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Definition
| the creation of goods and services using the factors of production: land, labor, capital, entrepreneurship, and knowledge |
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| in todays economy, the basis of competition for winning companies is |
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| supply chain management benefits: |
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| low costs, efficiency, ability to shape and respond to shifts in demand. |
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| supply chain management involves |
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Definition
| collecting, analyzing, and distributing transactional info to all parties |
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| describes all the activities managers do to help companies do to help companies create goods |
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| the management of systems or processes that convert or transform resources into goods or services |
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| the technical core, especially in manufacturing organizations, and is the actual conversion of inputs to outputs. (inputs: capitol, labor, information) |
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| goods and services often occur at the same time. true or false? |
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| difference between the cost of inputs and the value of price of outputs |
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| OM's(operations management) interrelated activities |
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Definition
| forecasting, capacity planning, scheduling, managing inventories, assuring quality, motivating employees, locating facilities, and more. |
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| OM uses decision support systems and executive information sytems to answer: |
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Definition
| who, what, where, when, how |
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| strategic business units(SBUs) |
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Definition
| several stand alone business that are part of a large conglomerate. |
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| in developing operations strategy, OM considers... |
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Definition
| the level of technology available, required skill level of workers, degree of vertical integration(extent to which outside employers are used) |
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Definition
| focus on long range planning, such as plant size, location, and type of process used. |
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| materials requirement planning systems |
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Definition
| use sales forecast to make sure that needed parts and materials are available at the right time and place in a specific company. |
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Definition
| focus on producing goods or services as efficiently as possible within the strategic plan |
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| global inventory management systems |
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Definition
| provide ability to locate, track, and predict the movement of every component or material anywhere upstream or downstream in the production process. |
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| operational planning and control |
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Definition
| deals with the day to day procedures for performing work, including scheduling, inventory, and process management |
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| inventory management and control systems |
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Definition
| provide control and visibility to the status of individual items maintained in inventory. |
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| transportation planning systems |
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Definition
| track and analyzing the movement of materials and products to ensure the delivery of materials and products to ensure the delivery of materials and finished goods at the right time, the right place, and lowest cost |
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| distribution management systems |
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Definition
| coordinate the process of transporting materials from a manufacturer to distribution centers to the final customers. |
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Term
| 5 key characteristics that OM decisions use for value-added |
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Definition
| 1. cost 2. quality 3. delivery 4. flexibilty 5. service |
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| the 2 categories of quality |
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Definition
| product quality and process quality |
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Term
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Definition
| consists of all parties involved, directly or indirectly, in the procurement of a product or raw material |
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Term
| supply chain management(SCM) |
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Definition
| involves the management of information flows between and among stages in a supply chain to maximize total supply chain effectiveness and profitability. |
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| 4 basic components of SCM |
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Definition
| supply chain management, supply chain partners, supply chain operation, supply chain logistics |
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Definition
| managing all resources to meet customer demand |
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Definition
| all processes with partners chosen |
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Definition
| schedule for production, testing, delivery, packaging |
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Definition
| delivery process including warehouses, orders, carriers, defective returns |
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Definition
| decrease buyer power, increase supplier power, reduces threat of new entrants by creating entry barriers and increased switching costs. |
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| 3 main links that SCM has |
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Definition
| from suppliers and their upstream suppliers, transformation of materials into products, distribution to customers |
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Term
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Definition
| ability to view all areas up and down the supply chain |
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Term
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Definition
| occurs when distorted product demand information passes from one entity to the next throughout the supply chain |
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Term
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Definition
| generate demand forecasts using statistical tools and forecasting techniques |
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Term
| supply chain planning systems (SCP) |
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Definition
| use advanced mathematical algorithms to improve the flow and efficiency of the supply chain while reducing inventory |
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Term
| supply chain execution systems (SCE) |
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Definition
| automate the different steps and stages of the supply chain |
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