SCMT 364: Operations and Supply Chain Management – Flashcards
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Business
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The organized effort of individuals and teams to produce and sell, for a profit, the goods and services that satisfy society's needs (supply to meet demand)
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Operation
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manufacturing and service processes that are used to transform the resources employed by a firm into products or services desired by a customer
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Supply Chain
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processes that move information material and money to and from the manufacturing and service processes of the firm (within and outside)
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Linkage of Ops and MKTG
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Marketing identifies market for new product, operations needs to design new product. Operations identifies opportunity to deliver service more quickly and marketing determines if customers will pay more for the quicker service.
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Linkage of Ops and FINC
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Finance identifies profitability issue in product line, operations lower cost. Operations identifies need for new production facility, finance determines the best way to finance the construction.
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SCM Processes
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Planning, Sourcing, Making, Delivering, Returning
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Planning
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processes needed to operate an existing supply chain
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Sourcing
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selection of suppliers to deliver goods and services needed to create firm's product
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Making
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producing the major product or service
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Delivering
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logistics processes such as selecting carriers, coordinating the movement of goods and information, and collecting payments from customers
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Returning
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receiving worn-out, excess/defective products back from customers, $297BIL
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Strategic Decisions
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broad in scope, more than one year, highly encompassing, longer term
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Tactical Decisions
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narrower in scope, 1 mo - 1 yr, shorter term, smaller group of issues
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Day to Day decisions (operational, generalities)
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efficiency, effectiveness, value addition, less than 1 mo, meet demand
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Manufacturing examples
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tangible, inventoried/not perishable, low customer contact, longer response time, capital intensive, homogeneous ex) apparel, computers, furniture, pharmaceuticals
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Services examples
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intangible, not inventoried/perishable, heterogeneous, high customer contact, short response time, labor intensive, defined and evaluated as a package of features ex) banks, colleges, dentist, advertising
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Link service and manufacturing
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use technology, customers and suppliers, forecast demand, have capacity layout and location issues, quality productivity and response issues, scheduling and staffing issues
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Effectiveness
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Doing the right things to create the most value for the company, a process can be effective without being efficient (in fact most are)
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Goods-Services Continuum
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Pure goods, core goods, core services, pure services
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Pure goods examples
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Food products, chemicals, book publishing
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Core goods examples
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Appliances, Data storage systems, automobiles
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Core services examples
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hotels, airplanes, internet services providers
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Pure services examples
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teaching, medical advice, financial consulting
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Value
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the attractiveness of a product relative to its price
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Efficiency
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doing something at the lowest possible cost
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Operations and supply chain management
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the design, operation, and improvement of the systems that create and deliver the firm's primary products and services, management of processes that create value in the form of goods and services
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Sustainablility
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the ability to meet current resource needs without compromising the ability of future generations to meet their needs
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Benchmarking
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when one company studies the processes of another company to identify best practices
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Operations and supply chain impact...
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performance within and across firms, tie to every aspect of business
