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GSCM2017 Flashcards

1
Q

What are the eight ‘rights’ in logistics?

A
  1. right product
  2. in the right way
  3. in the right quantity
  4. and the right quality
  5. in the right place
  6. at the right time
  7. for the right customer
  8. at the right cost
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2
Q

What is the difference between outsourcing and offshoring?

A

Outsourcing: third party provider

Offshoring: transfer of specific processes to lower cost location in other countries (still own it)

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3
Q

What is back- and nearshoring?

A

Backshoring: move activities back to original home market

Nearshoring: move offshored activities to countries closer to home market

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4
Q

What are order-losing sensitive qualifiers?

A

Order qualifiers that are more critical than others in terms of the outsourcer’s requirements

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5
Q

How is the framework for evaluating potential outsources?

A
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6
Q

What are the four stages of outsourcer-outsourcee relationship?

A
  • Master-servant stage: low cost is main driver
  • Consultative stage: outsourcer consults with outsourcee on regular basis
  • Peer-to-peer relationship stage: ideal stage, synergies, long-term, win-win
  • Competitive stage: outsourcee takes the lead and starts competing with outsourcer
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7
Q

What are the four primary modes of integration within a supply chain?

A
  • Internal
    • Aim: integrate communication and information systems
  • Backward (external)
  • Forward (external)
  • Forward and backward (rare) (external)
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8
Q

What is the difference between supply chain integration and collaboration?

A

Integration: alignment and interlinking of business processes

Collaboration: relationship between supply chain partners developed over a period of time

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9
Q

What is vertical and horizontal collaboration?

A

Vertical collaboration: between suppliers and customers (easiest)

Horizontal collaboration: between competitors and supply chain actors

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10
Q

What is the unionist view?

A

That logistics is part of the wider entity which is SCM (adopted by the book)

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11
Q

What is craft production?

A

Goods customised for individual customer needs

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12
Q

What is just-in-time (JIT)?

A

A system where inventory is pulled downstream through the system, which prevents stockpiling and inefficiency.

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13
Q

What are the seven key areas of the Toyota Production System (TPS)?

A
  1. Overproduction
  2. Waiting
  3. Transportation
  4. Inappropriate processing
  5. Unnecessary inventory
  6. Unnecessary motion
  7. Defects
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14
Q

What is MTS and MTO?

A

Made-to-stock (push + inefficient) and made-to-order (pull + Toyota)

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15
Q

What is an agile supply chain?

A

‘To a truly agile business demand volatility is not a problem; its processes and organisational structure as well as its supply chain relationship enable it to cope with whatever demands are placed upon it.’

In the above figure, the supply chain to the right is better able to cope with demand volatility, as it has more options in the second step to steer production towards another product.

Professor Christopher: ‘the ability to respond rapidly to unpredictable changes in demand’

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16
Q

What is postponement?

A

A production philosophy used for mass customisation, which involves the reconfiguration of product and process design so as to allow postponement of final product customisation as far downstream as possible

Also known as: ‘delayed product configuration’, ‘delayed product differentiation’ and ‘late stage customisation’

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17
Q

What is a stock-keeping unit (SKU)?

A

It is a unique version of a product in terms of size, packing, colour etc.

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18
Q

What are functional products?

A
  • Predictable demand
  • Long product life cycles
  • Low variety
  • Long lead times

Requires an efficient supply chain

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19
Q

What are innovative products?

A
  • Unpredictable demand
  • Short product life cycles
  • High variety
  • Short lead times

Requires a responsive supply chain

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20
Q

What is the taxonomy for selecting global supply chain strategies?

A
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21
Q

What is the bullwhip effect and what are the five causes?

A

When the inventory levels fluctuate along the supply chain, as small fluctuations in end customer demand result in amplification of demand upstream.

  • Non-zero lead times
  • Demand signal processing
  • Order batching
  • Price variation
  • Rationing and gamin
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22
Q

What are the different types of simulation?

A
  • Stochastic or deterministic
  • Static or dynamic
  • Discrete event and/or continuous
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23
Q

What is a stochastic and deterministic model?

A

Stochastic: Has a least one input variable that is random

Deterministic: has no random input variables

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24
Q

What is a static and dynamic model?

