AD 680 Test study 2 Flashcards
Business Function Integration:
The coordination of different functional areas within a business, such as product design, finance, and environmental health and safety, to ensure they work towards common objectives.
Risk Management:
The process of identifying, assessing, and controlling threats to an organization’s capital and earnings.
Modular Product Design:
The approach of designing products in “modules” or components, that can be independently created and then used in different systems to drive efficiencies and reduce costs.
Sustainability:
A holistic approach that considers ecological, social and economic dimensions, aiming to create long-term stakeholder value through the implementation of a business strategy that focuses on the ethical, social, environmental, cultural, and economic dimensions of doing business.
Life Cycle Assessment (LCA):
A technique to assess environmental impacts associated with all the stages of a product’s life from cradle to grave (i.e., from raw material extraction through materials processing, manufacture, distribution, use, repair and maintenance, and disposal or recycling)
Reverse Logistics:
he process of planning, implementing, and controlling the efficient, cost-effective flow of raw materials, in-process inventory, finished goods, and related information from the point of consumption to the point of origin for the purpose of recapturing value or proper disposal.
Supply Chain Integration:
The close alignment and coordination within a supply chain, often with the use of shared management information systems.
Disintermediation:
The removal of intermediaries in a supply chain or from a business process. It is often the result of digitalization, where consumers can interact directly with manufacturers or service providers.
Demand Forecasting:
The method of projecting customer demand for a product or service in future periods.
Inventory Management:
The process of ordering, storing, and using a company’s inventory, including raw materials, components, and finished products.
Safety Stock:
Extra inventory that a company holds to protect against uncertainties in demand, lead time, and supply changes.
Lean Manufacturing:
A system of techniques and activities for running a manufacturing or service operation. The techniques and activities differ depending on the company, but the overarching aim is always to reduce waste and increase value for the customer.
Just-In-Time (JIT):
An inventory management strategy used to increase efficiency and decrease waste by receiving goods only as they are needed in the production process, thereby reducing inventory costs.
Vendor Managed Inventory (VMI):
A family of business models in which the buyer of a product provides certain information to a supplier of that product, and the supplier takes full responsibility for maintaining an agreed inventory of the material, usually at the buyer’s consumption location.
Total Quality Management (TQM):
A management approach to long-term success through customer satisfaction. TQM involves the application of quality management standards to all elements of the business, including production, management, services and customer care.
