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GMS401
Chapter 8: Supply Chain Management
| Term | Definition |
|---|---|
| Supply Chain Management | Collaboration of supply chain companies and coordination of their activities so that market demand is met as efficiently and effectively as possible |
| Need for Supply Chain Management | 1. Increasing competition 2. Increasing levels of outsourcing 3. Increasing globalization 4. increasing e-commerce 5. manage orders & inventories |
| Bullwhip effect | Demand/order variability gets progressively larger the further back in a supply chain is the company |
| Risk Pooling | Holding safety stocks in one central location rather than in multiple locations |
| Delayed differentiation (postponement) | Production of standard components and products, and adding differentiating features later int he process |
| Cross-docking | Goods arriving at a warehouse from a supplier are unloaded from the supplier's touch and loaded onto outbound trucks. Avoids warehouse storage. |
| Quick response | Just-in-time inventory replenishment (retail) |
| Efficient consumer response (ECR) | expanded version of quick response initiative which includes some collaboration (grocery) |
| Vendor-Managed Inventory (VMI) | Agreement for supplier to access and maintain customer's inventory (connivence stores) |
| DRP Distribution Requirements Planing | System for synchronizing replenishment schedules across the supply chain |
| Information Technology | Tools that are used to gather and cess, analyze, and share information |
| Electronic Data Interchange | Direct computer-to-computer transmission of transactions between organizations |
| Benefits off electronic data interchange | Educated paperwork, reduced lead time and inventory, improved control of operations, increased accuracy |
| RFID Technology | Used to track goods in supply chain |
| Effective Supply Chain | Supply chain should enable members to share forecasts, determine the status of orders in real time and access inventory data of partners |
| Creating an effective supply chain | 1. Develop strategic objectives and tactics 2. Integrate and coordinate internal actuates 3. coordinate with suppliers and customers 4. coordinate planning and execution across supply chain 5. form strategic partnerships |
| CPFR | Collaborative Planning, Forecasting and Replenishment - process for communicating and agreeing on forecasts between the manufacturer and the customer |
| Supply Chain Performance Metrics | Cost, Variety/Flexibility, Delivery, Customer Service |
| Purchasing | Responsible for obtaining the materials, parts, supplies and services needed by the company |
| Purchasing cycle | Series of steps that begin with a request for purchase and ends with paying the supplier |
| Duties of Purchasing | Identifying sources of supply, negotiating contracts, maintaining a database of suppliers, establishing partnerships, managing supplies, obtaining goods and services |
| Outsourcing | Buying goods or services instead of producing or providing them in-house |
| Benefits of outsourcing | lower cost, gain expertise and knowledge or patent, gain flexibility, increase capacity |
| Risks of outsourcing | Reduction in control and expertise |
| Purchasing Cycle | Requisition received, supplier selected, decide how to purchase, monitor orders, receive orders, pay suppliers |
| Determining Prices | Competitive bidding, negotiating, published price lists |
| Centralized purchasing | Purchasing is handled by one special department |
| Decentralized purchasing | Individual departments or separate locations handle their own purchasing requirements |
| Spend Analysis | Collect, clean, classify, analyze expenditure data with the purpose of reducing procurements costs, improving efficiency, monitoring compliance with policies |
| e-commerce | the use of internet and computers to conduct buying and selling |
| advantages of e-commerce | have a global presence, improve competitiveness and quality, analyze customer interests, collect detailed information, shorten supply chain response times and costs, realize substantial cost savings, level the playing field for all companies |
| Order fulfillments | make-to-order:schedule production/make-to-stock: assign distribution centre/engineer-to-order design to specs |
| Factors in choosing a supplier | quality and quality assurance, flexibility, location, price, reputation and stability, lead times and reliability, other customers, service after sale |
| Logistics | Refers to the transport and warehousing of materials/products |
| Traffic Management | Overseeing the devilry of incoming and outgoing goods |
| Reverse Logistics | The backward flow of goods returned by consumers or retailers |
| Gatekeeping | Screening goods to prevent incorrect acceptance of goods |
| Avoidance | Finding ways to minimize the number of items that are returned |
Created by:
13rallie
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