Shared Flashcard Set

Details

Chapter 7
Course Packet 110
23
Business
Undergraduate 1
12/13/2011

Additional Business Flashcards

 


 

Cards

Term
Supply chain
Definition
the set of entities and relationships that cumulatively de- fine materials and information flows both downstream toward the customer and up- stream toward the very first supplier.
Term
Physical supply
Definition
the flow of materials from upstream nodes into Z
Term
Physical distribution
Definition
The flow of materials from Z through downstream nodes toward the end customers
Term
Distribution channel
Definition
a specific route from a producer (in this case, Z) forward through the various nodes (e.g., distributors and wholesalers) to the end customer and is therefore only part of the supply chain for Z.
Term
Supply chain management
Definition
the design and management of seamless, value-added processes across organizational boundaries to meet the real needs of the end customer.
Term
Demand management
Definition
decisions that are taken to affect the quantities demanded of one or more products that are served by a supply chain.
Term
Purchasing cycle
Definition
The purchasing function sources inputs into the transformation process of the firm from other for-profit and nonprofit organizations. These inputs range from tangible products (e.g., raw materials, parts, and capital equipment) to services (e.g., employee travel, health care, and consulting). In sourcing inputs, the purchasing function has the responsibility for many tasks.
Term
Global sourcing
Definition
the practice of procuring needed goods and services without being constrained to geographic regions
Term
Reverse logistics
Definition
the movement, storage, and disposal of goods that are returned by the cus- tomer.
Term
On-time delivery
Definition
the percentage of orders delivered complete and on the date requested by the customer.
Term
Replenishment lead time
Definition
the time it takes from when the order is taken to when it is delivered to the customer.
Term
Bullwhip effect
Definition
the increasing variability in orders that are received by entities upstream in a supply chain, which in turn affects the amount of inventory that those entities hold.
Term
Functional silos
Definition
different departments managing different aspects of the supply chain
Term
Outsourcing
Definition
when work that traditionally has been performed internally is delegated to another firm, whether that firm is in the same country or in another coun- try.
Term
Off-shoring
Definition
when a firm moves work performed internally to another facility belonging to the same firm but in another country.
Term
Postponement strategy
Definition
Major product redesign is often another initiative needed to make improvements in the supply chain. Some companies have found that they have too many different product variations and types, some with extremely low sales. As a result, product lines are trimmed and redesigned to be more modular in nature.
Term
Third-party logistics
Definition
assign performance of inventory management, distribution, and logistics to firms
Term
Cross-docking
Definition
an innovation in transportation. The basic idea is that a supplier’s shipments are taken from various docks at the warehouse when they arrive and transferred directly to a Walmart truck at another dock. The items do not spend time in the warehouse’s inventory; they simply are moved from one dock to another. This provides the benefit of full truckload shipments (i.e., economies of scale) while drastically reducing ware- house inventory. Cross-docking is being used wherever there is sufficient volume to make it possible.
Term
Electronic commerce
Definition
Online business
Term
B2B
Definition
in forms such as e-procurement, order entry, and Internet auctions are facilitating interfirm exchanges of goods and services.
Term
B2C
Definition
allowing traditional brick-and-mortar firms to create an alternative distribution channel to offer merchandise and services for sale.
Term
Order fulfillment
Definition
orders taken by the producer to be shared seamlessly within a firm to schedule production of the order or replenishment of inventory. Such orders can also be transmitted seamlessly to control internal manufacturing of supporting parts and external procurement of materials as needed. These advanced planning technolo- gies even allow placement of procurement orders directly to suppliers, with sup- pliers having visibility of current as well as future planned orders. In this way the entire supply chain is linked electronically.
Term
E-procurement
Definition
It allows a company to interact electronically with its sup- pliers through B2B connections.
Supporting users have an ad free experience!