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Principles Certification Track Glossary Flashcards

Supply Chain Management Principles Certification Track Glossary

1
Q

CPFR*

A

Collaborative Planning, Forecasting, and Replenishment

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2
Q

3PL*

A

See Third-party Logistics provider.

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3
Q

Acquisition Costs*

A

The net price plus other costs needed to purchase an item and move it to the point of use.

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4
Q

Assemble-to-order (ATO)

A

In this type of process, products are assembled from standardized parts and modules. The flexibility in this process is in how the parts are assembled. Usually, there are several options available that allow the buyers to customize their products. The process structures used in this type of operation are repetitive, and some organizations use mass customization processes. Examples are Subway restaurants, which use an assembly line to make a customized sandwich from standardized ingredients or Home Depot paint departments, which customize colors for customers by mixing one of hundreds of standardized color choices to base white paint.

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5
Q

ATO*

A

Assemble-to-order

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6
Q

Barcode*

A

A symbol consisting of a series of printed bars representing values. A system of optical character reading, scanning, and tracking of units by reading a series of printed bars for translation into a numeric or alphanumeric identification code. A popular example is the UPC code used on retail packaging.

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7
Q

Best Practice*

A

A specific process or group of processes that have been recognized as the best method for conducting an action. Best practices may vary by industry or geography, depending on the environment being used. Best practices methodology may be applied with respect to resources, activities, cost object, or processes.

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8
Q

Bill of Lading*

A

A transportation contract document from shippers acknowledging specific goods have been delivered to specific locations and received by correct recipients.

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9
Q

Bill of Materials*

A

A comprehensive listing of the dependent demand parts and components required to manufacture and assemble final products.

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10
Q

BOM*

A

Bill of Materials

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11
Q

Capacity Requirements Planning (CRP)

A

Software used to ensure sufficient labor, equipment, and supplies are in place to meet production demand.

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12
Q

Carrying Costs

A

Costs of holding inventory; is derived from carrying the inventory on the books.

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13
Q

Collaborative Planning, Forecasting, and Replenishment (CPFR)*

A

A concept that aims to enhance supply chain integration by supporting and assisting joint practices. CPFR seeks cooperative management of inventory through joint visibility and replenishment of products throughout the supply chain.

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14
Q

Consumer

A

Someone who purchases goods and/or services for personal use.

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15
Q

Conveyor

A

Mechanism used to load and unload vehicles and/or to route items throughout the warehouse. Also can be used as an automated sorting system, of which there are four major categories: pop-up sorter, surface sorter, tilt slat sorter, and tilt tray sorter.

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16
Q

Core Competency*

A

Fundamental knowledge, ability, or experience in a specific area, or a skill set.

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17
Q

CRM*

A

Customer Relationship Management

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18
Q

CRP

A

Capacity Requirements Planning

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19
Q

Customer*

A

1) In distribution, the trading partner or reseller.

2) In direct-to-consumer, the end customer or user.

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20
Q

Customer Relationship Management (CRM)*

A

Term given to developing different strategies to serve most effectively the full range of customers that interact with the company.

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21
Q

DC*

A

Distribution Center

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22
Q

Decline

A

As demand continues to drop, companies try to adopt product innovations to keep customers interested, but at some point, products do not appeal or meet customers’ expectations. At this stage, cost is a critical factor.

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23
Q

Demand Patterns

A

A regular or repeating trend by which the desire for goods changes over specific time intervals. Demand patterns include stationary (even demand), trend (predictable growth or decline), seasonal (patterns that repeat cycle after cycle), cyclical (patterns that are influenced by external factors), trend with seasonality (predictable growth or decline based on cycles), and random (changes and variances that are not predictable).

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24
Q

Demand Shaping*

A

The practice of actively influencing demand to match supply.

