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Operations Management > Test 2 > Flashcards

Test 2 Flashcards

1
Q

What is supply chain management?

A

Design, management, and control of the systems and processes related to the movement of materials, products, information, and funds and between suppliers, manufacturers, distributors, and customers

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2
Q

What is a synonym of SCM?

A

Logistics management

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3
Q

What does inbound logistics cover?

A

selecting suppliers
managing the flow of goods from suppliers, including customs
transportation

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4
Q

What does outbound logistics cover?

A

Flow to the DCs and customers
export processes
inventory levels
transportation

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5
Q

What are long term/strategic decisions for SCM?

A
  • Facility location
  • IT infra
  • Where-to-make
  • Make or buy?
  • Supplier and distributor partnerships
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6
Q

What are short term/operational decisions for SCM?

A
  • production and distribution plans
  • inbound operations
  • inventory tracking and reordering
  • outbound operations
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7
Q

What are the key goals of SCM?

A
  • Responsiveness
  • Flexible/Agile
  • Reliable
  • Efficient
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8
Q

What is the specialization model of SCM?

A

Network of multiple different supply chains specific to products/customers

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9
Q

What is ERP?

A
  • Enterprise Resource Management

- Information technology systems that integrate most functional elements of the enterprise

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10
Q

What is analytics, in relation to SCM?

A
  • techniques to find patterns and knowledge in data

- simultaneous application of statistics, computer programming, math, and operations research

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11
Q

What are the analytics classifications?

A
  • Descriptive
  • Diagnostic
  • Predictive
  • Prescriptive
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12
Q

What is the definition of sourcing?

A

how to acquire raw materials to create a product

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13
Q

What are the synonyms of sourcing?

A

Procurement

Purchasing

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14
Q

What are the functions of sourcing?

A
  • selecting suppliers
  • collaboration with suppliers (design, info, ops)
  • negotiation and contracts
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15
Q

How much of a product’s cost is related to sourcing?

A

40-60%

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16
Q

What are the costs of bad decisions in sourcing?

A
  • High costs
  • Delivery and quality problems
  • Bad press
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17
Q

What is the criteria for selecting suppliers?

A
  • Cost / Discounts / Payment terms
  • Quality
  • Lead time, on-time reliability
  • Capacity, volume flexibility
  • Technology, innovation, experience
  • Firm size, financials
  • Ethics, history
  • Systems and IT compatibility
  • Location’s political stability and risk
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18
Q

What is SBM?

A

Supplier Base Management

Relationship w/ suppliers, evaluation and scouting new ones

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19
Q

What is ABC classification of suppliers?

A 
A-types = critical, expensive, few
C-types = standard specs, lots of alts, cheap
B-types = in between A & C
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20
Q

What is the goal of supplier certification?

A

To track long term performance and create “partners”

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21
Q

What are the benefits of partner suppliers?

A
  • Priority
  • No inspections needed
  • More info sharing
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22
Q

What are the benefits of outsourcing?

A
  • org can focus on core competencies
  • reduce costs
  • new expertise
  • improve quality
  • increase innovation
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23
Q

What are the costs of outsourcing?

A
  • transition process
  • loss of employee goodwill
  • loss of internal capabilities
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24
Q

What is a 3PL?

A

Third Party Logistics

- a firm that provides outsourced logistics services of part or all of SCM functions

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25
Q

What is an LLP?

A

fourth-party logistics (4PL)

focus on strategy and integration

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26
Q

What is Transportation Management?

A

approach to the mvmt of goods b/w points in the SC

based on the selection of modes

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27
Q

What are the freight types?

A
  • bulk cargo
  • break-bulk cargo
  • containerized cargo
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28
Q

What are the modes of transportation?

A
  • Water based
  • Rail
  • Air
  • Truck/Highway
  • Pipelines
  • Hand Delivery
  • multi-modal
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29
Q

What is a TEU?

A

Twenty foot equivalent unit

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30
Q

What is a TL?

A
  • Truckload

- dedicated transport

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31
Q

What is a LTL?

A
  • Less than Truckload

- multiple customers

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32
Q

What is a routing decision?

A

sequence of stops for a vehicle

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33
Q

What is a distribution channel?

A

network that moves a product from a source to its customers

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34
Q

What is the marketing mix?

A
  • Price
  • Product
  • Promotion
  • Place
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35
Q

What is cross-docking operations?

A

Process where materials are received, sorted, and very quickly shipped to their destination

36
Q

What is Hub and Spoke?

A

Hubs - point of consolidation/cross docking

- Coordination of inflow/outflow time windows to max resource usage

37
Q

What are customs brokers?

A

Entities who have the ability to complete importing/exporting processes

38
Q

What are Free Trade Zones?

A

area where foreign and domestic merchandise are considered to be in an international commerce zone and not within the territory in question

39
Q

What do Free Trade Agreements do?

A
  • Reduce trade barriers
  • Cut/eliminate quotas and tariffs
  • Increase trade b/w members
40
Q

What is Reverse Logistics?

