Section A Operational Objectives to meet Competitive Priorities Flashcards
What is Supply Chain
The global Network used to deliver products and services from raw materials to end customers through an engineered flow of information, physical distribution and cash.
What is Service Industry?
An organization that provides an intangible product (medical or legal advice). All organizations except farming, mining and manufacturing.
What is Supply Chain Management?
The design, planning, execution, control, and monitoring of supply chain activities with the objective of creating net value, building competitive infrastructure, leveraging worldwide logistics, synchronizing supply with demand , and measuring performance globally.
Upstream
Used as relative reference within a firm or supply chain to indicate moving in the direction of the raw material supplier.
Downstream
Used as a relative reference within a firm or supply chain to indicate moving in the direction of the end customer.
Order Qualifiers
Those competitive characteristics that a firm must exhibit to be a viable competitor in the marketplace. For example, a firm may seek to compete on characteristics other then price, but in order to qualify to compete, it’s cost and the related price must be within a certain range to be considered by it’s customers.
Order Winners
Those competitive characteristics that cause a firm’s customer to choose that firm’s goods and services over those of tis competitors. Orders winners can be considered to be competitive advantages for the firm. Order winners usually focus on one (rarely more then two) of the following strategic initiatives: price/cost, quality, delivery speed, delivery reliability.
Vision
The shared perception of the organization’s future – what the organization will achieve and a supporting philosophy. This shared vision must be supported by strategic objectives, strategies, and action plans to movie it in the desired direction.
Vision Statement
An organization’s statement of it’s vision.
Mission
The overall goal(s) for an organization set within the parameters of the business scope.
Mission Statement
The company statement of purpose.
Value Chain Analysis
An examination of all links a company uses to produce and deliver its products and services, starting from the origination point and continuing through delivery to the final customer.
Logistics
In a supply chain management context, it is the subset of supply chain management that controls the forward and reverse movement, handling and storage of goods between origin and distribution points. In an industrial context, the art and science of obtaining, producing and distributing material and product in the proper place and in proper quantities. In a military sense (where it has greater usage) its meaning can also include the movement of personnel.
Risk Management
The identification, assessment, and prioritization of risks followed by coordinated and economical application of resources to minimize, monitor and control the probability and/or impact of unfortunate events or to maximize the realization of opportunities.
Strategic Plan
The plan for how to marshal and determine actions to support the mission, goals, and objectives of an organization. Generally includes an organization’s explicit mission, goals and objectives and the specific actions needed to achieve those goals and objectives.
