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Logistics Management > Week 3 Sourcing and producing > Flashcards

Week 3 Sourcing and producing Flashcards

1
Q

lower cost and/or access to titems not available locally

A

absolute advantage

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2
Q

differences in the cost of producing products in different countries

A

comparative advantage

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3
Q

lift most tariff, quota, and fee/tax limitations on trade

A

Free trade agreements

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4
Q

are between 2 nations

A

Bilateral trade agreements

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5
Q

involve 3 or more nations

A

Regional trade agreements

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6
Q

establishes free trade among Canada, the United States, and Mexico
- goals involve making structural changes to operate a borderless logistics network in North America

A

USMCA

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7
Q

A FTA between the United States and South Korea
- steel manufacturers impacted most

A

KORUS

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8
Q

Considered the first ever FTA for the United States

A

US-Israel FTA

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9
Q

obtaining a good or service from an outside or foreign supplier

A

outsourcing

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10
Q

basing process or service overseas

A

offshoring

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11
Q

transfer to a newarby country

A

nearshoring

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12
Q

reintroducing domestic manufacturing

A

reshoring

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13
Q

aligning SC networks w/ political and economic allies

A

freindshoring

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14
Q

What percent of international trade into the United States passes thorugh seaport and airports

A

90%

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15
Q
  1. recognition of need
  2. description of need
  3. identification and analysis of possible sources of supply
  4. supplier selection and determination of terms
  5. preparation and placement of the purchase order
  6. follow up and/or expedite the order
  7. receipt and inspection of goods
  8. invoice clearing and payment
  9. maintenance of records and relationships
A

The supply process

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16
Q

a fromal document that a company sends to vendors or suppliers to gather information about their products, services, or qualifications

A

request for information

17
Q

a formal document that a company or agency uses to solicit bids from potential suppliers for a product, service, or asset

A

request for proposal

18
Q

a formal request for proposals from vendors fora. project or service

A

request for bid

19
Q

is the amount of tax paid on an imported good

A

duty

20
Q

the amount of duty that an importer has to pay is determined by 3 factors

A
  1. the type of goods (their CLASSIFICATION)
  2. the value of the goods (their VALUATION)
  3. the country from which the goods originated (the RULES OF ORIGIN)
21
Q

the rate at which an import is taxed

A

tariff
(tariff rate is also called duty rate)

22
Q

4 types of production tradeoffs

A
  1. volume vs. variety (soft drink industry)
  2. responsiveness vs. efficiency
  3. production costs vs. supply chain costs
  4. in house vs. outsource
23
Q

What are the 2 economies when it comes down to volume vs. variety

A
  1. economies of scale
  2. economies of scope
24
Q
  • higher volume production with lower cost per unit of output
  • suitable in situations where production process have high fixed costs and equipment
    Is this economies of scale or scope?
A

economies of scale

25
Q
  • low volume production with flexible capabilities of producing a wide variety of products
  • important in markers characterized by changing customer demand
    Is this economies of scale or scope?
A

econmies of scope

26
Q

production facilities provide operating cost and inventory efficiencies
Centralized or Regional?

A

centralized

27
Q

production facilities allow companies to be closer to customers and more responsive
centralized or regional?

A

regional

28
Q

this sized facilities have excess capacity provide the flexibility to respond to demand spikes

A

large

29
Q

this sized facilities are better utilized are more cost efficient

A

small

30
Q

these facilities performing many processes on a single product type are more responsive
Product or process focused

A

product focused

31
Q

these facilities concentrating on a few function across multiple product types are more efficient at tis limited scope of activites
Product or process focused

A

process focused

32
Q

producing goods in advance to meet anticipated consumer demand

A

make to stock

33
Q

a product is only made after a customer order is received

A

make to order

34
Q

assembling a product from pre made parts after a customer places an order

A

assemble to order

35
Q

a product is only made after a confirmed order is received

A

build to order

36
Q

a product is custom designed and built to meet a customers specific requirements after and order is received

A

engineer to order

Logistics Management (5 decks)

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