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25
Dependent Demand
A term in economics in which demand for one good or service occurs as a result of demand for another; this often occurs when the former is a component of production of the latter.
26
Direct Costs*
Costs incurred directly as expenses when items are being made.
27
Distribution Center (DC)*
The warehouse facility that processes inventory from suppliers and manufacturing for distribution in the supply chain.
28
Distribution Requirements Planning (DRP)*
Software used in the distribution system to plan how and when to have the finished items in the right place at the right time.
29
Dock Leveler
A device used to bridge the gap between the dock and the trailer bed of the vehicle. It may be mechanically, hydraulically, or manually operated.
30
DRP*
Distribution Requirements Planning
31
Ecommerce*
Electronically communicating with and handling customers, whether through email, smartphone, other online means, or any medium using electronic devices.
32
Engineer-to-Order (ETO)
A process in which the manufacturing organization must first prepare (engineer) significant product or process documentation before manufacture may begin.
33
Enterprise Resource Planning (ERP)*
Software that combines MRP, DRP, and CRP into one system and merges the business planning systems.
34
ERP*
Enterprise Resource Planning
35
ETO
Engineer-to-order
36
External
External customers are consumers of products and services a company sells.
37
Growth
In this stage, the sales of a product are expanding. Changes to product design, manufacturing processes, and quality are all evolving to maximize this revenue stream. The supply chain is also monitored and evaluated to make sure production capacity can be maintained or even expanded.
38
Inbound Logistics*
The transport, storage, and delivery of goods coming into businesses. Inbound logistics covers anything companies order from all suppliers, including tools, raw materials, office equipment, and inventory.
39
Independent Demand*
Finished goods that are sold to customers.
40
Indirect Costs
Costs incurred to facilitate the manufacturing process but not incurred directly in performing the manufacturing function.
41
Intermodal Transportation*
Intermodal freight transport involves using railroads, ships, and/or trucks without any handling of cargo when changing modes.
42
Internal Customers*
An individual or department which is a part of the supplying company Introduction: The product of many months or even years of market evaluation and product design, testing, and packaging. Introduction also requires designing and setting up a supply chain.
43
Inventory*
The number of units and/or the value of the stock of goods held by a company.
44
Inventory Management*
The process of ensuring the availability of products through inventory administration.
45
Inventory Turns*
This ratio measures how many times a company's inventory has been sold (turned over) during a period of time. The cost of goods sold divided by the average level of inventory on hand. Operationally, inventory turns are measured as total throughput divided by average level of inventory for a given period; How many times a year the average inventory for a firm changes over, or is sold.
46
JIT*
Just-in-time
47
Just-in-time (JIT)*
An inventory control system that controls material flow into assembly and manufacturing plants by coordinating demand and supply to the point that desired materials arrive in time for use.
48
Lead Time*
Average time that elapses from placing orders with suppliers to receiving goods. It includes the time required for order transmittal, order processing, order preparation, and transit.
49
Lean*
Refers to operational and procedural practices that create efficient flow.
50
License Plate*
A barcode serial number assigned to items when they arrive at the warehouse if there is a need for intermediate storage. The license plate is used to track the movement of items within the warehouse.
51
Logistics*
The process of planning, implementing, and controlling the efficient and effective flow and storage of goods, services, and related information from point of origin to point of consumption for the purpose of conforming to customer requirements and minimizing costs.
52
Long-Term Planning
An aggregate plan used to ensure the major resources are adequate to meet demand.
53
Maintenance, Repair, and Operating (MRO)
Product consumed to support the operations to manufacture and manage inventory.
54
Make-to-order (MTO)*
Geared towards a larger class of customers, but allows for some customization. Typically, orders are required to begin the production process. However, unlike ETO, most of the design work is complete, and parts may be in inventory. This reduces the amount of time required to finalize the order. The process structures used in MTO are batch, job shop, and cellular process.
55
Make-to-stock (MTS)*
Companies will mass produce goods to keep in inventory so that product is ready to ship when customers place orders. Companies will use demand forecasting to estimate production requirements. Products in the mature stage are usually the best ones for this type of process because demand is readily known. The process structures used in this setting are repetitive assembly lines and continuous processes.
56
Manufacturing Operations
Operations specifically used for making products, including dish soap to automobiles; they make tangible items that can be sold to consumers through stores, shops, and online.
57
Mass Service
Requires lower customization and customer interaction, but labor intensity cost is relatively high. Operations managers are concerned with improving service times and will try to employ automated technologies.
58
Master Production Schedule (MPS)*
Sometimes shortened to MPS, it is created from the demand forecast and alerts the factory as to how many end products are needed within a certain timeframe.
59
Materials Requirements Planning (MRP)*
A software system used in production to determine how many raw materials and parts will be needed for manufacturing and when they should be on hand.
60
Maturity
The demand for the product is relatively stable, so product changes and production changes are minimal. Now, the focus is on reducing costs and increasing production and supply chain efficiency. A major threat in this stage is low-cost competitors coming into the marketplace.
61
Mid-Term Planning
Outlining what will be produced by period, but not on a highly detailed schedule.
62
Motor Carriers*
Also referred to as common carriers, the most widely used domestic mode of transportation, as most freight is regional in nature.
63
MPS*
Master Production Schedule.
64
MRO*
Maintenance, Repair, and Operating
65
MRP*
Materials Requirements Planning
66
MTO
Make-to-order
67
MTS*
Make-to-stock
68
Negotiation
Term used to describe discussions used to reach a formal agreement as to sale terms.
69
Operations Management
The management of the transformation process in which inputs are made into products and services.
70
Order Cycle*
The process that runs from placement of order to receipt of order, including order transmittal, processing, preparation, and shipping.
71
Order Management*
