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refers to the use of responsiveness, competency, flexibility, and quickness to manage how well a supply chain entity operates on a daily basis

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agile

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refers to acquiring sources of supply

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backward vertical integration

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Model seeks to determine the point in units produced (and sold) where we will start making profit on the process or equipment ????????? ????????=(????? ????? ????? ?? ??????? ?? ?????????)/(????? ?? ???????????? ?????)

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break-even quantity

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Low criticality, high value/cost

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Bulk Purchase Items

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where variations of inventory are amplified as you move up the supply chain from consumer to end raw material supplier when there is a change in consumer demand and no information is being shared about consumer demand between all members in the supply chain which will leave suppliers, manufacturers, distributors, and retailers with very high or low inventory.

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bullwhip effect

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purchasing department located at the firm's corporate office makes all the purchasing decisions.

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centralization

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Synergy between supply chains Ex: Publix tells they will do a sale on a product in advance, make sure every department is aware in that forecast

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collaborative forecasting

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the set of customer needs a firm seeks to satisfy through its products and services

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competitive strategy

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High criticality, low value/cost

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critical iteams

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customer-retailer

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customer order cycle

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processes in a supply chain are divided into a series of cycles, each performed at the interfaces between two successive supply chain stages

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cycle view

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individual, local purchasing departments, such as plant level, make their own purchasing decisions.

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decentralized

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is a structured communication technique or method, originally developed as a systematic, interactive forecasting method which relies on a panel of experts. The experts answer questionnaires in two or more rounds.

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Delphi

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uncertainty of customer demand for a product

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demand uncertainty

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Form of weighted moving average -Weights decline exponentially -Most recent data weighted most ?_?=?_(??1)+ ?(?_(??1)??_(??1) )

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exponential smoothing

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Several measures of forecasting accuracy: -Mean absolute deviation (MAD) -Mean absolute percentage error (MAPE) -Mean squared error (MSE)

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forecast accuracy

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refers to acquiring customer's operations.

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forward vertical integration

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products with stable predictable demand

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functional product

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Low critcality, low value/cost

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general items

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Look at each other and communicate how much surplus or products are needed and optimize every component not just own. Creates communication to avoid sequential optimization (buying in big quantities and setting quantity limits)

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global optimization

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means the purchasing of products and services which take into consideration of the environmental factors..

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green sourcing

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Hau Lee

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Purchase raw materials for conversion, fabrication services, capital equipment, & MRO supplies

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industrial buyers

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-data and analysis regarding inventory, transportation, facilities throughout the supply chain -potentially the biggest driver of supply chain performance

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information

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products with short life cycles, less predictable demand

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innovative product

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raw materials, WIP, finished goods within a supply chain inventory policies

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Inventory

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minimizes the sum of the squared errors (deviations)

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least squares method

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(distributor-manufacturer)

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manufacturing cycle

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specifies how the market will be segmented and product positioned, priced, and promoted

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marketing and sales strategy

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provides a perspective of the true magnitude of the forecast error. ????=???/(??????? ??????)

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Mean absolute percentage error (MAPE)

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Wholesalers and retailers who purchase for resale

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merchant buyers

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the practice of basing some of a company's processes or services overseas, so as to take advantage of lower costs.

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offshoring

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buying materials and components from suppliers instead of making them in-house. The trend has moved toward outsourcing

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outsourcing

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-Facilities are organized by processes -Similar processes are together -Example: All drill presses are together -Low volume, high variety products 'Jumbled' flow -Other names: intermittent process, (job shop)

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process focus (layout)

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manufacturer-supplier

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procurement cycle

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specifies the portfolio of new products that the company will try to develop

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product development strategy

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-Facilities are organized by product -equipment or work processes are arranged according to the progressive steps by which the product is made. -High volume, low variety products -Discrete unit manufacturing -Continuous process manufacturing Other names: Line flow production (flow shop)

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product focus (layout)-Assembly Line

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The demand characteristics of a product and the needs of a customer segment change as a product goes through its life cycle (introduction, growth , maturity, decline )

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product life cycle(s)

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execution is initiated in response to a customer order (reactive)

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pull processes

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execution is initiated in anticipation of customer orders (speculative)

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push processes

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processes in a supply chain are divided into two categories depending on whether they are executed in response to a customer order (pull) or in anticipation of a customer order (push)

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push/pull view

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is based on opinion ; intuition.

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qualitative forecasting

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uses mathematical models ; historical data to make forecasts.

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Quantitative forecasting

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models are the most frequently used among all the forecasting models.