A

Static: do not include the passage of time (presents at a particular point in time)

Dynamic: includes the passage of time and represents systems as they change over time

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25
Q

What is a discrete and continuous simulation?

A

Discrete: changes occur at discrete points in time triggered by events (e.g. inventory)

Continuous: the state variables change continuously with respect to time and therefore observations are collected continuously (temperature)

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26
Q

What are the steps in a simulation process?

A
  1. Develop conceptual model
  2. Building the simulation model
  3. Verification and validation
  4. Design and run experiments
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27
Q

Who is the consignor and consignee?

A

Consignor: sends the consignment

Consignee: receive the consignment

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28
Q

What types of logistics service providers (LSP) exists?

A
  • Hauliers or trucking companies: carry freight
  • Freight forwarders/agents/brokers: travel agents (just arrange transport for goods and not people)
  • Non-vessel-owning common carrier (NVOCC): companies who consolidate smaller shipments from various consignees into full container loads which the NVOCC then takes responsibility for (agent+principal)
  • Couriers: immediate delivery of products
  • Integrators: big companies like DHL, UPS, FedEx etc. Carries all the responsibility from consignor to consignee
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29
Q

What are the two common meanings of shipping?

A
  • The act of sending freight from a consignor to consignee
  • To move freight using the maritime method
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30
Q

What are 3PLs and what do they do?

A

Third-party logistics companies

They do for example:

  • Transportation
  • Warehousing
  • Pick and pack
  • Light manufacturing
  • Vendor managed inventory
  • Trade financing
  • Managing reverse logistics
  • Parts distribution
  • Inventory management
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31
Q

What should a sourcing strategy as a minimum require?

A
  • Level of spend being considered
  • Risk
  • One-off project or recurring procurement
  • Market maturity
  • Technology lifecycle of market
  • Number of sources and potential suppliers
  • Contract duration
  • Potential for performance improvement and cost reduction
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32
Q

What is the Kraljik matrix?

A
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33
Q

What are the three components of value for money (VfM)?

A
  • Acquisition costs
  • Operating costs
  • Disposal costs
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34
Q

What is the purchase price variance (PPV)?

A

A measure of the variance between the actual price paid versus the standard cost of the item. The standard cost of an item would be included in a bill of material (BoM) for a particular product and is used to calculate the product cost.

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35
Q

What is inventory turnover?

A

The higher the better

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36
Q

What are the two broad costs associated with inventory?

A
  • Procuring the inventory
    • Money spent to process a procurement order
    • Money spent to actually buy the inventory
  • Holding the inventory
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37
Q

What are the notations of inventory?

A

D: Annual use of a particular item, in number of items per year

S: Order-processing cost, in $/order

p: Price per item, in $/unit

H: Holding cost per unit per year, in $/unit/year

Q: Number of items ordered in one purchase order, in units

T: Time periods between purchase orders in fraction of a year

SS: Safety stock, in units

L: Lead time, in fraction of year

I: Current inventory on hand, units

TAC: Total annual cost

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38
Q

What are the total annual cost, TAC (of inventory)?

A

Total Annual Cost (TAC) = Purchase cost + Holding cost + Order-processing cost

TAC = pAD + (SS+Q/2)H + (D/Q)S

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39
Q

What is the economic order quantity?

A

The best order quantity which is the lowest cost balanced between order processing costs and inventory holding costs.

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40
Q

What is the reorder point (ROP)?

A

A predetermined level at which orders are issued when the inventory is depleted to that level.

ROP = D * L + SS

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41
Q

What is the periodic inventory control system?

A

A system where orders are reviewed periodically after the passage of a fixed time, T. Reorder at fixed time intervals (convenient).

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42
Q

What are the four strategies to manage and reduce inventory volumes?

A
  • Centralisation
  • Delayed product differentiation
  • Part commonality
  • Reduction of inventory transit
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43
Q

What are four key principles to reduce inventory holdings?

A
  • Pooling
  • Reduction in variation
  • Reduction of lead time
  • Following JIT principles
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44
Q

What are the four necessary core function in warehouse handling?

A
  • Good receiving
  • Put away into storage
  • Order picking and packing
  • Goods dispatch
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45
Q

What are the three warehouse layout examples?

