Supply chain management Flashcards
What is Supply chain management?
The management of the relationships and flows between the ultimate consumer
What is the difference between supply network and supply chains?
Supply network: all the operations that are linked together so as to provide products and services throught to the end customers
Supply chain: the series of steps that a product or service goes through before it reaches the customer
What is the requirement for the supply network to meet the requirements of end customers?
To achieve appropriate levels of the five operations performance objectives
What are the two different distinctions of supply networks? Explain
Lean supply networks - focused on reducing waste and increasing efficiency in the supply chain (focuses on minimizing waste and maximizing efficiency)
Agile supply networks - designed to be flexible and responsive to changes in demand, supply or other factors (characterized by flexibility and responsiveness)
What are the our key sourcing approaches?
Multiple sourcing, single sourcing, delegated sourcing, parallel sourcing
What are the four steps in supplier selection? Explain
Initial qualificaton - reducing possible supliers to a manageable set
Agree measuremet criteria - determining the relative importance of key performance objectives
Obtain relevant information - when narrowing down to a smaller group of potential suppliers, further information can be gathered
Make selection - having arrived at a group of viabe alternatives, selection is made
Explain Customer relationships management (CRM)
A business strategy that focuses on building and maintainting long-term relationships with customers.
CRM is a way for businesses to improve their interactions with customers and to build loyalty and trust
What is the bullwhip effect?
A phenomen that occurs in supply chain management where small changes in demand for a product can result in much larger fluctuations in the supply chain.
