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APICS Strategic management of resources vocab - S,T,V

Strategic drivers Factors that influence business unit and manufacturing strategies
Strategic performance measurements Measurements that relate to the long-term goals of a business. Examples include profitability, market share, growth, and productivity
Strategic sourcing-1 A comprehensive approach for locating and sourcing key material suppliers, which often includes the business process of analyzing total=spend-for material spend categories. There is a focus on the dev of long-term-rel with trading partners who can help.
Sunk cost-1 The unrecovered balance of an investment. It is a cost, already paid, that is not relevant to the decision concerning the future that is being made. Captial already invested that for some reason cannot be retrieved.
Surge capacity The ability to meet sudden, unexpected increases in demand by expanding production with existing personnel and equipment.
Sustainability Activities that provide present benefit without compromising the needs of future generations
Systems thinking A school of thought that focuses on recognizing the interconnections between the parts of a system and synthesizing them into a unified view of the whole
Synchronized production A manufMan philoshpy that includes a consisten set of principles, procedures, and techinques where every action is evaluated in terms of the global goal of the system. Both Kanban(JIT), drum-buffer-rope(TOC) philosophy, pres sync prodControl approaches
Time-based competition (TBC)-1 A corp strat that emphasizes time as the vehicle for achieving and maintaining a sustainable comp edge. Char: 1.Deals only with those LT that are important to the custs 2.the LT reductions must involve decreases in both the mean and the variance
Total factor productivity-1 A measure of productivity (of a dept, plant, strat biz unit, firm) that combines the indvdl prod of all its resources, including lab, cap, energy, mat, and equip.
Tracking capacity strategy Adding cap in small amnts to attempt to respond to changing dmnd in real time in the mtkplace. This approach may satisfy total demnd and help min unit costs, but it can be difficult in some situations to add incremental amnts of cap if facil has no more
Trading partner Any organization external to the firm that plays an integral role within the supply chain community and whose business fortune depends on the success of the supply chain community
Value chain The functions within a company that add value to the goods or services that the organization sells to the customers and for which it receives payment
Variable costing-1 An invent valu method in which only variable production costs are applied to the product; fixed facotry OH is not assigned to the prod. Tradiationally, variable prod costs are dirlab,dirmat, and varOH. VarCosting can be helpful.
Vertical integration-1 The degree to which a firm has decided to directly produce multiple value-adding stages from raw mat to the sale of the product to the ultimate consumer. The more steps in the seq, greater the vertical integration.
Virtual cell A logical rather than physical grouping of manuf resources. Resources in virtual cells can be dispersed throughout a facility. Product mix changes may change the layout of the virtual cell. This technique is used when it is not practical to move the equip
Virtual organization Short-term alliances btw independent org in a potentially long-term relationship to design, produce, and distribute a product. Organizations cooperate based on mutual values and act as a single entity to third parties
Voice of the customer (VOC) Actual cust desc in words for the functions and features cust desire for goods and services. In the strict def, as relates to quality function deployment (QFD), the term customer indicates the external cust of the supplying entity
Strategic Sourcing-2 From an IT applications perspective, strategic sourcing includes automation of request for quote (RFQ), request for proposal (RFP), electronic auctioning (e-auction or reverse auction), and contract management process
Sunk cost-2 A past cost that hs no relevance with resepct to future receipts and disbursements of a facility undergoing an economic study. This concept implies that since a past outlay is the same regardless of the alt selected, it should not inf the choice btw alts.
Time-based competition (TBC)-2 3.The LT reduction must be achieved through sys/proc analysis (the processes must be changed to reduce LT) TBC is a broad-based strategy. Reductions in LTs are achieved by changing the procs &the decision structures used to design,produce,&dlvr prod2Cust
Total factor productivity-2 These individual factors productivities are often combined by weighing each according to its monetary value and then adding them. ex) .4*matproductivity+.1(lab productivity) +etc = total factor productivity
Variable costing-2 VarCosting is not accepted for external financial reporting. For invent order qty purposes, however, the unit costs must include both the variable and allocated fixed costs to be compativle with the other temrs in the order quantity formula.
For make-or-buy decisions what costing method should be used/ Variable costing, NOT full absorption costing
Vertical integration-2 ex) Manuf that decides to begin producing parts, components, and materials that it normally purchases is said to be backward integrated. Likewise a manuf that decides to take over distrb and sales is forward integrated
Created by: chrisheecho



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