Supply chain Operations Management Exam 1 – Flashcards
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Definition of Operations and Supply Chain Management
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Design, operation and improvement of the systems that create and deliver the firms primary products and services.
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What does Operations Refer to?
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Manufacturing and service processes that are used to transform the resources employed by a firm into products desired by products.
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What does Supply Chain Refer to?
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Processes that are more information and material to and from the manufacturing and service processes of the firm.
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Planning
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Consist of the processes needed to operate an existing supply chain strategy.
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Sourcing
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Involves the selection of suppliers that will deliver the goods and services needed to create the firms product
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Making
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Major product is produced or the service provided
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Delivering
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Also referred to as a logistics process
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Returning
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Involves processes for receiving worn out, defective, and excess products back from customers and support for customers who have problems with delivered.
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What are the 5 differences between a good and a service
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1. Service is Intangible 2. Service requires interaction with the customer 3. Vary as a function of the attitudes of the customer and the services 4. They cant be stored 5. The specifications are defined and evaluated as a package of features that affect the 5 senses
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Triple Bottom Line
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A business strategy that includes social, economic, and environmental criteria
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Business Analytics
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The use of current business data to solve business problems using mathematical analysis
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Sustainability
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Ability to meet current resource needs without compromising the ability of future generations to meet their needs
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Value
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Ratio of quality to price paid
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Economic Prosperity
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Obligation to compensate share holders who provide capital through stock purchase and other financial instruments via a competitive return on investment
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Environmental Stewardship
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Company should protect the environment as much as possible OR at least cause no harm
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Social Responsibility
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Fair and Beneficial business practices toward labor, the community, and the region in which the company conducts its business
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Operations and Supply Chain Strategy
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Setting broad policies and plans for using the resources of a firm and must be integrated with corporate strategy
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Operations effectiveness
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Relates to the core business processes needed to run a business
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Three steps to formulating the Operations and Supply Chain Strategy
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1. Develop/Refine the strategy 2. Translate the strategy to OSC initiatives (Quarterly) 3. Major Focus points and projects
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What are the major competitive dimensions?
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1.Cost and Price: Make the product or deliver the service cheaply 2.Quality: Make a great product or deliver a great service 3. Delivery Speed: Make the product or deliver the service quickly 4. Coping with changes in Demand: Change its volume 5. Delivery reliability: Deliver it when promised 6. Flexibility and New-Product Introduction Speed: Change it 7. Other Product specific Criteria: Support It
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What do suppliers compete on?
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Cost, Quality, Speed, and Flexibility.
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Straddling
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When a firm seeks to match what a competitor is doing by adding new features, services, or technologies to their existing activities
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Order Winner
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A specific marketing oriented dimension on that clearly differentiates a product from competing products
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Order Qualifier
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A dimension used to screen a product or service as a candidate for purchase
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Activity system maps
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Diagrams that show how a companies strategy is delivered through a set of supporting activities
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Supply Chain Risk
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Defined as the likelihood of a disruption that would impact the ability of the company to continuously supply products or services
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Risk Management Process
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1. Identify the sources of potential disruptions 2. Assess the potential impact of the risk 3. Develop plans that mitigate risk
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Productivity
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A measure of how well resources are used Outputs/intputs