A
  • A straight flow operation
  • A ‘U’ flow operation with conveyors
  • An ‘L’ flow operation with conveyor
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46
Q

What are the four value adding activities of warehouse handling?

A
  • Creating bulk consignments (transport economies)
  • Breaking bulk consignments (transport economies)
  • Combining freight (production postponement principle)
  • Smoothing supply to meet demand (holding buffer stock to decouple lean production from the agile supply of goods to the market)

If none the freight requires none of those, then storage should be avoided (costly and non-value adding)

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47
Q

What are some of the order picking methods, and when are they most useful?

A
  • Pick-to-order (low-volume operations)
  • Batch picking (large-scale operations)
  • Pick-to-zero/pick-by-line
  • Zone picking/pick-and-pass
  • Wave picking
  • Picker-to-goods/goods-to-picker/automated picking
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48
Q

What are the two roles of information flows?

A
  • Demand-side information (how much is demand, what specifications, etc.)
  • Supply-side information (when will freight be delivered, etc.)
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49
Q

What are the key drivers of information technologies?

A
  • Complexity
  • Proliferation
  • Diffusion
  • Velocity
  • Accuracy
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50
Q

What are the four barriers to information visibility and transparency?

A
  • Cultural
  • Financial
  • Technical
  • Organisational
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51
Q

What are dependent and independent demand?

A

Dependent: part of an order for multiple interrelated items (complete bicycle → bicycle pedals are demanded, but dependent on the order of the complete bicycle)

Independent: ordered independently of any other product (bicycle pedals)

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52
Q

What is Materials Requirements Planning (MRP)?

A

The tool for planning and controlling the manufacture and assembly of orders with dependent demand (push system + dependent demand) - software

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53
Q

What is MRPII?

A

Manufacturing Resource Planning which utilises the core functionality of MRP but integrates business function beyond manufacturing and logistics to include finance, procurement, marketing, sales, etc.

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54
Q

What is CPFR?

A

Collaborative planning, forecasting and replenishment.

CPFR fills the inter-organisational gap that ERP cannot, and is more than just a software application. It is a new collaborative method of scheduling logistics between suppliers and customers.

Time, complexity, scale and substantial investments are required, and are therefore constraints. Most often used by leading supermarkets and their top-suppliers.

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55
Q

What is VMI?

A

Vendor managed inventory.

It enables supply to more accurately and precisely meet demand, and thus avoid things such as the bullwhip effect.

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56
Q

Text 1: The Transport Geography of Logistics and Freight Distribution

A

A text about how supply chain / logistics have changed over the years from a view where transportation is considered a derived demand to where transportation is a component of integrated demand.

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57
Q

Text 2: The Supply-Chain Management Effect

A

How the topic has changed over the last couple of years. Focuses on 6 areas, where it states the old question, and then phrases the new question to be asked today instead.

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58
Q

Text 3: The Past Is Prologue

A

How supply chain management has developed as a discipline. Looks at each decade from 1950 till 2000. Blogpost written by an academic on a webpage.

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59
Q

Text 4: A Pain in the (Supply) Chain

A

HBR-case about ClickZip-Plus

Need to reach target-sales

Problem: do not know demand

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60
Q

Text 5: The New Basics of Supply Chain Management

What competencies does the supply chain manager of today need to possess in order to be successful?

A

Touches upon 6 areas:

  • Leadership
  • Diversity
  • Sustainability
  • Numbers people
  • Relationships
  • Strategy and planning
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61
Q

Text 6: We’re in This Together

A

A HBR case about Wendy’s and Tyson Foods that need to reestablish their relationship after it once failed. The text introduces a framework whereby the two firms meet for two days, in three sessions, and have a workshop about what kind of relationship they should have (Type I, II, III, or arm’s length). The framework consists of some parameters they need to assess before coming to a final conclusion.

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62
Q

Text 7: Global Supply Chain Management Style Depends on Company Size and Scale

A

Analysis about how integration and relationships with suppliers and customers depends on company size.

