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Intro to logistics > test 2 > Flashcards

test 2 Flashcards

1
Q

procurement

A

Refers to the raw materials, component parts, and supplies bought from outside organizations to support a company’s operations

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2
Q

Procurement manager roles

A
  1. Reduce cycle times
  2. Play an internal role in product development
  3. Generating additional revenues through collaboration with the marketing department1
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3
Q

Benefits of pcards

A
  1. Reduction in number of invoices
  2. firm makes one payment each month regardless
  3. Allows employees to make purchases in minutes rather than days
  4. allow suppliers to be paid in a more timely fashion
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4
Q

Cons of pcards

A
  1. currency differences
  2. availability of technology
  3. difference in card acceptance
  4. cultural issues with program
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5
Q

Supplier selection framework (5)

A
  1. Identify need for supply
  2. Situation analysis
  3. Identify and evaluate potential suppliers
  4. Select suppliers
  5. Evaluate decisions
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6
Q

Evaluating decision step

A

Process based decision - Is an assessment of the supplier’s service
Performance based performance - Is focused on the supplier’s actual performance on a variety of criteria including cost and quality

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7
Q

Demand management

A

“the creation across the supply chain and its markets of a coordinated flow of demand.”

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8
Q

Three types of forecasting models?

A
  1. Cause and effect
  2. Time series
  3. Judgemental
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9
Q

Judgemental demand forecasting?

A

Used when there is very little historical data. Techniques include surveys and the analog technique

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10
Q

Time series forecasting model

A

assumption that future demand is entirely dependent on past demand. techniques include simple and weighted moving averages

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11
Q

Cause and effect forecasting

A

Assumes that one or more factors are related to demand and that the relationship between cause and effect can be used to estimate future demand.

Simple regression
Multiple regression

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12
Q

What is order cycle

A

refers to the time from when a customer places an order to when goods are received

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13
Q

Four stages of the order cycle

A
  1. Order transmittal
  2. Order processing
  3. Order picking and assembly
  4. Order delivery
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14
Q

Order transmittal

A

refers to the time from when the customer places an order until the seller receives the order

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15
Q

Order processing

A

refers to the time from when the seller receives an order until an appropriate location (i.e. warehouse) is authorized to fill the order

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16
Q

Order picking and assembly

A

includes all activities from when a warehouse is authorized to fill the order until goods are loaded aboard an outbound carrier

Can account for 2/3 of facilites costs and time. Easiest opportunity to improve

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17
Q

Order delivery

A

is the time from when a transportation carrier picks up the shipment until it is received by the customer.

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18
Q

Four dimensions of customer service

A

Time, dependability, Communication, convenience

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19
Q

Customer profitability analysis

A

the allocation of revenues and costs to customer segments or individual customers to calculate the profitability of the segments or customers

Recognizes that not all customers are the same and some should be treated differently

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20
Q

3 inventory costs to consider

A

Carrying costs, ordering costs, Stockout costs

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21
Q

Carrying costs

A

This is holding inventory. Is expressed in percentage terms

22
Q

Ordering costs

A

associated with ordering inventory, such as order costs and setup costs. (inventory availability, credit check, cost of receiving an order)

23
Q

Stockout costs

A

The amount of the money that is lost for not having an item that a customer wants at the time

24
Q

base stock

A

Inventory stored to handle basic demand

25
Q

safety or buffer stock

A

additional stock that is held to guard against uncertainty in demand

26
Q

Pipeline or in transit stock

A

Stock that is en route between warehouses

27
Q

Speculative stock

A

inventory held for seasonal demand, projected price increases or potential shortages

28
Q

Psycic stock

A

inventory held to stimulate demand (retail)

29
Q

What is a recorder point and the equation

A

Level of inventory when a replenishment order is place

ROP = daily demand * length of replenishment cycle + safety stock

30
Q

Economic order quality

A

Determines the point at which the sum of carrying costs and ordering costs is minimized, or the point at which carrying costs equal ordering costs

31
Q

Lean manufacturing

A

Focuses on the elimination of waste

32
Q

Three factors that can influence facility location?

A
  1. Location of supply markets
  2. Customer service expectations
  3. Cost considerations
33
Q

Trade patterns

A

Commodity flow data studied to determine changes occurring in the movement of raw materials and semi processed goods

34
Q

What are brownfields?

A

Previously used site that contain chemicals or other types of industrial waste

35
Q

What is a free trade zone?

A

Nondomestic merchandise may be stored, exhibited, processed, or used in manufacturing operations without being subjected to duties and quotas until the goods or their products enter the customs territory of the zone country

36
Q

Free trade subzones

A

refer to specific locations at an existing free trade zone

popular with automobile manufactors

37
Q

Facility relocation vs facility closing

A

relocation - associated with growth

closing - associated with business contraction

38
Q

Industry cluster concept

A

Offers organizations proximity to key suppliers

Catalyst in the development of supplier parks

39
Q

Key reason for warehousing

A

Because patterns of consumption and production do not happen at the same time

40
Q

Accumulating

A

warehousing function that brings together similar stock from different sources

41
Q

Allocating

A

warehousing function that involves breaking bigger quantities into smaller quantities

42
Q

Assorting

A

refers to building up a variety of different products for resale to particular customers

43
Q

Sorting out

A

separating products into grades and qualities desired by different target markets

44
Q

Warehouses vs distribution centers

A

Warehouses are trying to maximize use of available storage space

Distribution centers want to maximize throughput. They want to keep rapid movement of products thru facility

45
Q

Cross docking facilites

A

the process of receiving product and shipping it out the same day or overnight without putting it into storage. Different from distrubtion center because products are products are in for less than 24 hours

Benefits: products reach their destination quicker. Reduced inventory carrying costs

46
Q

3 different warehouses for renting

A

Public, Contract, and Multiclient warehousing

47
Q

Public warehouses

A

allows users to rent on a month to month basis. More locational flexibility.

Drawbacks: lack of control by the user

48
Q

Private warehousing

A

Owned by the firm sorting the goods. Generates high fixed costs. Considered by companies with high volume of inventory

Offers control to the owner

49
Q

Contract warehousing

A

When the user rents the warehouse for a long period of time. Vendor and client share the same amount of risk. .
not as expensive as private warehousing but more expensive than public.

50
Q

Multiclient warehousing

A

Services purchased through 1 year contracts. Attractive to smaller organizations. Usually other companies stuff is stored there too..so services are less customized

51
Q

Conventional, narrow, and very narrow aisles

A

Conventional are safer but allow less place for storage. Narrow are more specialized and very narrow require more expensive equipment

Intro to logistics (3 decks)

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