Lesson 1 (simplified) Flashcards
Operations management
Planning, scheduling, and control of activities that transform inputs into finished goods/services
Supply chain management
Management of supply chain activities and relationships to maximize customer value and achieve sustainable competitive advantage
Supply chain
network that works together to create product/services
Supply Chain Operations reference
Planning, Sourcing, Make/production, Delivery, Return
Planning activities
balance demand against resources and communicate plan to participants
sourcing activities
identifying, developing, contracting suppliers
scheduling delivery of incoming goods/services
“make” or production
actual production of good/service
delivery activities
entering orders and determining delivery dates to storing and moving goods
return activities
return and process defective/excess products/materials
logistics
transport and storage solutions
mission statement
why an organization exists
core competencies
organization’s domain
strategy
business coordinates decisions regarding structural and infrastructural elements
business strategy
firm’s targeted customers
sets time frames and performance objectives
core competency
strength/ability developed over long period of time
difficult/impossible to copy for competitors
functional strategy
translates business strategy into specific actions for functional areas