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63
Q

Text 9: Supply-Chain Culture Clashes in Europe

A

Difference between Japanese and Western companies/managers

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64
Q

Text 17: Control Your Inventory

A

How you can manage your inventory in different ways to get different results

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65
Q

ABC – stock classification system (10)

A

An inventory management system that separates out the most important inventory items so that more attention can be focused on those items

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66
Q

Activity-based costing (ABC) (13)

A

Where organisations examine in detail the activities they carry out in the production and delivery of a product, and subsequently identify a number of activities (for example number of orders processed, number of quality inspections or machine setups, and number of deliveries) which may be used to apply overhead to products more appropriately

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67
Q

Advanced shipment notification (ASN) (14)

A

Advance notification to a WMS of an arriving shipment

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68
Q

Aggregated procurement (3)

A

A method for selecting suppliers based on their capabilities rather than individual suppliers tendering for particular orders

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69
Q

Agile (4)

A

Ability to cope with volatility in demand

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70
Q

Air trucking (8)

A

Moving freight, which will be carried by air at some stage on its journey, by road (often air freight rates will be applied for the full journey)

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71
Q

Authorised Economic Operator (AEO) (7)

A

An EU voluntary security initiative which is designed to reflect the US C-TPAT security initiative

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72
Q

Automated guided vehicle (AGV) (11)

A

A mobile robot used to move materials between locations in a warehouse or factory

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73
Q

Automatic identification and data capture (AIDC) (12)

A

Technologies that automatically identify assets and freight, capturing specific data to enable traceability and security amongst other benefits

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74
Q

Backshoring (3)

A

Where a company abandons offshoring and moves the activities back to the original home market

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75
Q

Balance sheet (13)

A

A snapshot of the financial position of the organisation at that date and consisting of a list of assets and liabilities

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76
Q

Balanced scorecard (BSC) (13)

A

A tool which seeks to include other factors, and not just financial factors, in measuring organisation performance

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77
Q

Bill of lading (8)

A

A document that contains all of the key information in relation to a consignment being transported (referred to as an air waybill in air transport)

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78
Q

Buffer stock (10)

A

Also known as safety stock, it is inventory held in the event that unforeseen issues lead to insufficient inventory being available to meet demand

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79
Q

Bullwhip effect (4)

A

The distortion of orders along the supply chain, where small fluctuations in end customer demand result in amplification of demand upstream

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80
Q

Business continuity plan (BCP) (15)

A

A documented collection of procedures and information that is developed, compiled and maintained in readiness for use in an incident to enable an organisation to continue to deliver its critical products and services

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81
Q

Business process reengineering (BPR) (12)

A

A management technique commonly used to realign business processes with new technology implementations such as ERP

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82
Q

Carbon footprint (16)

A

A term that has come into use to describe the environmental disbenefits associated with economic activities such as the movement of freight

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83
Q

Cash flow statement (13)

A

Illustrates for an organisation where funds have come from and where the funds go to

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84
Q

Category managers (9)

A

Category managers manage a portfolio of contracts or category of spend with similar characteristics that can be grouped and considered in strategic terms in relationship to supplying across different business units or parts of an organisation

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85
Q

CFR (8)

A

Cost and freight

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86
Q

CIF (8)

A

Cost, insurance and freight

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87
Q

CIP (8)

A

Carriage and insurance paid

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88
Q

Collaboration (3)

A

A relationship between supply chain partners developed over a period of time

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89
Q

Consignee (8)

A

Recipient of a consignment

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90
Q

Consignment (1)

A

A shipment of freight which is passed on, usually to some type of logistics service provider, from a manufacturer or other source

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91
Q

Consignor (8)

A

Originator of a consignment

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92
Q

Consolidated shipment (8)

A

Where smaller shipments from various consignees are grouped into one single, full load

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93
Q

Container Security Initiative (CSI) (15)

A

The use of IT to pre-screen high-risk containers prior to their arrival at the destination port

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Perfectly
94
Q

Continuous simulation (5)

A

A type of simulation where state variables change continuously with respect to time and therefore observations are collected continuously

95
Q

Contract manufacturer (3)

A

First tier suppliers who manufacture products for OEMs

96
Q

Corporate social responsibility (CSR) (3)

A

A term used to refer to a multitude of activities and issues, and in essence concerns how ‘ethical’ a company’s activities are

97
Q

Cost plus margin (14)

A

A charging mechanism used by 3PLs which incorporates actual incurred costs plus an agreed margin

