Section 3: Key Terms Flashcards
{Blank} is the use of responsiveness, competency, flexibility, and quickness to manage how well a supply chain entity operates on a daily basis and attempts to assess the needs of its customers in great detail so it can provide customized products that better meet the customer’s expectations.
Agile Supply Chain
{Blank} is when a company owns the supplier or supply process in the supply chain.
Backward Vertical Integration
{Blank} is when a company can own the distribution systems and retail outlets that sell its products.
Forward Vertical Integration
{Blank} is the most limiting constraint on the system. It occurs at the point in the process that requires the longest time or has the slowest rate.
Bottleneck
{Blank} is the forward flow where a good (or goods) are pushed to the customer.
Forward Logistics
{Blank} is when those goods and services are provided by the organization itself, they are in-sourced.
Insourcing
{Blank} focuses on producing high volume at low cost with the goal of adding value for customers by reducing the cost of goods and lowering waste or non-value-added activities.
Lean Supply Chain
{Blank} involves managing the internal movement of materials, components, and information from point to point in the supply chain.
Logistics
{Blank} is defined as the procurement of products or services from sources that are external to the organization.
Outsourcing
{Blank} is the backward flow of goods from the customer to the manufacturer for return or recycling.
Reverse Logistics
{Blank} is an agreement between two or more parties to pursue a set of agreed-upon objectives needed while remaining independent organizations to improve supply-chain-wide performance rather than simply developing one-time solutions to problems.
Strategic Alliance
{Blank} is the practice of helping suppliers improve their production and service capabilities and is usually undertaken with suppliers of key goods or services that are critical to the success and profitability of the supply chain.
Supplier Development
{Blank} is a module within the ERP software system that helps to facilitate the collaboration and sharing of information necessary between a buyer and its suppliers, resulting in long-term relationships with their strategic partners.
Supplier Relationship Management (SRM)
{Blank} encompasses all activities associated with the flow and transfer of goods and services, from raw material extraction through use by the final consumer.
Supply Chain
{Blank} is an approach in which all members of the supply chain work together, coordinate their activities, and share information.
Supply Chain Management
