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BUAD446 Exam 3
Operation Strategy and Supply Chain
| Term | Definition |
|---|---|
| Sales and operations planning (S&OP) | The process of planning future aggregate resource levels so that supply is in balance with demand |
| Staffing Plan | A sales & operations plan of a service firm, which centers on staffing & other human resource-related factors |
| Production Plan | A sales & operations plan of a manufacturing firm, which centers on producing rates & inventory holdings |
| Product Family | A group of customers, services, or products that have similar demand requirements & common process, labor, & material requirement |
| Business Plan | A projected statement about income, cost, & profit |
| Annual plan or financial plan | A plan for financial assessment used by a nonprofit service organization |
| Overtime | The time that employees work that is longer than the regular workday or workweek, for which they get additional pay |
| Undertime | The situation that occurs when employees do not have enough work for the regular-time workday or workweek |
| Backlog | An accumulation of customer orders that have been promised for delivery at some future date |
| Stockout | An order that is lost & causes the customer to go elsewhere |
| Aggressive Alternatives | Actions that attempt to modify demand &, consequently, resource requirements |
| Complementary products | Services or products that have similar resource requirements but different demand cycles |
| Chase Strategy | A strategy that involves hiring and laying off employees to match the demand forecast |
| Level-utilization strategy | A strategy that keeps the workforce constant, but varies its utilization to match the demand forecast |
| Level-inventory strategy | A strategy that relies on anticipation inventories, backorders, & stockouts to keep both the output rate & the workforce constant |
| Mixed Strategy | A strategy that considers & implements a fuller range of reactive alternatives than any one "pure" strategy |
| Lean system | Operations systems that maximize the value added by each of a company's actives by removing waste & delays from them |
| just-in-time (JIT) Philosophy | The belief that waste can be eliminated by cutting unnecessary capacity or inventory & removing non-value-added activities in operations |
| JIT system | A system that organizes the resources, information flows, & decision rules that enable a firm to realize the benefits of JIT principles |
| Lot | A quantity of items that are processed together |
| Pull method | A method in which customer demand activities production of the service or item |
| Push method | A method in which production of the item begins in advance of the customer needs |
| Value Stream Mapping (VSM) | A qualitative lean tool for eliminating waste that involves a current state drawing, a future state drawing, & an implementation plan |
| The Bullwhip effect | The phenomenon in supply chains whereby ordering patterns experience increasing variance as you proceed upstream in the chain |
| External Causes of Supply Chain Distribution | -Volume change -Service & product mix changes -Late deliveries -Underfilled shipments |
| Internal Causes of Supply Chain Distribution | -Internally generated shortages of parts -Engineering changes -New Services or product introductions -Service of product promotions -Information errors |
| Efficient supply chains | focus on the efficient flows of services and materials,keeping inventory to a minimum |
| Responsive supply chains | are designed to react quickly |
| Mass Customization | Flexible processes generate a wide variety of personalized services of products at reasonably low costs |
| Postponement | some of the final activities are delayed until the orders are received |
| Channel assembly | members of the distribution channel act as if they were assembly station in the factory |
| A Make-or-buy decision | outsource a process or do it in-house |
| Outsourcing | paying suppliers & distributors to provide needed services and materials |
| Backward integration | movement upstream toward the source of raw materials, parts, & services through acquisitions |
| Forward integration | acquiring more channels of distribution, such as distribution centers (warehouses) & retail stores, or even business customers |
Created by:
NickUD
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