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91 Cards in this Set
- Front
- Back
A potential career path in operations and supply chain management is a __ , who acquires knowledge in a specific market in which the organization purchases significant quantities of materials and services |
Commodity manager |
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Over the past 25 years no single trend has done more to change the nature of business than the internet and the resulting breakthrough in |
E-commerce |
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Is the planning scheduling and control of the activities that transform inputs into finished goods and services |
Operations management |
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Commodity managers... |
Acquires knowledge in a specific market in which the organization purchases significant quantities of materials and services |
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Plans and controls production in a manufacturing setting and is responsible for a wide range of personnel |
Production manager |
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A term used to describe activities or firms that are positioned earlier in the supply chain relative to some other activity or firm of interest |
Upstream |
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A first tier supplier |
Provides product or services directly to a firm |
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Supply chain management is |
The active management of supply chain activities and relationships in order to maximize customer value and achieve a sustainable competitive advantage |
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A term used to describe activities or firms that are positioned later in the supply chain relative to some other activity or firm of interest |
Downstream |
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According to the SCOR model supply chain management covers five broad areas including return activities which... |
Include the activities necessary to return and process defective or excess products or materials |
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The operation function is... |
The collection of people technology and systems within an organization that has primary responsibility for providing the organization's products or services |
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Uses analytical and quantative methods to understand predict and improve processes within supply chain |
Analyst |
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According to the SCOR model supply chain management covers five broad areas including "make" or __ which cover the actual production of a good or service |
Production activities |
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1 of 5 areas in SCOR model which seek to balance demand requirements against resources and communicate these plans to the various participants |
Planning activities |
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A network of manufacturers and service providers that work together to create products or services needed by end users |
A supply chain |
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1 of 5 areas of the SCOR model which include everything from entering customer orders and determining delivery dates to storing and moving goods to the final destination |
Delivery activities |
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In the internally neutral stage of alignment |
Management seeks only to minimize any negative potential in the operations and supply chain areas |
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An infrastructural element |
Is one of the two major decision categories addressed by a strategy and includes the policies people decision rules and organizational structure choices made by a firm |
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In the __ stage of alignment the operations and supply chain areas do more than just support the business strategy the business strategy actively seeks to exploit the core competencies found within these areas |
Externally support stage |
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Is a decision by a firm to emphasize one performance dimension may conflict with excellence on others |
Trade off |
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Conformance quality is |
Whether a product was made or a service performed to specifications |
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Addresses whether a product will work for a long time without failing or requiring maintenance |
Reliability quality |
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In the __ of alignment industry practice is followed based on the assumption that what works for competitors will work for the company |
Externally neutral |
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Ability to produce whatever volume the customer needs |
Volume flexibility |
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Identifies a firms targeted customers and sets time frames and performance objective for the business |
Business strategy |
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Is the characteristics of a product or service that bear on its ability to satisfy stated or implied needs |
Quality |
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Mix flexibility is |
The ability to produce a wide range of products or services |
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Is the ability to provide a new product with minimal delay |
Changeover flexibility |
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Flexibility is |
A performance dimension that considers how quickly operations and supply chains can respond to the unique needs of customers |
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An operations and supply chain strategy... |
Indicates how structural and infrastructural elements within the operations and supply chain areas will be acquired and developed to support the overall business strategy |
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Addresses the basic operating characteristics of a product or service |
Performance quality |
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In the __ of alignment the operations and supply chain areas participate in the strategic debate |
Internally supportive stage |
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A functional strategy... |
Translates a business strategy into specific actions for functional areas such as marketing human resources and finance |
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Is an organizational strength or ability developed over a long period that customers find valuable and competitors find difficult or even impossible to copy |
Core competency |
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Is one of two major decision categories addressed by a strategy. It includes tangible resources such as buildings equipment and computer systems |
Structural element |
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The the __ of alignment management seeks only to minimize any negative potential in the operations and supply chain areas |
Internally neutral |
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Measures the bias of a forecast model, or the propensity of a model to under or over forecast |
MFE |
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States that forecasts for the near term tend to be more accurate. The law recognises that in the near term the factors that effect the forecast variable are not likely to change greatly |
Law 2 |
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The Delphi method is |
A qualitative forecasting technique in which experts work individually to develop forecasts |
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By taking the average of the absolute value of the forecast errors, MAD tracks |
The average size of the errors regardless of direction |
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Randomness is |
Unpredictable movement from one time period to the next |
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When little or no data is available the best forecasting methods to use are __ such as market surveys |
Qualitative techniques |
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The __ is used to flag a forecasting model that is getting out of control |
Tracking signal |
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Is a long term movement up or down in a specified amount of time |
A trend |
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The life cycle analogy method is |
A qualitative forecasting technique that attempts to identify the time frames and demand levels for the introduction growth maturity and decline life cycle stages of a new product or service |
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The casual forecasting model is |
