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Intro to logistics > Test 1 > Flashcards

Test 1 Flashcards

1
Q

Four types of economic utility?

A

Possession utility, form utility, Place Utility, Time utility

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2
Q

Systems Approach

A

This is the Theory that everything is integrated together through logistics. You may ship via train which is cheaper, but packing is more expensive so all together it may be costing more

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3
Q

Cost trade offs

A

changes to one activity may cause some costs to increase and some to decrease

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4
Q

Total Logistics Concept

A

integration of all activities into a unified whole that seeks to minimize distribution costs in a manner that supports an organization’s customer service objectives

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5
Q

Inventory valuation

A

Allows a company to come up with an amount of money their inventory is worth

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6
Q

Stock keeping unit

A

product and service identification code for a store or product, often displayed as a machine-readable bar code that helps track the item for inventory

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7
Q

Landed cost

A

This is the total cost of a shipment after factoring in purchase price, shipping costs, insurance, etc.

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8
Q

Transaction processing system

A

collects and stores information about transactions

ex. Electronic data interchange (EDI)

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9
Q

Drawbacks of EDI

A

High setup costs, Reduced lead times

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10
Q

RFID

A

Compared to bar codes: can store much more data. offers both read and write capabilities

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11
Q

Logistics information system definition

A

the people, equipment, and procedures to gather, sort, analyze, evaluate, and distribute needed, timely, and accurate information to logistics decision makers

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12
Q

Management Information System (MIS) and Executive Information System (EIS)

A

Convert TPS data into information for monitoring performance and managing an organization. Objective is to provide managers and executives the information they really need.

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13
Q

Decision support systems

A

Help managers make decisions by providing information, models, or analysis tools

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14
Q

DSS (Simulation)

A

Technique that models a real-world system, typically using mathematical equations to represent the relationships among the system’s components

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15
Q

DSS (Application specific software)

A

Technique developed to help managers deal with specific logistics processes or activities

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16
Q

3 stratagies that can be pursued by an organization

A

Cost Leadership, Differation, and focus

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17
Q

Logistic strategy decisions

A

Determining number and location of warehouses
Deploying inventory
Selecting Transportation modes
Investments in technology that support logistics

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18
Q

Marketing decisions

A

Product availability, desired customer service levels, and packaging design directly influence logistics decisions

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19
Q

Finance decisions

A

Rates of return may affect the decision to manage one’s own warehouse or use a third-party provider

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20
Q

Manufacturing decisions

A

Strategic decisions by manufacturing to implement just-in-time system would influence logistics decisions in warehousing, transportation and inventory management

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21
Q

Procurement

A

The decision to move from domestic to global sourcing would naturally affect logistics activities such as the potential use of new modes of transportation

22
Q

Strategic profit model: Return on investment, Return on net worth, Return on Assets

A

ROI: common measure of a companies financial success
RONW: measures profitability of funds invested in the business
ROA: Indicates what percentage of every dollar invested in the business is ultimately returned to the organization as profit

23
Q

Strategic Profit model fails to:

A

Consider the timing of cash flows

assets dedicated to specific relationships

24
Q

What is usually the most relevant logistics asset?

A

Inventory

25
Q

Balance Scorecard definition

A

is a strategic planning and performance management system used in industry, government, and nonprofit organizations. (forces managers to look beyond traditional financial measures)

26
Q

four perspectives a manager should evaluate their business from?

A

Customers, Internal business process, Learning and growth, financial results

27
Q

Two basic organizational structures?

A

Fragmented organizational structure and Unified organizational structure

28
Q

Two basic organizational structure for LOGISTICS DEPARTMENTS:

A

Centralized logistics and decentralized logistics

29
Q

Fragmented vs Unified Organizational structure

A

Fragmented: Logistics activities are managed in multiple departments throughout organization

Unified organizational structure: Multiple logistics programs are put together and ran as a single department

30
Q

Centralized logistics vs decentralized

A

Centralized logistics: Company maintains a single logistics department that administers the related activities for the entire company from the home office

Decentralized logistics: Logistics-related decisions are made separately at the divisional or product group level and often in different geographic regions

31
Q

Three primary types of organizational design

A

Hiearchial, top down management
Matrix - Cross functional responsibilities
Network - Process focused on combining tasks into value by making products and activites

32
Q

Relevancy

A

Refers to meeting the customer needs of current and emerging customers. This is done by creating mutually beneficial relationships with customers

33
Q

Responsiveness

A

Reflects the degree in which organizations can meet the needs of unique or unplanned customer requests

34
Q

Flexibility

A

Is an organization’s ability to address unexpected operational situations

35
Q

5 managerial issues in logistics

A

Productivity, Quality, Risk, Sustainability and complexity

36
Q

Productivity

A

Refers to output/input. Provides insight into efficiency

37
Q

Quality

A

Relates to a firm’s ability to deliver products, material and services without defects or errors to both internal and external customers1

38
Q

ISO 9000

A

Is a set of generic standards used to document, implement, and demonstrate quality management and assurance systems (it is a certification)

39
Q

What kind of risk is theft?

A

An operational risk

40
Q

Pilferage

A

This is employee theft. Good way to prevent this is to keep goods moving through the system.

41
Q

Reverse logistics

A

This is the process of managing returned goods. Can be 4-5 times more expensive and can also take up to 12 more steps as forward logistics

42
Q

Network complexity

A

Is the growing number of nodes and the associated changes to the links in logistics systems

43
Q

Process complexity

A

Centers on the haphazard development of processes, additions and modifications to processes over time, and/or changing process requirements

44
Q

Range complexity

A

Centers on the implications associated with the increasing number of products that most companies continue to face in an effort to differentiate themselves with their customers

45
Q

Two prominent SCM models?

A

Supply chain operations reference - is focused on the logistics, operations, and procurement functions

Global supply chain forum - involves all business functions

46
Q

Agile supply chain

A

Since customers wants and needs can change quickly, it is important to be agile

47
Q

Traditional supply chains vs Customer centric supply chains

A

Traditional supply chains are factory driven and push oriented. Customer centric supply chains are pull oriented

48
Q

Perfect order

A

Simultaneous achievement of relevant customer metrics such as on-time delivery, damage free and correct order quantity. Looks at orders from the customers perspective

49
Q

Leagility

A

A hybrid between lean and agile supply chains. Focus part of one supply chain on timely response and another part on leveling out planning requirements to smooth production output

50
Q

Lean supply chains

A

Making sure to reduce waste and resources while maintaining operational functions. ex. moving from start and stop patterns to a continuous flow

51
Q

4PL

A

Refers to a company whose primary purpose is to ensure that various 3PLs are working toward the relevant supply chain goals and objectives

Intro to logistics (3 decks)

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