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Supply Chain Management Flashcards

1
Q

Supply Chain
Management (SCM)

A

control product flow from raw materials to distribution. relies on each partner, from supplier, manufacturers and beyond

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2
Q

Supply Chain Sustainability

A

covers environmental, social and legal issues

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3
Q

Benefits of SCM

A
  1. **New efficiencies% - SCM software can automate inventory management
  2. Higher profits
    Effective SCM lead to cost savings and higher profits
  3. Lower costs
    companies can identify and eliminate unnecessary expenses
  4. Increased collaboration collaborating can lead to mutual benefits and better performance
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4
Q

SCM Components

A
  1. Planning
    identify demand and supply trends
  2. Information
    trends can be best understood if info is proper and timely
  3. Source quality
    raw materials must be procured at cost effective rates. Good resources make good product quality.
  4. Inventory
    Critical to SCM, without it production and sales of product don’t happen
  5. Production
    will only start if planning, supply and inventory is properly maintained
  6. Location
    suitable locations are connected and close to source of resources
  7. Transportation
    Vital for carrying raw materials and final product
  8. Return of gods must be expected. even best processes can result to this.
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5
Q

Functions of SCM

A
  1. Purchasing
  2. Operations
  3. Logistics
  4. Resource Management
  5. Information Workflow
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6
Q

SCM Software

A

helps keep track of everything involved in SCM
Well-known vendors of supply chain software ‌ Infor
‌ JDA
software
‌ Orcale
‌ SAP

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7
Q

IOT (Internet of Things)

A

can help modernize operations like delivery too.

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8
Q

Societal Roles of SCM

A
  • ‌helps sustain human life
  • improves healthcare ‌
  • protects humans from extreme climates
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9
Q

Logistics in SCM

A

Supply chain is about moving/transforming raw materials into products. Logistics is moving materials from A to B.

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10
Q

LM processes in SCM:

A
  1. Transportation
  2. Warehousing
  3. 3PL and 4PL
  4. Reverse Logistics
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11
Q

Areas of Supply Chain

A
  1. Purchasing = acquiring goods/service to accomplish goals
  2. Manufacturing = production of mechandise for use/sale
  3. Inventory management = maintaining optimum number of inventory item
  4. Demand planning = forecasting customer demand
  5. Warehousing = associated with storage of goods and materials
  6. Transportation = movement from A to B
  7. Customer service = ensuring customer satisfaction with a product
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12
Q

Supply Chain Optimization

A

process of improving performance, efficiency and effectiveness of supply chain network.

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13
Q

Ways to Optimize Supply Chain

A
  1. Inventory Control
  2. Supplier Inventory Management
  3. Demand Planning
  4. System Integration - (ERP =enterprise resource planning, APS = advanced planning and scheduling software) (APS uses algorithms and mathematical models to optimize production planning and scheduling aspects)
  5. Supply Chain Security
    (minimizes risk in supply chain, logistics and transportation management system/TMS)

(ISO 28000 includes requirements about aspects concerning security management system)

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14
Q

Security Management Certification benefits on SCM

A
  1. assurance on quality
  2. better marketing possibilities
    3.improved profitability
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15
Q

Supply Chain Collaboration

A

2 or more organizations working together on supply chain aspects Parties involved
‌
•retailer
•manufacturer
‌•raw
•material supplier

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16
Q

Supply Chain Diversification

A

act of increasing choices for when to order what suppliers from

17
Q

Supply Chain Risk Management (SCRM)

A

fighting against threats to supply chain
- Supplier risk management (SRM)

18
Q

Known Risks

A

Demand Variability = fluctuations in demand
Supplier reliability = dependence on a single/limited supplier increases risk
Natural disasters
Transportation delays

19
Q

Unknown Risks

A

Pandemics
Market Shocks = shifts in market conditions
Emerging Technologies = Disruptive technologies like blockchain, AI, additive manufacturing can reshape SC process
Climate Change = unpredictable weather

20
Q

Managing Known Risks

A
  • ‌identify and document risks ‌
  • build a SCRM framework ‌
  • monitor risk
  • institute governance and regular review
21
Q

Managing Unknown Risks

A
  • ‌building strong defenses
  • request-for-proposal (RFP) language ‌
  • worker training
22
Q

Value Chain

A
  • business model that describes all activities needed to create a product
  • developed by Michael Porter
  • identifies inefficient areas and implements strategies to solve it
23
Q

Components of VC

A
  1. Inbound logistics
  2. Operations
  3. Outbound logistics
  4. Marketing and Sales
  5. Service

Logistics (3 decks)

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