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APICS > Intro to SCM > Flashcards

Intro to SCM Flashcards

1
Q

Supply Chain

A

Global network used to deliver products and services from raw materials to end customers through a flow of info, physical distribution, and cash

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2
Q

Service Industry

A

An organization that provides an intangible product

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3
Q

Supply Chain Management (SCM)

A

The design, planning, execution, control, and monitoring of supply chain activities with the objective of creating net value, competitiveness, leveraging logistics, balancing supply and demand, and measuring global performance.

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4
Q

Upstream

A

Movement in the direction of the raw material supplier

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5
Q

Downstream

A

Movement in the direction of the end customer

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6
Q

3 Primary Flows in SC

A
  1. Flow of info
  2. Flow of cash
  3. Flow of materials/services
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7
Q

Value Chain Analysis

A

Examination of all links companies use to produce and deliver its products and services (End to End process)

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8
Q

Logistics

A

Subset of SC that controls the forwards and reverse movement, handling, and storage of goods between origin and distribution points

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9
Q

Risk Management

A

Identification, assessment, and prioritization of risks followed by application of resources to minimize, monitor, and control probability/impact of events

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10
Q

Bullwhip Effect

A

An extreme change in the supply position upstream generated by a small change in demand downstream

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11
Q

What causes the bullwhip effect?

A

Nature of communicating orders up the chain with the inherent transportation delays of moving product down the chain

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12
Q

Value

A

Something which customers are willing to pay for

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13
Q

Operations Management

A

Planning, scheduling, and control of activities that transform inputs into finished goods/services

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14
Q

Materials Management

A

Supports the complete cycle of material flow, from the purchase and internal control of materials to warehousing, shipping, and distribution

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15
Q

Customer Service

A

The ability of a company to address the needs, inquiries, and requests of customers

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16
Q

Demand Lead Time

A

The amount of time potential customers are willing to wait for the delivery of a good or service

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17
Q

Manufacturing Planning and Control (MPC)

A

Encompasses high-level planning, master scheduling, MRP, and execution control along with checks on available capacity.

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18
Q

Logistics

A

Responsible for incoming physical supply and outgoing physical distribution

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19
Q

Order Qualifiers

A

Competitive characteristics that a firm must exhibit to be a viable competitor in the marketplace

20
Q

Order Winner

A

Competitive characteristics that cause a firm’s customers to choose that firm’s goods and services over those of its competitors

21
Q

Corporate Social Responsibility

A

Voluntary efforts by a firm to balance the needs of the organization against those of society

22
Q

Reason why product life cycles are shrinking

A

Order winners quickly become order qualifiers as competitors adopt them

23
Q

Sustainability

A

Organizational focus on activities that provide present benefit without compromising the needs of future generations

24
Q

UN Global Impact

A

Voluntary initiative whereby companies embrace, support, and enact a set core of values in the areas of human rights, labor standards, the environment, and anticorruption

25
Q

HEAL

A

Human rights, environment, anti-corruption, labor

26
Q

Strategic Plan

A

How to determine and enact the actions required to support the mission, goals, and objectives of an organization. Focus is on the long-term

27
Q

Product Differentiation

A

Making a product distinct from the competition on a nonprice basis

28
Q

Business Plan

A

Statement of long-range strategy and revenue, cost, and profit objectives accompanied by evidence.

29
Q

Categories of Functional Area Performance Objectives

A

Speed, Dependability, Flexibility, Quality, Cost

30
Q

SMART Objectives

A

Goals that are specific, measurable, attainable, realistic, and timely

31
Q

What-If Analysis

A

Evaluating alternate strategies by answering the consequences of changes to forecasts, manufacturing plans, inventory levels, etc.

32
Q

Tactical Plans

A

Set of functional plans that synchronize activities across functions that aid in achieving the intermediate goals and objectives to support the organizations strategic plan

33
Q

Performance Standard

A

The accepted, targeted, or expected value for the criterion

34
Q

Key Performance Indicator (KPI)

A

A Measure that is used to define and assess progress toward specific goals and is tied to an organization’s strategy and business stakeholders

35
Q

Supply Chain Operations Reference model (SCOR)

A

Describes the business activities associated with satisfying a customer’s demand

36
Q

Balanced Scorecard

A

List of financial and operational measurements used to evaluate organizational or supply chain performance

37
Q

3 Important balanced scorecard perspectives

A
  1. Customer - ensures focus stays on customer
  2. Business process - helps measure cost/efficiencies and boast CI
  3. Innovation/Learning - helps spur investment in future growth
38
Q

Participative Design/Engineering

A

The simultaneous participation of all the functional areas in the firm in the product design activity. Often includes suppliers/customers

39
Q

Fixed Cost

A

Expenditure that does not vary with the production volume (ie rent)

40
Q

Variable Cost

A

Operating cost that varies directly with a change of one unit in the production volume

41
Q

Make-or-Buy Decision

A

Deciding whether to produce an item internally or buy it from an outside supplier

42
Q

Outsourcing

A

Having suppliers provide the goods/services that were previously provided internally

43
Q

Subcontracting

A

Sending production work outside to another manufacturer

44
Q

Scrap

A

Material outside of specifications and possessing characteristics that make rework impractical

45
Q

Customer Relationship Management (CRM)

A

Software utilized to aid in account and order management so that anyone who has contact w/ the customer can be brought up to speed quickly

APICS (2 decks)

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