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MSC 385 || Chapter 15 Lecture
MSC 385 || Chapter 15 Lecture
33
Business
Undergraduate 4
01/17/2019

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Term
Fish Bone Diagram
Definition
Effect of problem statement, branches off into Macro Causes which then can be broken down into micro causes.
Term
Formula For Productivity
Definition
Output / Input
Term
Multi-Factor Productivity
Definition
Output/(Input_1+Input_2+Input_3)
Term
Supply Chain
Definition
Sequence of organizations, their facilities, function and activities that are involved in producing and delivering a product or service.
Term
The sequence of the supply chain begins with the basic supplier and extends all the way to what?
Definition
The Final Customer
Term
Bull Whip Effect
Definition
Variations in demand cause inventory fluctuations to fluctuate and get out of control.
Term
Demand > Supply
Definition
Shortage
Term
Supply > Demand
Definition
Surplus
Term
What are the three types of flow management?
Definition
Product and Service Flow

Information Flow

Financial Flow
Term
Information Flow
Definition
Sharing of forecasts and sales data
Term
Financial Flow
Definition
How money flows in and out of a company
Term
Product and Service Flow
Definition
Logistics
Term
What is the purchasing department that is responsible for obtaining the materials, parts, supplies and services needed to produce a product or provide a service?
Definition
Procurement
Term
Purchasing Cycle Main Steps
Definition
1. Receives Requisition
2. Selects Supplier
3. Places Order
4. Monitors Order
5. Receives Order
Term
Inventory Velocity
Definition
The speed at which goods move through a supply chain.
Term
Vendor Managed Inventory
Definition
Vendors monitor goods and replenish retail inventories when supplies are low.
Term
Strategic Buffering
Definition
Holding inventory at a distribution center rather than at retail outlets.
Term
Order Fulfillment
Definition
The process involved in responding to customer orders.
Term
Traffic Management
Definition
Overseeing the shipment of incoming and outgoing goods.
Term
RFID
Definition
Tech that uses radio waves to identify objects, such as goods in supply chains.
Term
Third Party Logistics (3-PL)
Definition
Outsourcing of logistics management.
Term
Reverse Logistics
Definition
Process of transporting returned items
Term
Gatekeeping
Definition
Screening returned goods to prevent incorrect acceptance of goods.
Term
Avoidance
Definition
Finding ways to minimize the number of items returned.
Term
Lot Size Inventory Trade-Off
Definition
Increases safety stock carried by suppliers, but yields many benefits in terms of quantity discounts and lower annual set up costs.
Term
Inventory Transportation Costs
Definition
Suppliers prefer to ship full truckloads instead of partial loads to spread shipping costs over as many units as possible, which leads to greater holding costs for customers.
Term
Lead Time Transportation Costs
Definition
Suppliers like to ship in full loads, but waiting for sufficient orders and/or production to achieve a full load may increase lead time.
Term
Product Variety Inventory
Definition
Greater product variety usually means smaller lot sizes and higher setup costs, as well as higher transportation and inventory management costs.
Term
Delayed Differentiation
Definition
Production of standard components and subassemblies which are held until late in the process to add differentiating features.
Term
Order Winner
Definition
Special properties that make an order an exceptional standout in the market place.
Term
Order Qualifier
Definition
The basic properties needed for an order to enter a marketplace.
Term
Independent Demand
Definition
Demand that is not related to other items or the final end product.
Term
Dependent Demand
Definition
Demand that is derived from higher level products, companies, assemblies, etc.
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