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C720
Operations + Supply Chain Management
| Term | Definition |
|---|---|
| Strengths | characteristics of a business or project that lend an advantage within the scope of the study. (internal) |
| Weaknesses | characteristics of a business or project result in a disadvantage, relative to others. (internal) |
| Opportunities | elements that the project could exploit to its advantage. (external) |
| Threats | elements in the competitive environment could create trouble for the business or project. (external) |
| competitive advantage | a condition or circumstance that puts a company in a favorable or superior business position over its competitors |
| operations and supply chain management | provides a streamlined introduction to how organizations efficiently produce goods and services |
| operations and supply chain management | you can determine supply chain management strategies, and measure performance |
| operations and supply chain management | emphasis is placed on integrative topics essential for managers in all disciplines |
| supply chain | the network of organizations that participate in producing goods or providing services |
| A supply chain | encompasses all activities associated with the flow and transfer of goods and services, from raw material extraction through use by the final customer |
| A supply chain | if managed successfully, the results include positive customer experiences and company profitability |
| logistics | the movement of supplies and materials through the supply chain |
| logistics (or forward logistics) | is the forward movement, starting with the raw material, then to the manufacturer, into a distributor, into a retail store, then to the customer |
| reverse logistics | includes when it is necessary to return defective products to the manufacturer for repair or replacement, and also, when there's efforts to reuse and recycle materials, sending it back backwards into the system |
| insourced | organizations use a wide range of goods and services when making and delivering products and when those goods and services are provided by the organization itself |
| outsourced | goods and services obtained from outside suppliers - it might be less expensive, they might specialize in that good or service enabling them to maintain high quality while keeping costs low, and maybe technology that gives a competitive advantage |
| vertical integration | simply owning multiple assets within the supply chain |
| backward vertical integration | one way to promote coordination is for a company to own its suppliers - you go back and purchase/own whatever supplies you need to make the products on your own without external suppliers |
| forward vertical integration | a company can own the distribution systems and retail outlets that sell their products |
| agile supply chain | selected based on speed and flexibility, and their capacity to transmit information reliably, accurately, and quickly from the marketplace to supply chain member |
| agile supply chain | attempts to assess in great detail the needs of its customers so it can provide customized products that better meet the customer's expectations |
| lean supply chain | chosen based upon their ability to keep costs down and minimize inventory in the system |
| lean supply chain | are often characterized by low profit margins |
| lean supply chain | these products have long product life cycles, stable and predictable demand, and minimal innovation |
| lean supply chain | for lease products, the supply chain must focus on operating efficiently to minimize costs |
| vendor managed inventory (VMI) | the suppliers receive daily point-of-sale (POS) data from the retail stores, and they also have access to retailer's inventory files |
| 3 primary constraints in a system - bottlenecks | market (demand), process (throughput), product (supply) |
| theory of constraints | a constraint is any resource whose capacity is less than or equal to demand for that resource; a bottleneck is the most limiting constraint on the system |
| a bottleneck (or constraint) in a supply chain | occurs at the point in the process that requires the longest time or has the slowest rate - a process bottleneck |
| a process bottleneck | example: increased inventory in front of a process and insufficient flow of products after a process is evidence of a process bottle |
| bottlenecks | determine the operational throughput performance of a supply chain |
| regulatory bottlenecks | imports, exports, and U.S. Customs or pollutant emissions and the EPA |
| labor bottlenecks | available skills or work shift availability |
| technology bottlenecks | information exchange protocols |
| decision-making bottlenecks | procrastination or not aligning management authority with management responsibility |
| physical bottlenecks | under-investment, under-utilization, weather, road construction or accidents, or physical location or geographical limitations |
| process bottlenecks | the production process itself - its capacity, flexibility, or activities - is its own biggest limitation |
| financial bottlenecks | due to finite budgets or credit availability |
| Process (throughput) | what is put through the system - for math questions, what is the lowest number, you can only deliver what you can deliver, or deliver what's assembled. So whatever the lowest number is, that's what's put through the system |
| strategic alliances | lamens term - when a company gets a contract to fulfill 100,000 of something, but you can only do 80,000 so you make an alliance with your competitor to do the other 20,000 but you'll get a little cut from them for those and then the big project overall |
Created by:
drister05
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