98
Q

Cost, volume, profit (CVP) analysis (13)

A

Identification of likely revenue, cost and profit at different levels of output

99
Q

CPT (8)

A

Carriage paid to

100
Q

Creeping crises (15)

A

Systemic supply chain disruptions that arise usually from unexpected sources and with widespread consequences

101
Q

Cross-docking (11)

A

Transfer of inventory between two vehicles without the inventory going into storage

102
Q

Customs-Trade Partnership Partnership Against Terrorism (CTPAT) (7)

A

A voluntary government–business initiative to build cooperative relationships that strengthen and improve overall international supply chain and US border security

103
Q

DAF(8)

A

Delivered at frontier

104
Q

DDP (8)

A

Delivered duty paid

105
Q

DDU (8)

A

Delivered duty unpaid

106
Q

Decoupling point (4)

A

The point in the production process at which the base product is customised to become the end product

107
Q

Demand amplification (4)

A

The amplification of demand upstream in the supply chain, where downstream activities create fluctuations in demand, causing suppliers to overproduce

108
Q

Dependent demand (12)

A

Products with dependent demand are part of an order for multiple interrelated items

109
Q

DEQ (8)

A

Delivered ex quay

110
Q

Deregulation (1)

A

Reduction/removal of various government-imposed barriers that hinder competition in markets

111
Q

Derived demand (6)

A

The fact that people or freight do not travel for the sake of making a journey, they travel for some other reason

112
Q

DES (8)

A

Delivered ex ship

113
Q

Design for manufacture (DFM) (3)

A

Designing products that can be assembled or manufactured cheaply and efficiently

114
Q

Deterministic models (5)

A

Simulation models that have no random input variables

115
Q

Directional imbalances (2)

A

Mismatches in the volumes or types of freight moving in opposite directions in a freight market (leading to different freight rates being charged in opposite directions)

116
Q

Discrete event simulation (5)

A

A type of simulation where state changes occur at discrete points in time as triggered by events; observations are then gathered at these points in time when changes occur

117
Q

Distribution centre (DC)/regional distribution centre (RDC)/national distribution centre (NDC)/consolidation centre (CC) (6)

A

Terms used to describe different types of warehouses depending upon their particular role and geographic coverage

118
Q

Downstream (1)

A

Customer end of the supply chain

119
Q

Dropped delivery (14)

A

A consignment that is not delivered for any of a variety of reasons (e.g. insufficient address details or consignee not present)

120
Q

Dynamic models (5)

A

Simulation models that include the passage of time and represent systems as they change over time

121
Q

Economic order quantity (EOQ) (10)

A

That order quantity which seeks to balance two important sets of costs associated with inventory: the costs associated with ordering and receiving freight, and the costs associated with actually holding the freight

122
Q

Electronic data interchange (EDI) (12)

A

Intercompany, computer-to-computer transmission of business data in a standard format

123
Q

Electronic point of sale (EPOS) data (4)

A

Electronically available data that capture, usually real time, sales to customers

124
Q

Enterprise resource planning (ERP) (12)

A

An enterprise-wide planning and control software package, which plans and controls all resources required from receipt of an order to delivery of freight

125
Q

Environmental separation index (ESI) (3)

A

An index that measures the difference between the working environments of outsourcer and outsourcee companies

126
Q

Ethnocentricity (2)

A

Thinking only in terms of the home country environment

127
Q

External integration (3)

A

Integration of business processes across more than one organisation in the supply chain

128
Q

EXW (8)

A

Ex-works

129
Q

Factory gate pricing (FGP) (6)

A

The use of an ex-works price for a product plus the organisation and optimisation of transport by the purchaser to the point of delivery

130
Q

FAS (8)

A

Free alongside ship

131
Q

FCA (8)

A

Free carrier

132
Q

FCL (6)

A

Full container load

133
Q

Financial accounting (13)

A

Using the balance sheet, the profit and loss account and the cash flow statement, largely for reporting to and meeting the requirements of parties outside of the organisation

134
Q

FOB (8)

A

Free on board

135
Q

Food miles (16)

A

Term used to refer to the distance over which the various components of a particular food item have to travel before final consumption

136
Q

Foreign direct investment (FDI) (2)

