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Final Exam
Chap. 7, 8, 12
69
Business
Undergraduate 2
04/26/2015

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Cards

Term
supply mgmt
Definition
broad set of activities carried out by orgs to analyze sourcing opportunities, develop sourcing strategies, select suppliers, and carry out all the activities required to procure goods/services
Term
cost of goods sold
Definition
purchased cost of goods from outside suppliers
Term
merchandise inventory
Definition
balance sheet item that shows the amount a company paid for the inventory it has on hand at a particular point in time
Term
profit margin
Definition
earnings / sales
Term
return on assets
Definition
measure of financial performance, earnings / total assets, higher the better
Term
profit leverage effect
Definition
term used to describe the effect on $1 in cost savings increasing pretax profits by $1 and the $1 increase in sales increasing pretax profits only by $1 multiplied by the pretax profit margin
Term
spend analysis
Definition
application of quantitative techniques to purchasing data in an effort to better understand spending patterns and identify opportunities for improvement
Term
industry analysis
Definition
profiles the major forces and trends that are impacting an industry (pricing, competition, regulatory forces, substitution, tech changes, and supply/demand trends)
Term
maverick spending
Definition
spending that occurs when internal customers purchase directly from nonqualified suppliers and bypass established purchasing procedures
Term
insourcing
Definition
use of resources within the firm to provide goods/service. "make"
Term
outsourcing
Definition
use of supply chain partners to provide goods/service. "buy"
Term
make or buy decision
Definition
high-lvl, often strategic, decision regarding which products/services will be provided internally and which will be provided externally
Term
core competencies
Definition
organizational strengths or abilities, developed over a long period, that customers find valuable and competitors find difficult or impossible to copy
Term
total cost analysis
Definition
process by which a firm seeks to identify and quantify all of the major costs associated with various sourcing options
Term
direct costs
Definition
costs tied directly to the level of operations or supply chain activities, such as the production of a good or transportation
Term
indirect costs
Definition
costs that are not tied directly to the level of operations or supply chain activities
Term
portfolio analysis
Definition
structured approach used by decision makers to develop a sourcing strategy for a product/service, based on the value potential and the relative complexity or risk represented by a sourcing opportunity
Term
electronic data interchange
Definition
info technology that allows supply chain partners to transfer data electronically between their info systems
Term
preferred supplier
Definition
supplier that has demonstrated its performance capabilities via previous purchase contracts and therefore receives preference during the supplier selection
Term
request for info (RFI)
Definition
inquiry to a potential supplier about that supplier's products/services for potential use in the biz. inquiry can provide certain biz requirements or be a more exploratory nature
Term
multicriteria decision model
Definition
models that allow decision makers to evaluate various alternatives across multiple decision criteria
Term
request for quotation (RFQ)
Definition
formal request for the suppliers to prepare bid, based on the terms and conditions set by the buyers
Term
sustainability
Definition
performing activities in a manner that meet the needs of the present without compromising the ability of future generations to meet their needs
Term
logistics mgmt
Definition
part of scm that plans, implements, and controls the efficient, effective forward and reverse flow and storage of goods, services and related info between the point of consumption in order to meet customers' requirements
Term
direct truck shipment
Definition
a shipment made directly, w/ no additional stops, changing of trucks, or loading of additional cargo
Term
less than truckload shipment
Definition
smaller shipment, often combined with other loads to reduce costs and improve truck efficiencies
Term
multimodal solution
Definition
transportation solution that seeks to exploit the strengths of multiple trans modes via physical, info, and monetary flows that are as seamless as possible
Term
roadrailer
Definition
specialized rail car the size of a standard truck trailer that can be quickly switched from rail to ground trans
Term
warehousing
Definition
any operation that stores, repackages, stages, sorts, or centralize goods. orgs use this to reduce trans costs, improve operational flexibility, shorten customer lead times, and lower inventory costs
Term
consolidation warehousing
Definition
form of warehousing that pulls together shipments from a number of sources in the same geographic area and combines them into larger and hence more economical shipping loads
Term
cross docking
Definition
fomr of warehousing in which large incoming shipments are received and then broken down into smaller outgoing shipments to demand points in a geographic area. cross docking combines the economies of large incoming shipments with flexibility of smaller local shipments
Term
break bulk warehousing
Definition
specialized form of cross docking in which the incoming shipments are from a single source or manufacturer
Term
hub and spoke system
Definition
form of warehousing in which strategically placed hubs are used as sorting or transfer facilities. the hubs are typically located at convenient, high traffic locations. spokes refer to the routes serving the destinations associated w/ the hubs
Term
pup trailer
Definition
type of truck trailer that is half the size of a regular one
Term
postponement warehousing
Definition
fomr of warehousing that combines classic warehouse operations with light manufacturing and packaging duties to allow firms to put off final assembly or packaging of goods until the last possible moment
Term