The process of fulfilling purchase demand (sales or orders) for companies’ products and includes how firms receive orders (by phone, fax, or computer), how firms fill orders (order processing), and how orders are shipped to customers.
72
Order Picking*
Refers to the process of picking products off the shelves in warehouses (See Picking).
73
Order Processing*
The trigger for the distribution process, it includes order entry, scheduling, invoicing, status inquiries, tracing, expediting, information requests, credit checking, and accounts receivable processing and collection.
74
Outbound Logistics*
The transport, storage, and delivery of goods that are leaving businesses. Outbound logistics deals almost exclusively with end products.
75
Outsource*
To utilize a third-party provider to perform services previously performed in-house. Examples include manufacturing of products and call center/customer support.
76
Pallet*
The platform that cartons are stacked on and then used for shipment or movement as a group. Pallets may be made of wood or composite materials. Some pallets have electronic tracking tags, and most are recycled in some manner.
77
Pick-by-light*
A system in which a computer automatically illuminates a light at the next picking location, with the quantity to be picked is displayed on a screen. The order picker follows the light to the location, makes the pick according to the quantity displayed, and pushes a button to confirm the pick has been made and to turn off the light.
78
Picking*
The process of collecting the appropriate items in the right quantities to fill a customer order. A combination of different methods can be used within a single warehouse.
79
Pipeline
Mode of transportation used for handling inter-city ton-mileage of freight.
80
Process
Set of activities that produce a product, service, and/or a combination of products and services.
81
Procurement
The area of supply chain management that controls the buying of materials, equipment, and services. In many corporations, it is also called supply management.
82
Product Life Cycle*
The cycle through which every product goes through, from introduction to withdrawal or eventual demise.
83
Product-Process Matrix
A way to link marketing decisions and a product’s life cycle to an organization’s operations capabilities.
84
Production Plan
Determines what type of machinery will need to be purchased and what type of inventory must be built up to meet future demand.
85
Professional Service
Characterized by high customization and customer interaction and high labor cost. Organizations that fit this model are accountants, consultants, doctors, and lawyers. These types of businesses have highly educated employees and the services they perform are time-consuming and customized.
86
Qualitative Forecasting*
Using intuition or expert judgment because little to no historical data exists.
87
Quantitative Forecasting*
Forecasting based on numbers or historical data.
88
Raw materials*
Crude or processed material that can be converted by manufacturing, processing, or both, into new and useful products.
89
Replenishment
The process of moving or re-supplying inventory from a reserve (or upstream) storage location to a primary (or downstream) storage/picking location, or to another mode of storage in which picking is performed.
90
Reverse Logistics*
The transportation of goods that need to be returned through the supply chain because of defects or because products have reached the end of their usage; parts may be recycled or remanufactured.
91
S&OP*
Sales and Operations Planning
92
Sales and Operations Planning (S&OP)*
A collaborative approach between the sales and marketing team and the manufacturing team.
93
Service Factory
This sector typically requires low labor costs, low customization, and minimal customer interaction. Examples of service organizations are hotels, trucking companies, and airlines. A key customer trait in this area is low price. The customer is looking for the best deal, defined largely as the lowest price for the service. Operations managers will focus their efforts on facilities and equipment utilization, maximizing output and keeping costs low.
94
Service Operations
Involve companies that provide intangible products or services directly to consumers, such as having cars washed or providing Internet service.
95
Service Shop
Requires a high degree of customization and customer interaction but relatively low labor costs.
96
Short-Term Planning
Detailed scheduling and control processes to make sure that all resources, including raw materials, will be available when production is scheduled to start.
97
SKU*
Stock Keeping Unit.
98
Stock Keeping Unit (SKU)*
A unique, individual item with a unique form, fit and function.
99
Strategic Sourcing*
Focuses on developing the most effective relationships with the right suppliers, to ensure that the right price is paid and that lifetime product costs are minimized. It also implies that the supply relationship will continue to improve and develop.
100
Strategic Supply Plan
Includes decisions about major capital expenditures and how to rationalize various assets.
101
Supply Chain*
Processes from end user through original suppliers that provide products, services, and information that add value for customers.
102
Supply Chain Management
The design and management of all functions involved in sourcing and procurement, conversion, and all logistics management activities. Importantly, it also includes coordination and collaboration with channel partners, which can be suppliers, intermediaries, third- party service providers, and customers.
103
Supplier Relationship Management
Building, maintaining, and developing relationships with suppliers to aid the future of both companies.
104
Third-Party Logistics Provider (3PL)*
A firm that provides multiple logistics services for use by customers. Preferably, these services are integrated, or bundled, together by the provider. These firms facilitate the movement of parts and materials from suppliers to manufacturers, as well as finished products from manufacturers to distributors and retailers.
105
TQM*
Total Quality Management
106
Total Quality Management*
Sometimes shortened to TQM, designing processes to produce consistent quality.
107
Variable Costs
Costs that are incremental and vary based on the quantity ordered or manufactured.
108
Warehouse
Storage place for products. Principal warehouse activities include receipt of product, storage, shipment, and order picking.
109
Warehouse Management System (WMS)
The central brain that manages a warehouse or distribution center .
110
Weighted Scorecard
A method for evaluating criteria independently before arriving at an overall value by assigning each criterion, and thus each score, the appropriate weight.
111
WMS*
Warehouse Management System
112
Work in Process*
Partially finished inventory in a queue waiting for manufacturing completion or further processing for eventual sale.
113
Zone Picking*
A system for order picking in which the warehouse is divided into sections or zones, with each picker responsible for filling all pending orders in a small section of the warehouse.

Supply Chain Management (40 decks)

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