A class of quantitative forecasting models in which the forecast is modeled as a function of something other than time |
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Law 3 states__. Many businesses have found that it is easier and more accurate to forecast for groups of products or services than it is to forecast for specific ones |
Forecasts for groups of products or services tend to be more accurate |
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Is a qualitative forecasting technique that brings experts together to discuss and develop a forecast |
Panel consensus forecasting |
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__, qualitative techniques are used and are based on intuition or an informed opinion |
When historical data are scarce not available or irrelevant |
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When the future level of some variable is seen as a function of time the best forecasting methods to use are __ such as moving average |
Time series models |
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Is a qualitative forecasting technique in which individuals familiar with specific market segments estimate the demand within these segments. These individual forecasts are then added up to get an overall forecast |
Build up forecasting |
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Law 1 states __. Even under the best of conditions no forecasting approach can predict the exact level of future demand supply or price |
Forecasts are almost always wrong |
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The __ is a time series forecasting model that derives a forecast by taking an average of recent demand values |
Moving average model |
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Is the best forecasting models to use are casual models such as linear regression |
When the future level of some variable is seen as a function of something other than time |
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Is a repeated pattern of spikes or drops in a specified amount of time associated with certain times of the year |
Seasonality |
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Is an approach that services commonly use with highly perishable products in which prices are regularly adjusted to maximize total profit |
Yield management |
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There's an upside to linking the s&op process with supply chain partners . For one thing coordinating plans across the supply chain__ |
Can help firms do a better job of improving overall supply chain performance particularly in the area of cost |
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Bottom up planning is |
An approach to s&op that is used when the product/service mix is unstable and resource requirements vary greatly across the offerings |
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Offloading is |
A strategy for reducingand smoothing out workforce requirements that involves having customers perform part of the work themselves |
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Linking plans can help eliminate uncertainty thereby... |
Improving synchronization between supply chain partners |
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A constraint is |
A quantifiable condition that places limitations on the set of possible solutions |
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In the __ of implementing s&op, s&op becomes a part of the organization's normal planning activities |
Second phase |
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Tactical planning is |
Planning that covers a shorter period of usually 12 to 24 months out |
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An optimization model is |
A class of mathematical models used when the user seeks to optimize some objective function subject to some constraints |
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Sales and operations plans must be updated on a regular basis to remain current. Most firms do this by __ |
Establishing a rolling planning horizon which requires them to update the sales and operations plan regularly usually on a monthly basis |
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This term refers to a sales and operations plan in which production is held constant and inventory is used to absorb differences between production and the sales forecast |
Level production plan |
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A chase production plan is |
A sales and operations plan in which production is changed in each time period to match the sales forecast |
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An objective function is |
A quantitative function that an optimization model seeks to optimize |
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Is planning that takes place at the highest levels of the firm addressing needs that might not arise for years into the future |
Strategic planning |
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In the __ of implementing s&op companies build the managerial support and infrastructure needed to make s&op a success |
First phase |
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This term refers to a sales and operations plan that varies both production and inventory levels in an effort to develop the most effective plan |
Mixed production plan |
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Is a process to develop tactical plans by integrating marketing plans for new and existing products with the management of the supply chain |
Sales and operations planning |
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Is planning that covers time periods ranging from weeks down to just a few hours out |
Detailed planning and control |
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Is a strategy used to vary workforce levels in which additional full time or part time employees are hired during peak demand periods while a smaller permanent staff is maintained year round |
A tiered workforce |
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In the final phase of implementing s&op |
A few companies reach the point where there s&op process actually becomes a source of competitive advantage - a core competency |
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As long as each functional area in a company operates efficiently their strategies can be very different. True or false? |
False |
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When the functional strategy then feeds back into business strategy it's called |
Closing the loop |
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Investing in equipment is what type of strategy element |
Structural |
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When the supply chain function works with marketing to develop planning numbers such as customer demand and availibilty of supply which are needed for effective decision making |
Forecasting |
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Performance dimensions which differentiate a company's products and services is the definition of |
Order winner |
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Efforts to improve cooperation among firms in the supply chain can be characterized as... |
Relationship management |
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The supply chain function works with marketing to manage the movement of physical goods throughout the supply chain. This chain activity is... |
Logistics |
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A major operations and supply chain structural decision category |
Capacity |
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Core competencies are |
Organizational strengths and abilities that have been developed over time |
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What's the best forecast |
The one with a MAD of 0 |
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A qualitative forecasting method which brings experts together to jointly discuss and develop forecasts is |
Panel consensus forecasting |
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Which quantitative techniques can be a casual model? |
Linear progression |
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What's true about forecasts |
Forecasts for groups of products tend to be more accurate |
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The approach to s&op that is used when the mix of products or services is the same from one period to the next and resource needs are similar across various products offered is |
Top down planning |
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The greater the randomness in the model the greater the number of periods that should be used in a moving average forecast. True or false? |
True |
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Exponential smoothing is a __ forecasting model |
Time series |