great access, high performing and reliable

A

Features of trucks

29
Q

Large volume, long distance, best in USA

A

Features of rail

30
Q

Cheap but slow

A

Features of water

31
Q

Highest value / most time-sensitive products, fast + expensive + secure

A

Features of air

32
Q

Economy of scale for transportation

A

The cost per unit weight decreases as the size of the shipment increases

33
Q

Economy of distance for transportation

A

The cost per unit weight decreases as the distance increases

34
Q

Economy of distance is also called the “_____.”

A

Tapering principal

35
Q

Inventory turnover measures ____.

A

The number of times inventory is depleted and replenished in a year

36
Q

Dwell time measures ____.

A

How efficiently inventory moves through a supply chain

37
Q

In-stock rate measures ____.

A

Stock-out frequencies and in-stock frequencies

38
Q

Fill rate measures ____.

A

How much customer demand was satisfied without any stock-outs - this is a compliment of the in-stock rate

39
Q

2 major sources of uncertainty

A
  1. Demand

2. Performance cycle (our own logistics)

40
Q

Lead-time demand ordering is used when ____.

A

Order quantities change based on projected demand

41
Q

Lead-time demand ordering may be used when ordering ___ valuable products with ___ risk for obsolescence.

A

More, greater

42
Q

Fixed-order quantity ordering

A
  • Used when the interval between ordering new orders will vary based on demand, but the quantity of each order remains constant
  • Requires constant monitoring of inventory
43
Q

Fixed-order interval ordering

A
  • Used when the quantity of orders varies based on demand, but the intervals between each order remain constant
  • Requires demand forecasts for each interval
44
Q

4 inventory carrying cost allocations

A
  1. Capital costs (the inventory itself)
  2. Inventory service costs (insurance, taxes)
  3. Storage space costs (warehouses)
  4. Inventory risk costs (damage, obsolescence, etc.)
45
Q

Inventory turns equation

A

COGS / average inventory

46
Q

4 inventory reduction strategies

A
  1. Forecasting
  2. Inventory centralization
  3. Postponement
  4. Supply chain inventory coordination
47
Q

4 possible advantages of warehousing

A
  1. Quick lead times to customers
  2. Consolidation opportunities
  3. Storage of inventory
  4. Product mixing
48
Q

Manufacturing support warehouses

A

Warehouses which help to bring manufacturing plants the exact mix of materials required, in order to increase efficiency

49
Q

Mixing warehouses

A

Warehouses which help to bring customers specific mixes of products

50
Q

Consolidation warehouses

A

Warehouses which help to consolidate many smaller orders into fewer larger ones

51
Q

Breakbulk warehouses

A

Warehouses which help to breakdown and sort large shipments into smaller ones

52
Q
  • Operated by 3rd party
  • Multiple customers
  • Less customization
A

Features of public warehouses

53
Q
  • Operated by 3rd party
  • Longer term contracts
  • Usually 1 client per facility
A

Features of contract warehouses

54
Q

Operated by a single organization using it for inventory

A

Feature of a private warehouse

55
Q

____ warehouses are best.

A

Automated, private

56
Q

Square root law definition

A

A law which determines how inventory will change to account for uncertainty in demand as number of warehouse locations changes

57
Q

Square root law formula

A

Total inventory in potential facilities =

total inventory in existing facilities / square root of (number of potential facilities / number of existing facilities

Logistics (1 decks)

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