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Time series

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retailer-distributor

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replenishment cycle

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is for all operations related to the reuse of products and materials. It is "the process of moving goods from their typical final destination for the purpose of capturing value, or proper disposal.

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reverse logistics

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Low demand uncertainty, high supply uncertainty EX: hydro electric power

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risk-hedging

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-indicates bias in the forecasts or the tendency of a forecast to be consistently higher or lower than actual demand. ????= ???_? Where et = forecast error for period t

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Running Sum of Forecast Errors (RSFE)

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inventory held in case demand exceeds expectations · keep in mind the cost of carrying too much vs cost of losing sales

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safety inventory

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- During supplier evaluation and certification, a score card is used with the performance measure's (E.G. technology, quality) rating X its weight to give a value. Then all values are added up to get a final score. · Part of Supplier relationship management

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scorecarding

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· Inventory built up to counter predictable variability in demand · Keep in mind cost of carrying additional inventory vs cost of flexible production

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Scrap

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· Show peaks and valleys that repeat over a consistent interval such as hours, days, weeks, months, years, or seasons

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seasonal variation

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-demand planning goes into distribution planning then manufacturing planning and finally, procurement planning · in contrast to global optimization

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sequential optimization

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· forecasting method for 6-12 months; weekly data is often used · Stationary (no trend or seasonality) · Add up all occurrences and divide by n (number of occurrences)

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simple moving average

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Speed refers to the responsiveness of the supply chain rather than efficiency

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Speed

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· Firms emphasize long-term strategic supplier alliances consolidating volume into one or fewer suppliers, resulting in a smaller supply base · Used as a tool for global optimization and to deal with uncertainty

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strategic alliances

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· High value/cost high criticality

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strategic items

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supplier assessment factors · Replenishment lead time · On-time performance · Supply flexibility · Delivery frequency · Supply quality · Inbound transportation cost-pricing terms · Information coordination capacity · Design collaboration capability · Exchange rates, taxes, duties · Supplier viability

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supplier assessment

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· strong supplier partnerships involve commitment of not only the buyer but also the seller

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supplier commitment

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process of selecting suppliers is complex and should be based on multiple criteria: o Product and processes technology o Willingness to share technologies and information (early supplier involvement [ESI] and concurrent engineering [ce]) o Quality o Cost o Reliability order system & cycle time o Capacity o Communication capability o Location o Service

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supplier criteria

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· Used to develop supplier capabilities · A buyers activities to improve a supplier's performance and/or capabilities based on the following approach o Identify critical products & services o Identify critical suppliers o Form a cross-functional team o Meet with top management of supplier o Identify key projects o Define details of agreement o Monitor statues and modify strategies o (Vaguely remember her saying we didn't need to memorize this)

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supplier development

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when evaluating supplier scoring, each category is rated based on how important each category is ·

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supplier rating factor

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· supplier scoring and assessment · Supplier selection and contract negotiation · Design collaboration · Procurement · Sourcing planning and analysis

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supplier sourcing factors·

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goal is to implement the operating policies as effectively as possible ·

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supply chain operation

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· definition of a set of policies that govern short term operations · fixed by the supply configuration from the design phase · starts with a forecast of demand in the coming year · demand uncertainty, exchange rates, and competition over the time horizon must be considered

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supply chain planning

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total profit shared across all stages of the supply chain

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supply chain profit (surplus)

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· decisions about the structure of the supply chain and what processes each state will perform · design must support strategic objectives · supply chain design decisions are long term and expensive to reverse

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supply chain strategy/design

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· Cycle view · Push/pull view

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supply process

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· Made up of all costs associated with acquisition, use, and maintenance of a good or service time series · most frequently used among all forecasting methods · based on the assumption that the future is an extension of the past. Historical data is used to predict future demand

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TCO, Total Cost of Ownership

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· determines if forecast is within acceptable control limits. If the tracking signal falls outside the pre-set control limits, there is a bias problem with the forecasting method and an evaluation of the way forecasts are generated is warranted

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tracking signal

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· moving inventory from point to point in a supply chain · Combinations of transportation modes and routes

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transportation

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· fitting a trend line to historical data points to project into the medium-to-long-range

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trend projection

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· Increasing or decreasing

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trend variation

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Matching supply and demand is difficult · Forecasting doesn't solve the problem · Demand is not the only source of uncertainty

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Uncertainty

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· traditional way of supply chain management · when a firm moves towards making a product in-house instead of outsourcing

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vertical integration

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· Where inventory is stored, assembled, or fabricated · Production sites and storage sites

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warehouses

question

· Permits unequal weighting on prior time periods

answer

weighted moving average

Supply Chain Management 4230 Test1 – Flashcards

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