assortment warehousing
Definition
form of warehousing in which a wide array of goods is held close to the source of demand in order to assure short customer lead times
Term
spot stock warehousing
Definition
form of warehousing that attempts to position seasonal goods close to the marketplace. at the end of each season, the goods are either liquidated or moved back to amore centralized location
Term
material handling system
Definition
system that includes the equipment and procedures needed to move goods within a facility, between a facility and transportation mode, and between different trans modes
Term
packaging
Definition
the way goods and materials are packaged in order to facilitate physical, informational, and monetary flows via the supply chain
Term
logistics strategy
Definition
functional strategy which ensures that an orgs logistics choices - transportation, warehousing, info systems, and even form of ownership - are consistent with its overall biz strategy and support the performance dimensions that targeted customers value
Term
common carrier
Definition
trans service provider that handles shipments on a case by case basis, w/o the need for long term agreements or contracts
Term
contract carrier
Definition
trans service provider that handles shipments for other firms based on long term agreements or contracts
Term
third party logistics provider
Definition
service firm that handles all of the logistics requirements for other companies
Term
perfect order
Definition
100%(total orders - orders w/ defect / total orders)
Term
landed cost
Definition
cost of a product plus all costs driven by logistic activities
Term
freight forwarder
Definition
an agent who serves as an intermediary between an org shipping a product and the actual carrier, typically on international shipments
Term
customs broker
Definition
agent who handles customs requirements on behalf of another firm
Term
reverse logistics system
Definition
complete supply chain dedicated to the reverse flow of products and materials for the purpose of returns, repair, remanufacture, and/or recycling
Term
weighted ce3nter of gravity method
Definition
attempts to identify the best location for a single asset given multiple demand points
Term
info systems
Definition
set of interrelated components that collect/retrieve, process, store, and distribute info to support decision making, coordination, and control
Term
customer relationship mgmt
Definition
term broadly referring to planning and control activities and info systems that link a firm with its downstream customers
Term
supplier relationship mgmt
Definition
term broadly referring to planning and control activities and info systems that link a firm with its upstream suppliers
Term
internal scm
Definition
term that refers to the info flows between higher and lower levels of planning and control systems within an org
Term
enterprise resource planning systems
Definition
large, integrated, computer based biz transaction processing and reporting system. pull together all of the classic biz functions into a single integrated package that uses a common database
Term
decision support system
Definition
computer based info systems that allows users to manipulate and present data in a manner that aids higher level decision making
Term
network design applications
Definition
logistics info systems that address such long term strategic questions as facility location and sizing, as well as transportation networks. these applications often make use of simulation and optimization modeling
Term
warehouse and transportation systems
Definition
logistics info systems that support tactical planning efforts by allocating fixed logistics capacity in the best possible way, given biz requirements
Term
warehouse mgmt. transportation execution systems
Definition
logistics info systems that initiate and control the movement of materials between supply chain partners
Term
biz process modeling tools
Definition
software tools that aid biz teams in the analysis, modeling, and redesign of biz processes
Term
biz process mgmt. systems products
Definition
software tools that allow analysts to model processes and then automate the execution of the process at run time
Term
cloud computing
Definition
model for enabling ubiquitous, convenient, on demand network access to a shared pool of configurable computing resources that can be rapidly provisioned and released with minimal mgmt. effort or service provider interaction
Term
computer aided design system
Definition
info system that allows engineers to develop, modify, share, and even test designs in a virtual world. help orgs avoid the time and expense of paper-based drawings and physical prototypes
Term
computer aided design/manufacturing systems
Definition
designs are translated into machine instructions, which are then fed automatically into computer controlled manufacturing equipment
Term
design for manufacturability
Definition
systematic consideration of manufacturing issues in the design and development process, facilitating the fabrication of the product's components and their assembly into the overall product
Term
parts of standardization
Definition
planned elimination of superficial, accidental, and deliberate differences between similar parts in the interest of reducing part and supplier proliferation
Term
modular architecture
Definition
product architecture in which each functional element maps into its own physical chunk. different chunks perform different functions. the interactions between chunks are minimal, and they are generally well defined
Term
design for maintainability
Definition
systematic consideration of maintainability issues over a products projected life cycle in the design and development process
Term
design for 6 sigma
Definition
approach to product and process design which seeks to ensure that the org is capable of providing products or services that meet 6 sigma quality levels
Term
design for the environment
Definition
approach to new product design that addresses environmental, safety, and health issues over the product's projected life cycle in the design and development process
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