A

Financial flows from a company in one country to invest (e.g. in a factory) in another country

137
Q

Fourth-party logistics (4PL®) (8)

A

Invented and trademarked by Accenture in 1996, who originally defined it ‘as a supply chain integrator that assembles and manages the resources, capabilities and technology of its own organisation, with those of complementary service providers, to deliver a comprehensive supply chain solution’

138
Q

Freight tonne kilometre (FTK) (6)

A

Volume of freight measured in tonnes multiplied by the distance the freight travels measured in kilometres

139
Q

Generalised costs (8)

A

A single, usually monetary, measure combining, generally in linear form, most of the important but disparate costs which form the overall opportunity costs of a trip

140
Q

Geocentricity (2)

A

Acting completely independent of geography and adopting a global perspective

141
Q

Globalisation (2)

A

An umbrella term for a complex series of economic, social, technological, cultural and political changes which continue to take place throughout the world

142
Q

Glocalisation (2)

A

Thinking on a global, world market scale, but adapting to local wants as appropriate

143
Q

Groupage (8)

A

The provision of freight transport using consolidated shipments

144
Q

Horizontal collaboration (3)

A

Collaboration between suppliers who would conventionally be viewed as competitors

145
Q

Humanitarian logistics (3)

A

Logistics to deliver humanitarian aid

146
Q

Incoterms (8)

A

Abbreviation for international commercial terms that are now commonly accepted standards in global trade

147
Q

Independent demand (12)

A

Products with independent demand are those that are ordered independently of any other products

148
Q

Information visibility (12)

A

The ability to see information at the various points across the supply chain as and when required

149
Q

Intermodal transport (6)

A

Where freight moves within a loading unit (known as an ITU – intermodal transport unit), this unit may move upon a number of different transport modes, but the freight remains within the unit at all times

150
Q

Internal integration (3)

A

Integration between business functions within a single organisation

151
Q

Intersectionist view (1)

A

Suggests that there is overlap between parts of both logistics and SCM, but also that each has parts that are separate and distinct

152
Q

Inventory (10)

A

Any material that a firm holds in order to satisfy customer demand (and these customers may be internal and/or external to the firm)

153
Q

Inventory turnover (10)

A

A measure of a firm’s performance in inventory management, which compares the annual sales a firm achieves with the amount of average inventory held throughout the year

154
Q

ISPS Code (7)

A

The ISPS Code is a mandatory security initiative which came into force on 1 July 2004 and applies to all countries that are members of the International Maritime Organisation

155
Q

Just-in-time (JIT) inventory management (4)

A

A production philosophy and set of techniques which has many components and principles, but at its core is the idea of making do with the minimum possible level of inventory holding. Inventory is thus kept to a minimum and replenished only as it is used

156
Q

Key performance indicators (KPIs) (14)

A

Specific metrics used to monitor performance on an ongoing basis

157
Q

Knowledge worker (12)

A

A knowledge worker is defined by Peter Drucker as someone who knows more than anyone else about their job role

158
Q

Kraljik matrix (9)

A

A simple but powerful tool to understand and quantify relative value and procurement risk issues for any business or organisation

159
Q

LCL (6)

A

Less than full container load

160
Q

Lead time (10)

A

The time between placing an order and receiving inventory

161
Q

Leagile supply chain (4)

A

A supply chain that combines both lean and agile logistics philosophies; sometimes referred to as a ‘hybrid strategy’

162
Q

Lean (4)

A

Elimination of waste and ‘doing more with less’

163
Q

Life-cycle costing/whole-life costing (13)

A

Determining the costs associated with a product or service over its entire life

164
Q

Logistics (1)

A

The process of planning, implementing, and controlling procedures for the efficient and effective transportation and storage of goods including services, and related information from the point of origin to the point of consumption for the purpose of conforming to customer requirements

165
Q

Logistics service providers (LSPs) (8)

A

The various types of companies (hauliers, freight forwarders, etc.) that provide logistics services

166
Q

Make-to-order (MTO) (4)

A

Producing product only to meet actual customer demand

167
Q

Make-to-stock (MTS) (4)

A

Producing product which is subsequently put into storage

168
Q

Management accounting (13)

