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Abbreviations Flashcards

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1
Q

ERP

A

Enterprise Resource Planning = A software system that organizations use to manage and integrate the key parts of their business operations, such as finance, human resources, manufacturing, supply chain, services, and procurement

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2
Q

VMI

A

Vendor Managed Inventory: the producers taking care of the resupply in the shelves of the supermarkets

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3
Q

KPI

A

Key performance indicator

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4
Q

ROI

A

Return on Investment

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5
Q

VAL

A

Value-added logistics

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6
Q

VUCA

A

Volatile – Uncertain - Complex – Ambiguous

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7
Q

AS/RS:

A

Automate storage and retrival system (robotic rooms that process, can achieve higher thoughput, thoughput is the capaticy you have that can be handle in a certain period of time)

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8
Q

TCO

A

Total cost of ownership

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9
Q

3PL

A

third party logistics (the supplier is the 3rd party)

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10
Q

JIT

A

just in time (to supply our end customers)

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11
Q

CAD

A

Computer Aided Design

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12
Q

CCP

A

customer order commit point

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13
Q

COCP

A

customer order commit point

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14
Q

Rack-jobbing

A

related to consignment stocks but in this case instead of putting a little display in a retail store you are putting and actual person next to itReverse buying = Instead of a company seeking suppliers and negotiating deals, suppliers compete to fulfill a company’s needs. The buyer specifies the products or services they require, often through an online platform, and suppliers submit proposals to offer the best price or terms.

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15
Q

electronic data interchange

A

a technology that allows the electronic exchange of business documents between organizations in a standardized format. it enables companies to share important information like purchase orders, invoices, shipping notices and other documents without the need for manual processes like paper based systems, emails or faxes

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16
Q

supply chain management software

A

help organizations efficiently manage and optimize their supply chain processes, from raw materials procurement to product delivery to customers. It enhances the flow of goods, information, and finances along the supply chain, aiming to improve collaboration, reduce costs and increase efficiency

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17
Q

radio frequency identification

A

a wireless technology that uses chips to identify and track tags attached to objects. the tags contain electronically stored information, and RFID is commonly used for tracking inventory, managing assets and improving supply chain efficiency

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18
Q

DSN (data source name)

A

refers to a centralized system for managing and accessing data connections in applications, typically within databases or integrated software environments. it stores connection information such as database names, driver details, host servers, usernames and passwords that applications need to access specific data sources

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19
Q

SKU

A

stock keeping unit = barcode = detailed information about individual stock keeping units

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20
Q

MPS

A

Master production schedule

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21
Q

1PL

A

first party logistics refers to companies managing their own logistics and transportation of goods. they own the transportation assets such as trucks ships or planes, and directly handle the movement of products

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22
Q

2PL

A

in second party logistics, a company outsources transportation or warehousing services to a service provider. however these providers usually focus on specific tasks such as transport or storage without managing the entire logistics process. the client maintains control over other logistics activities. exaple: a company hires a shipping line, trucking company, or airline to move goods from point a to point b. the transportation provider owns the transport assets

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23
Q

3PL

A

Third-Party Logistics is the outsourcing of logistics operations to a provider that manages a broader range of activities. This could include transportation, warehousing, inventory management, packaging. 3PL providers integrate more into the customer’s supply chain, acting as an extension of their logistics operations.

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24
Q

4PL

A

Fourth-Party Logistics manages the entire supply chain on behalf of the client.