A

Design and management of the flow of items from the customer back to the source

41
Q

What are the reasons for reverse logisitics?

A
  • warranties
  • missed customer expectations
  • quality defect
  • incorrect part
  • EOL
42
Q

What are the steps for reverse logistics?

A
  1. Collection
  2. Inspection
  3. Processing
  4. Redistribution
43
Q

What are Green Logistics?

A

SCM activities that focus on minimizing ecological impact

44
Q

What are the fundamental elements of green logistics?

A
  1. low energy consuming facilities and equipment
  2. high fuel efficiency
  3. driving to max fuel efficiency
  4. collaborate with partners
45
Q

What are some focused SCs?

A
  • Cold
  • Food
  • Urban
  • Humanitarian
46
Q

What is an RFP?

A
  • Request for Proposal

- Solicitation that asks for a detailed proposal from a vendor interested in supplying an item

47
Q

What is vendor-managed inventory?

A

When a customer allows the supplier to manage the inventory policy of an item or group of item

48
Q

What is forward buying?

A

when a customer, responding to a promotion, buys far in advance of when an item will be used

49
Q

What is the bullwhip effect?

A

variability in demand is magnified as we move from the customer to the producer in the supply chain

50
Q

What is continuous replenishment?

A

A program of automatically supplying groups of items to a customer on a regular basis.

51
Q

What is the six-step process for green sourcing?

A
  1. Assess the opportunity
  2. Engage sourcing agents
  3. Assess the supply base
  4. Develop the sourcing strategy
  5. Implement
  6. Institutionalize
52
Q

What is TCO?

A
  • Total Cost of Ownership
  • estimate of the cost of an item that includes all the costs related to the procurement and use of the item, including disposing of the item after its useful life
  • acquisition costs + ownership costs + post-ownership costs
53
Q

How do you calculate inventory turnover?

A

Avg. Agg. Inventory

54
Q

What does “closed for inventory” mean?

A

When a facility closes down to county inventory

55
Q

What are types of inventory costs?

A
  • holding/carrying costs
  • ordering costs
  • shortage costs
56
Q

What is AvgV?

A

Average Inventory Value

57
Q

How do you calculate WOS?

A
  • Weeks of Supply

- AvgV / COGS X 52

58
Q

What is EOQ?

A
  • Economic Ordering Quantity Model

- model that assumes constant demand and lead time

59
Q

What is AOC?

A
  • Annual Ordering Costs

- AOC = S X D/Q

60
Q

What is APC?

A
  • Annual Purchasing Costs

- APC = D X C

61
Q

What is total annual costs?

A

= AHC + AOC + APC

62
Q

What is the Q-Model?

A

Fixed-Order Quantity Model

63
Q

What is the P-Model?

A

Fixed-Time Period Model

64
Q

What are the scales of capacity planning?

A
  • Long term: > 1 year
  • Medium: 1 month to 1 year
  • Short Term < 1 month
65
Q

What are setups?

A

Time used to change from one product to another

66
Q

What is the learning curve?

A

More a task is performed, the better someone does at doing it

67
Q

What is Economies of Scale?

A

relationship b/w capacity and resource specialization

68
Q

How is max output calculated?

A

time per product

69
Q

How is utilization calculated?

A

total work time available

70
Q

How is standard time calculated?

A

100% - Allowance

71
Q

What is allowance?

A
  • typically 10-15%

- compensates for fatigue and necessary delays in the workplace

72
Q

What is product design?

A

Process of defining product characteristics based on requirements and developing a product

73
Q

What are characteristics of product design?

A
  • price
  • functions
  • customization
  • components
  • durability
  • aesthetics
74
Q

What are the steps of the product design process?

A
  1. Idea generation
  2. Idea screening
  3. Concept development and testing
  4. Marketing strategy and business analysis
  5. Product development and test marketing
  6. Commercialization
75
Q

What is manufacturing?

A

physical transformation of a set of inputs into a product (the output)

76
Q

What defines a standard product?

A

the manufacturing system makes it per fixed specifications

77
Q

What is MTS?

A

Make to Stock (standard products)

78
Q

What is MTO?

A

Make to Order (customized and standard products)

79
Q

What are the benefits of an MTS system over an MTO system?

A
  • Plan ahead
  • Less raw material inventory
  • Faster cycle time
  • Stock of finished goods handle demand variability
80
Q

What are the key characteristics of the manufacturing process?

A
  • Variety

- Volume

81
Q

What are they key types on the product-process matrix?

A
  • Continuous Process/Assembly Line
  • Batch/Flow Shop
  • Job Shop
82
Q

What are the basic forms of a facility layout?

A
  • Product based

- Process based

83
Q

What is Demand Management related to?

A
  • Aggregate Planning
  • MRP/CRP
  • Shop Floor Control
84
Q

What is MRP and CRP?

A

Materials/Capacity Requirements Planning (weekly)

85
Q

What is Aggregate Planning?

A

Bucketed (monthly) planning

86
Q

What is JIT?

A
  • Just It Time

- Lean manufacturing methodology

Operations Management (2 decks)

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