A

The use of detailed internal information with which to manage the development of the enterprise on a more short-term basis, undertaken to ensure that the long-term financial management of the enterprise is on track

169
Q

Manufacturing resource planning (MRPII) (12)

A

A planning and control software package, which plans and controls all manufacturing resources required to source, manufacture and deliver products

170
Q

Mass customisation (4)

A

Customisation into various different finished products of what are often largely mass produced products

171
Q

Material substitution (1)

A

Replacement of physical product by virtual product

172
Q

Materials handling equipment (MHE) (11)

A

A term used to describe the various types of equipment for handling inventory

173
Q

Materials requirements planning (MRP) (12)

A

A planning and control software package, which plans and controls the manufacture and assembly of products

174
Q

Metric (14)

A

A measurement of an activity; specific important metrics are usually referred to as ‘key performance indicators’ (KPIs)

175
Q

Multinational companies (MNCs) (2)

A

Companies with operations in areas beyond their home country

176
Q

Nearshoring (3)

A

Where companies move their offshored activities to countries closer to their home market as a result of the potential risks and delays associated with moving products from a distant location

177
Q

Non-vessel-owning common carrier (NVOCC) (8)

A

Refers to companies who consolidate smaller shipments from various consignees into full container loads which the NVOCC then takes responsibility for

178
Q

Offshoring (2)

A

Offshoring is the transfer of specific processes to lower cost locations in other countries

179
Q

Opportunity cost (10)

A

In the case of inventory management this is the amount of money the firm would have earned if the money were invested elsewhere other than in inventory

180
Q

Order qualifiers (3)

A

Those criteria and/or performance expectations that a company must meet for a customer to even consider it as a possible supplier

181
Q

Order winners (3)

A

One or more criteria that lead to the selection of a particular outsourcee by an outsourcing company

182
Q

Order-losing sensitive qualifiers (3)

A

Order qualifiers that are more critical than other order qualifiers in terms of the outsourcer’s requirements

183
Q

Original equipment manufacturer (OEM) (3)

A

Companies that produce final, branded products (with the components often produced by CMs)

184
Q

Outsourcing (3)

A

Outsourcing involves the transfer to a third party of the management and delivery of a process previously performed by the company itself

185
Q

Own-account transportation (8)

A

Where a company does not use an LSP to transport its freight, but instead transports the freight using its own vehicles

186
Q

Polycentricity (2)

A

Adopting the host country perspective

187
Q

Port centric (16)

A

The co-location of various logistics activities at a sea port rather than at inland locations

188
Q

Postponement (4)

A

The reconfiguration of product and process design so as to allow postponement of final product customisation as far downstream as possible. Other names for this approach are simply ‘delayed product configuration’, ‘delayed product differentiation’, and ‘late stage customisation’

189
Q

Procurement (9)

A

Procurement includes sourcing and purchasing and covers all of the activities from identifying potential suppliers through to delivery from supplier to the customer

190
Q

Profit and loss account (13)

A

An account of the trading activity of the business for a defined period of time

191
Q

Pull philosophy (4)

A

Materials are only produced and moved when they are required

192
Q

Push philosophy (4)

A

Materials are produced according to a planned forecast (which may or may not be accurate) and moved to the next stage of the supply chain

193
Q

Regional trade agreements (2)

A

Agreements between neighbouring countries that allow free trade between those countries

194
Q

Re-labelling view (1)

A

Contends that logistics has been re-labelled by the more recent term SCM

195
Q

Reorder point (10)

A

The inventory level at which an order for more inventory is placed

196
Q

Resilience (15)

A

The ability of a system to return to its original (or desired) state after being disturbed

197
Q

Reverse logistics (17)

A

The process in which a manufacturer systematically accepts previously shipped products or parts from the point of consumption for possible reuse, remanufacturing, recycling or disposal (with and without energy recovery)

198
Q

Robust (15)

A

Used in a supply chain context to imply a strong or vigorous capability to for example manage regular fluctuations in demand

199
Q

Safety stock (10)

A

See buffer stock

200
Q

Sale and lease back (13)

A

The sale, usually for tax and other reasons, of valuable assets to financial intermediaries from whom the assets are subsequently leased back

201
Q

Sarbanes–Oxley Act 2002 (SOX) (13)

