Module 5 Flashcards
all elements that look for ways to enhance product value as it moves along supply chain
value chain
networks of suppliers and outsourcing partners
value webs
contracting business functions or operations to companies
outsourcing
transferring a business function to a facility in another country
offshoring
in commerce, business procedures, policies, and systems that convert supplies to finished products for customers, a chain
supply chain management
sequence of processes to produce and distribute a supply, creating a chain
Supply chain
goods/materials kept in stock for production or sale
inventory
determining right quantities of supplies
inventory control
purchasing of raw materials and products to produce goods/services, procuring something
procurement
production planning to manage manufacturing materials (MRP)
Material requirements planning
Software system that helps run business and support automation (ERP)
Enterprise resource planning
ALL activities involved in producing goods and services
Production and operations management
efficiency with converting inputs to outputs
productivity
systems maximizing productivity
lean systems
goods are delivered right before they are needed
just in time
identical goods and services, usually in large quantities
mass production
creation of unique good or service for a customer
customized production
customizing mass produced products for each buyer
mass customization
establishing level of resources to meet customer demand (Hint: if a pitcher was full of water, it’s at max c—)
capacity planning
PERT network showing sequence of operations to complete something (a path)
critical path
