AS 680 rest study 3 Flashcards
Monte Carlo Simulation:
A computational algorithm that relies on repeated random sampling to obtain numerical results and to understand the impact of risk and uncertainty in prediction and forecasting models.
Cross-company Integration
The development and enhancement of competencies, capabilities, and the transfer of know-how across company boundaries to improve all aspects of business enterprises.
Sustainability in Supply Chains:
Refers to the ability to maintain certain processes or states indefinitely. In supply chains, sustainability can refer to environmental aspects, social conditions, and economic prosperity
Business Enterprise Management:
The process of overseeing, directing, and controlling business operations and activities.
End-of-life Considerations:
Practices and processes for dealing with products or components at the end of their useful life, including disposal, recycling, and repurposing.
Obsolete Inventory:
Inventory items that have either reached the end of their product life cycle, or are not expected to be sold in the future.
Supply Chain Compliance:
Adhering to the laws, regulations, and guidelines relevant to a company’s supply chain operations.
Open-Loop Mechanism:
A type of system or process that does not have any feedback or control mechanism.
Closed-Loop Mechanism:
A type of system where the output of the system is used as an input to control its behavior.
Product Design Department:
The division within a company responsible for designing and developing new products or improving existing ones.
Environmental Health and Safety Department:
A department within an organization that focuses on creating a safe, healthy, and compliant work environment, often involved in environmental impact assessments, safety audits, and compliance with relevant regulations.
Target Fill Rate:
The percentage of customer demand that is met through immediate stock availability, without backorders or lost sales. It’s a key performance indicator in inventory management.
Demand Forecast CV (Coefficient of Variation):
A measure of relative variability of demand. It is the ratio of the standard deviation to the mean, often used in forecasting to quantify variability of demand relative to its average level.
Alignment of Incentives:
The practice of designing a system where the interests of all parties involved are in sync or aligned, encouraging behavior that benefits the whole system.
Salvage Cost:
The estimated value of an item at the end of its useful life, often used in inventory management and accounting.
