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IDIS 344 > Midterm Review Slide Deck > Flashcards

Midterm Review Slide Deck Flashcards

1
Q

Raw materials (grown, mined, or made) ships to

A

Supplier

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2
Q

Supplier provides to

A

Manufacturer

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3
Q

Manufacturer makes

A

Products

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4
Q

Products are delivered to

A

Distributor

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5
Q

Distributor sells and delivers to

A

Customer

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6
Q

Customer demands

A

Products

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7
Q

Problems with Traditional Order Processing

A
  • lacks integration
  • negatively impacts customer service
  • slow, time-consuming process
  • increases chances for human error
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8
Q

Cycle Review Questions

A
  • is my line point still valid?
  • any changes in the market, customers, or competition factors: add or subtract amount stocked
  • what is the lead time
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9
Q

Safety Stock Questions

A
  • can we afford to have a “stock out” of this item?
  • risk tolerance or aversion
  • confidence in vendor
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10
Q

Effective Quantity Questions

A
  • amount physically on-hand
  • any on order or transfer in
  • less backorders, reserved, or transfers out
  • this is what you can actually sell
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11
Q

Inventory Management equation

A

Art (knowledge & experience) + Science (technology)

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12
Q

5S’s

A
  • source
  • stock
  • store
  • sell
  • ship
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13
Q

4 support services

A
  • IT
  • HR
  • Finance
  • Transportation
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14
Q

4 critical questions catalog answers

A
  • what is it?
  • what is the cost/price?
  • where is it?
  • where did it come from?
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15
Q

Immediate Invoice

A
  • cash, check, or credit card taken when the order is placed
  • allocates stock
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16
Q

COD

A
  • Collect on Delivery: pick up or delivery to customer
  • allocates stock
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17
Q

Pick Ticket

A
  • updates normal sales history buckets
  • updates item demand
  • schedule delivery
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18
Q

ERP (acronym)

A

Enterprise Resource Planning

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19
Q

ERP Definition

A

integrates:
- product planning
- development
- manufacturing
- sales
- purchasing
- inventory
- marketing

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20
Q

ERP is the ____ that binds or integrates the different computer systems for a large organization

A

Glue

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21
Q

4 Major Reasons to have ERP

A

1) integrate all your key functions as a distributor
2) helps you do what you have to to do mo better
3) enhances customer service
4) increases visibility which enhances your ability to manage

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22
Q

Why sales analysis? Allows for stratification of ________

A

PRODUCTS & CUSTOMERS

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23
Q

Why Sales Analysis? How well are we doing?

A
  • optimizing inventory
  • making/optimizing profit
  • meeting sales goals
  • how is the salesforce doing
  • do we need to make changes
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24
Q

Sales Analysis answers 3 questions

A

1) what are we selling
2) who are we selling to the most
3) who are my best salespersons
4) don’t forget the why? these happened

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25
Q

To be effective sales analysis should be ___&____ on the ___, ___, & ___

A
  • HOLISTIC & FOCUSED
  • past, present, and future
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26
Q

Buyers report card

A
  • what’s the turn on inventory? too often/infrequent)
  • are we optimizing inventory?
  • problem areas?
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27
Q

Ideal Turnover Ratio

A

Between 6 and 12

28
Q

Too high of inventory turnover means…

A

not keeping enough products in stock

29
Q

Too low of inventory turnover means…

A

company keeps to much inventory

30
Q

Order Processing

A

Selling

31
Q

Pricing

A

Make money & remain competitive

32
Q

Inventory Control

A

Managing the warehouse

33
Q

Sales Analysis

A

what, who, & whom

34
Q

General Ledger

A

Assets & liabilities

35
Q

Accounts Receivable

A

Customer owes us

36
Q

Accounts Payable

A

We own Vendor

37
Q

Truck Routing

A

When & Who do I deliver

38
Q

Transfers

A

Move from one branch to another branch

39
Q

Receiving

A

Inventory In

40
Q

Purchasing

A

Buying from vendors

41
Q

Inventory Management

A

How much do we order & when

42
Q

Factors impacting Inventory Management

A
  • Market
  • Economy
  • Competition
  • Vendors
  • Customers
  • Mother Nature
  • Man-Made Events
43
Q

ERP gives ROQ , but distributors ___&___ can change that

A

Knowledge & Experience

44
Q

Objective of Inventory Management

A

OPTIMIZE inventory

45
Q

Cycle Item

A

Regular buying pattern based on inventory management guidelines

46
Q

FOR CYCLE ITEM, if effective quantity < line point…

A

order up to line point

47
Q

EOQ Item

A

buy a larger quantity less often to reduce ordering/carrying costs

48
Q

FOR EOQ ITEM, if effective quantity < or = line point…

A

order up to line point or EOQ whichever is greater

49
Q

Inventory Management or control: How much do we stock

A

Inventory management

50
Q

Inventory Management or control: what do we stock?

A

Inventory Management

51
Q

Inventory Management or control: When do we order?

A

Inventory management

52
Q

Inventory Management or control: How much do we order?

A

Inventory Management

53
Q

Inventory Management or control: How do we organize our warehouse?

A

Inventory Control

54
Q

Inventory Management or control: Where do we put item in our warehouse - row, bin, & shelf?

A

Inventory Control

55
Q

Inventory Management or control: What is our inventory turn?

A

Inventory Control

56
Q

Inventory Management or control: How do we handle our inventory?

A

Inventory Control

57
Q

Inventory Management or control: Cycle or complete inventory?

A

Inventory Control

58
Q

Inventory Management or control: How well are our vendors doing?

A

Inventory Control

59
Q

4 Rs of Inventory Management

A
  • Right Things
  • Right Price
  • Right Time
  • Right Quantity
60
Q
A
61
Q

Pricing Hierarchy based on…

A
  • Customers
  • Vendors
  • Products
  • Combination
62
Q

What’s in charge of “stock the right things in the right quantity”?

A

Inventory management & Sales Analysis

63
Q

What’s in charge of “Sell of the right price”?

A

Order Processing, Sales Analysis, and Pricing

64
Q

What’s in charge of “ship the right things to the right place at the right time”?

A

Order Processing & Cycle Counting

65
Q

What’s in charge of “Use the right technology to do things the right way”?

A

ERP & CRM

66
Q

What’s in charge of “Make happy customers”?

A

Customer Service

67
Q
A

IDIS 344 (6 decks)

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