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International Business | 3P98 > Chapter 18* > Flashcards

Chapter 18* Flashcards

Global Operations and Supply-Chain Management

1
Q

Supply chain management

A

the coordination of materials, information, and funds from the initial raw-material supplier to the ultimate customer

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2
Q

Operations management (Logistics management)

A

refers to the management of internal activities

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3
Q

Logistics (materials management)

A

that part of the supply-chain process that plans, implements, and controls the efficient, effective flow and storage of goods, services, and related information from the point of origin to the point of consumption in order to meet customers’ requirements

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4
Q

Compatibility

A

the degree of consistency between FDI decisions and a company’s competitive strategy

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5
Q

Efficiency/cost

A

reduction of operational costs

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6
Q

Dependability

A

degree of trust in a company’s products, its delivery, and its price promises

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7
Q

Quality

A

performance reliability, good service, speed of delivery, and dependable product maintenance

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8
Q

Innovation

A

ability to develop new products and ideas

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9
Q

Flexibility

A

ability of the production process to make a variety of products and adjust the volume of output

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10
Q

Manufacturing configuration:

A
  • centralized manufacturing in one country
  • manufacturing facilities in specific regions to service those regions
  • multi-domestic facilities in each country
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11
Q

Offshore manufacturing

A

any investment that takes place in a country other than the home country

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12
Q

Nearshoring

A

implies moving the supply chain closer to the home market, such as Mexico for U.S. firms or Prague for German firms

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13
Q

Reshoring or Onshoring

A

means bringing back production to the home country from offshore locations

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14
Q

Coordination

A

is linking or integrating activities into a unified system

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15
Q

Control systems

A

such as organizational structure and performance measurement systems, ensure that managers implement company strategies

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16
Q

Global sourcing

A
  • the first step in the process of materials management
  • the process of a firm having inputs supplied to it from outside suppliers (domestic & foreign) for the production process
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17
Q

Companies can manufacture parts

A

internally or purchase them from external manufacturers

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18
Q

Supply chaining

A

is a method of collaborating horizontally - among suppliers, retailers, and customers - to create value

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19
Q

Contract manufacturers are companies

A

like Foxconn that enter into a contract with the hiring company, such as Apple, to assume the entire manufacturing process

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20
Q

Using domestic sources

A

for raw materials and components allows a company to avoid problems with language differences, distance, currency, politics, and tariffs, as well as other problems

21
Q

Major outsourcing configurations include

A
  • vertical integration
  • outsourcing through industrial clusters
  • other outsourcing
22
Q

Vertical integration

A

occurs when a company owns the entire suppliers network, or at least a significant part of it

23
Q

Industrial clusters

A

is an alternative way to reduce transportation and transaction costs

24
Q

Make or buy

A

outsource or supply parts from internal production

25
Q

If MNEs outsource parts

A

instead of sourcing them from internal production, they need to determine the degree of involvement with suppliers

26
Q

Conflict minerals

A

are certain minerals that come from warring areas, principally the eastern provinces of the Democratic Republic of the Congo, that generate revenues to fund conflicts

27
Q

Global progression in the purchasing function

A
  • domestic purchasing only
  • foreign buying based on need
  • foreign buying as part of a procurement strategy
  • integration of global procurement strategy
28
Q

Electronic Data Interchange

A

the electronic linkage of suppliers, customers, and third-party intermediaries to expedite documents and financial flows

29
Q

A key to making the global supply chain work

A

is a good information system

30
Q

Enterprise Resource Planning

A

ERP software that can link information flows from different parts of a business and from different geographic areas

31
Q

Material Requirements Planning

A

MRP computerized information system that addresses complex inventory situations and calculates the demand for parts from the production schedules of the companies that use the parts

32
Q

RFID

A

a system that labels products with an electronic tag, which stores and transmits information regarding the product’s origin, destination, and quantity

33
Q

E-commerce

A

the use of the Internet to join together suppliers with companies, and companies with customers

34
Q

Blockchain technology

A

is the next wave of the utilization of technology in supply chain management linking together firms with their suppliers

35
Q

Quality

A

meeting or exceeding the expectations of a customer

36
Q

Zero defects

A

the refusal to tolerate defects of any kind

37
Q

AQL

A

the idea that the responsibility for quality resides within the policies and practices of managers

38
Q

Lean manufacturing

A

a productive system whose focus is on optimizing processes through the philosophy of continual improvement

39
Q

TQM

A

a process that stresses customers satisfaction, employee involvement, and continuous improvement of quality. Its goal is to eliminate all defects

40
Q

JIT

A

a system that sources raw materials and parts just as they are needed in the manufacturing process

41
Q

It is hard to combine foreign sourcing and

A

JIT production without having safety stocks of inventory on hand, which defeats the concept of JIT

42
Q

A kanban system facilitates JIT

A

by using cards to control the flow of production through a factory

43
Q

Six Sigma

A

a quality control system aimed at eliminating defects, slashing product cycle times, and cutting costs across the board

44
Q

Levels of quality standards:

A
  • general level - ISO 9000, Malcolm Baldrige National Quality Award
  • industry-specific level
  • company level
45
Q

International Organization for Standardization

A

was formed in Geneva in 1947 to facilitate the international coordination and unification of industrial standards

46
Q

ISO 9000

A

a global set of quality standards intended to promote quality at every level of an organization

47
Q

ISO 14000

A

a quality standard concerned with environmental management

48
Q

Non-European companies operating in Europe

A

need to become ISO certified in order to maintain access to that market

International Business | 3P98 (13 decks)

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