Lesson 6 - Concepts Flashcards
Inventory turnover
An indication of efficiency of inventory turn calculated by the cost of goods sold divided by the average inventor
Supply Chain Management
The coordination of all supply activities of an organization from its suppliers and partners to its customers
Upstream supply chain
Transactions between an organization and its suppliers and intermediaries, equivalent to buy-side e-commerce
Downstream supply chain
Transactions between an organization and its customers and itnermediaries, equivalent to sell-side e-commerce
Supply chain network
The links between an organization and all partners involved in multiple supply chains
Efficient consumer response ( ECR)
Creating and satisfying customer demand by optimising product assortment strategies, promotions and new product introductions
Vendor-managed inventory ( VMI)
Supply chain partners manage the replenishment of parts or items for sale through sharing og information on variations in demand and stocking level for goods used for manufacture or sale
Inbound logistics
The management of material resources entering an organization from its suppliers and other partners
Outbound logistics
The management of resources supplied from an organization to its customers and intermediaries.
Push supply chain
A supply chain that emphasizes distribution of a product to passive customers
Pull supply chain
An emphasis on using the supply chain to deliver value to customers who are actively involved in product and service specification
Value chain ( VC)
A model that considers how supply chain activities can add value to product and services delivered to the customer
value stream
The combination of actions required to deliver value to the customer as products and services
External value chain or value network
The links between an organization and its strategic and non-strategic partners that form its external value chain
Virtual organization
An organization which uses information and communications technology to allow it to operate without clearly defined physical boundaries between different functions
Virtualization
The process of a company developing more of the characteristics of a virtual organization
Vertical intergration
The extent to which supply chain activities are undertaken and controlled within the organization
Virtual intergration
The majority of supply chain activities are undertaken and controlled outside the organization by third parties
Information supply chain
An information-centric view of the supply chain which addresses the organizational and technological challenges of achieving technology-enabled supply chain management efficiency and effectiveness
Information asymmetry
Imperfect information sharing between members of a supply chain which increases uncertainty about demand and pricing
Radio-frequency identification ( RFID)
Microchip-based electronic tags are used for monitoring anything they are attached to, whether inanimate products or animate ( people)
The internet of things
Objects are uniquely identified and tagged through technologies such as RFID and made accessible through itnernet-like addresses
Machine-to-machine ( M2M) applications
Objects are uniquely identified and tagged through technologies such as RFID and made accessible through internet-like addresses.
Supply chain visibility
Access to up-to-date,accurate, relevant information about supply chain processes to different stakeholders.