A

Legislation enacted in the USA to improve the oversight of accounting and reporting practices

202
Q

Service supply chain (18)

A

The network of suppliers, service providers, consumers and other supporting units that performs the functions of transaction of resources required to produce services; transformation of these resources into supporting and core services; and the delivery of these services to customers

203
Q

Silo (4)

A

A term used to describe teams or business functions operating in isolation to others

204
Q

Simulation (5)

A

The process of building a model and experimenting with it in order to develop insight into a system’s behaviour based on a specific set of inputs and assist in decision-making processes

205
Q

Socio-technical systems (STS) (11)

A

A management philosophy that promotes: joint optimisation of the technical and social system; quality of work life; employee participation in system design; and semi-autonomous work groups

206
Q

Static models (5)

A

Simulation models that do not include the passage of time and represent the system at a particular point of time

207
Q

Stochastic models (5)

A

Simulation models that have at least one input variable that is random

208
Q

Stock-keeping unit (SKU) (4)

A

A unique version in terms of size, packaging, etc. of a particular product type

209
Q

Supplier development (3)

A

Activities led by buyers which seek to assist their suppliers in improving the services or products which their suppliers provide to them

210
Q

Supply base rationalisation (3)

A

The process of reducing or rationalising the number of suppliers in a supply network, typically to reduce complexity and therefore cost

211
Q

Supply chain (1)

A

The supply chain is the network of organisations that are involved, through upstream and downstream linkages, in the different processes and activities that produce value in the form of products and services in the hands of the ultimate consumer

212
Q

Supply chain Integration (3)

A

The alignment and interlinking of business processes

213
Q

Supply chain knowledge management (12)

A

A term used to describe those knowledge management processes that span a supply chain

214
Q

Tachograph (14)

A

A device typically fitted to a truck and used to record the speed of the truck, distance travelled and any breaks taken by the driver

215
Q

Third-party logistics companies (3PLs) (8)

A

LSPs that provide multiple logistics services, often in an integrated fashion

216
Q

Total landed costs (14)

A

The total costs associated with sourcing and receiving products from another location

217
Q

Toyota Production System (TPS) (4)

A

A production system designed by Toyota to eliminate waste in seven key areas

218
Q

Traditionalist view (1)

A

Regards SCM as a subset of logistics, as if it were an add-on to logistics

219
Q

Transaction exposure (13)

A

Exposure to potential financial loss as a result of trading in another currency

220
Q

Transfer price (13)

A

The value attributed to goods or services when they are transferred between divisions of the same company

221
Q

Translation exposure (13)

A

Variation in asset value arising from currency fluctuations

222
Q

Transnational corporations (TNCs) (2)

A

Companies that trade across many borders, with operations in multiple countries

223
Q

Transport cost sensitivity (1)

A

The relationship of transport costs to freight value: high sensitivity implies minor changes in transport rates will have a major impact on transport choice decisions

224
Q

Transportation model (6)

A

A model used to work out a minimum total transport cost solution for the number of units of a single commodity that should be transported from given suppliers to a number of destinations

225
Q

Transportation model (6)

A

A model used to work out a minimum total transport cost solution for the number of units of a single commodity that should be transported from given suppliers to a number of destinations

226
Q

Unionist view (1)

A

Logistics is seen as part of a wider entity, SCM

227
Q

Upstream (1)

A

Supplier end of the supply chain

228
Q

Value-adding activities (11)

A

Supply chain activities that enhance products to increase the customer’s perceptions of those products’ benefits

229
Q

Vertical collaboration (3)

A

Collaboration between suppliers and customers along the supply chain

230
Q

Vertical integration (1)

A

Ownership, or at least control, of upstream suppliers and downstream customers

231
Q

Virtual organisations (3)

A

Companies which outsource most, if not all, major functions

232
Q

Volumetric charging (6)

A

Charging for freight based on the dimensions of the consignment

233
Q

Vulnerability (15)

A

The likelihood of a supply chain or logistics system being exposed to damage, disruption or failure

234
Q

Warehouse management system (WMS) (11)

A

Software that manages materials and freight movement throughout the warehouse. This may interact directly with automated handling equipment or provide work instructions for operatives

CBS-IB (20 decks)

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