Midterm Review Flashcards
What are the workers’ rights?
Right to know
Right to participate in workplace health and safety
Right to refuse dangerous work
What are the 4 types of Economic Utility?
Possession
Form
Place
Time
What are the 7 R’s of SCM
The right:
Product
Customer
Place
Quantity
Time
Condition
Price
Define Efficiency
The ratio of the useful work output relative to total input
Define Effectiveness
The capability of producing a desired result. Getting the Job done.
What are reasons for the increased importance of Logistics?
Reduction in economic regulation
Changes in consumer behaviour
Technological advances
Advances in retailing
Globalization of Trade
Explain Systems Approach
Compatibility between a company’s goals and
objectives and major functional area goals and
objectives
Interdependence of functional areas and logistical activities
Explain Total Cost Approach
Total logistics concept: integration of all activities
into a unified whole that seeks to minimize
distribution costs in a manner that supports an
organization’s strategic objectives
Cost Trade offs
Define Business Strategy
The strategy that identifies a firm’s targeted
customers and sets time frames and
performance objectives for the business
Define Core Competency
An organizational strength or ability, developed
over a long period, that customers find valuable
and competitors find difficult or even impossible
to copy.
Define Functional Strategy
A strategy that translates a business strategy
into specific actions for functional areas such as
marketing, finance and supply chain.