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25
porters generic business strategies
target: broad/narrow advantage: cost/product oriented
26
porters generic business strategies list
cost leadership strategy differentiation strategy (narrow) focus strategy(low cost) (narrow) focus strategy (differentiation)
27
efficient supply chains
primary goal: supply demand at lowest cost product design strategy: maximize performance at a minimum product cost pricing strategy: lower margins because price is a prime customer driver manufacturing strategy: lower cost through high utilisation inventory strategy: minimize inventory to lower cost lead time strategy: reduce, but not at the expense of costs supplier strategy: select based on cost and quality
28
responsive supply chains
respond quickly to demand create modularity to allow postponement of product differentiation higher margins because price is not a prime customer driver maintain buffer inventory to deal with demand/supply uncertainty reduce aggressively, even if the costs are significant select based on speed, flexibility, reliability and quality
29
logistical drivers
facilities inventory transport
30
cross functional drivers
information sourcing
31
drivers of supply chain performance
facilities inventory transportation sourcing pricing
32
information is used when making decisions about
facility inventory transportation sourcing pricing and revenue management information technology
33
total order costs
F*D/Q
34
inventory costs
h*p*q/2
35
total costs
TC=FD/Q + hPQ/2
36
what is Q
the order quantity where total cosst of ordering and the inventory is lowest
37
what is F
costs per order
38
What is D
demand quantity
39
h*P
inventory cost per unit
40
FTL
full truck load, not only depth but also height
41
cash2cash C2C
cycle roughly measures the average amount time from when cash enters the process as cost to when it returns as collected revenue
42
supply chain manager, avg days in stock
40 days
43
purchasing manager, avg payment suppliers
30 days
44
sales manager, avg pay from customers
50 days
45
to calculate C2C
40+50-30=60 days
46
stock turns/inventory turnover
measures the performance of inventory and is calculated by dividing the yearly cost of goods by the average value of the stocks. in other terms how many times a year are stocks refreshed
47
turnover time of inventory
measures the average time goods are kept in inventory and is calculated by first calculating the turnover speed of the inventory. then express this turnover speed in number of days a year
48
VMI
vendor managed inventory the producers taking care of the resupply in the shelves of the marker 1. make to stock 2. assemble to order 3. make to order 4. engineer to order
49
MTO (make to order)
Raw material
50
ATO (Assemble to order)
Semi finished good
51
MTS (Make to stock)
Finished good
52
PTO
Pack to order
53
strategic
year + concerns develop, deploy and invest
54
tactical
months,years concerns forecast sales demand planning supply planning
55
operational
weekly concerns manage orders program operations execute and release orders
56
qualitative techniques
survey expert groups saales force composite: sales force reflection test markets
57
quantitative techniques
time series analytic method causal simulations
58
techniques for forecasting
qualitative time series causal simulation
59
observed demand
systematic component + random component
60
systematic component
measures expected value of demand level trend seasonality
61
random component
part of forecast that deviates from systematic part
62
forecast error
difference between forecast and actual demand
63
time series
a sequence of data poins, measured typically at successive times spaced at uniform time intervals.
64
time series analysis
consists of methods for analyzing time series data in order to extract meaningful statistics and other characteristics of the data
65
methods
static or adaptive
66
risk
too much emphasis on past events to predict future events
67
moving average
Used when demand has no observable trend or seasonality Systematic component of demand = level
68
SIMPLE EXPONENTIAL SMOOTHING:
Used when demand has no observable trend or seasonality Systematic component of demand = level
69
HOLT’S MODEL:
Used when the demand is assumed to have a level and trend in the systematic component of demand but no seasonality Systematic component of demand = level + trend
70
WINTER’S MODEL:
Appropriate when the systematic component of demand has a level, trend, and seasonal factor Systematic component = (level + trend) x seasonal factor
71
Exponential smoothing
is a rule of thumb using the exponential window function technique for smoothing time series . Whereas in the simple moving average data the past observations are weighted equally, exponential functions are used to assign exponentially decreasing weights over time.
72
the bias:
average deviation forecast on demand over a longer period
73
the mape
absolute error % per time bucket
74
forecast accuracy
this parameter will show how accurate your forecast was 100% = perfect forecast
75
calculate FA
1- (absolute error/Actualy demand) *100
76
absolute error
error/actual demand
77
traditional buying-selling
supplier (order and delivery) customer warehouse (sales) shop
78
vendor managed inventory VMI
supplier (sales info, forecast, stock info, delivery) customer warehouse (sales) shop
79
Bottom-up approach:
Decisions or strategies are made based on input from employees at lower levels, which eventually shape organizational policies
80
Top-down approach:
Executives set the company’s goals and strategies, which are then broken down into smaller tasks for different departments.

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