EXAM 1 Flashcards
(95 cards)
1
Q
SCOR STANDS FOR?
A
SUPPLY CHAIN OPERATIONS REFERENCE
2
Q
MY ORGANIZATION DEFINITION
A
FOCAL FIRM
3
Q
DIRECT SUPPLIER TO FOCAL FIRM DEFINITION
A
1ST TIER SUPPLIER
4
Q
DIRECT SUPPLIER TO 1ST TIER SUPPLIER
A
2ND TIER SUPPLIER
5
Q
DIRECT CUSTOMER TO FOCAL FIRM
A
1ST TIER CUSTOMER
6
Q
DIRECT CUSTOMER OF 1ST TIER CUSTOMER
A
2ND TIER CUSTOMER
7
Q
2 ELEMENTS
A
STRUCTURAL INFRASTRUCTURAL
8
Q
INFRASTRUCTURAL ELEMENT DEFINITION
A
CULTURE & OPERATIONAL PRACTICES
9
Q
4 PART FLOW OF STRATEGY DEVELOPMENT
A
10
Q
OPS & SUPPLY CHAIN STRATEGY DEFINITION
A
SUPPORTS BUSINESS STRATEGY BY DECIDING ACQUISITIONS & DEVELOPMENT
11
Q
3 OBJECTIVES OF OPS & SUPPLY CHAIN STRATEGIES
A
- CHOOSE CORRECT ELEMENTS BASED ON CUSTOMERS & TRADE-OFFS
- ENSURE ELEMENTS ALIGNED WITH BUSINESS STRATEGY
- DEVELOP CORE COMPENTENCIES
12
Q
3 STRUCTURAL DECISIONS & TRADEOFFS
A
- CAPACITY
- FACILITIES
- TECHNOLOGY
13
Q
5 INFRASTRUCTURAL DECISIONS & TRADEOFFS
A
- ORGANIZATION
- SOURCING/PURCHASING
- PLANNING & CONTROL
- BUSINESS PROCESSES & QUALITY MANAGEMENT
- PRODUCT & SERVICE DEVELOPMENT
14
Q
4 PERFORMANCE DIMENSIONS
A
- QUALITY
- FLEXIBILITY
- TIME
- COST
15
Q
3 QUALITY MEASUREMENTS
A
- PERFROMANCE QUALITY
- CONFORMANCE QUALITY
- RELIABILITY QUALITY
16
Q
3 FLEXIBILITY MEASUREMENTS
A
- MIX FLEXIBILITY
- CHANGEOVER FLEXIBILITY
- VOLUME FLEXIBILITY
17
Q
2 TIME MEASUREMENTS
A
- DELIVERY SPEED
- DEVILIVERY RELIABILITY
18
Q
5 COST MEASUREMENTS
A
- LABOR COSTS
- MATERIAL COSTS
- ENGINEERING COSTS
- QUALITY RELATED COSTS
- OVERHEAD ALLOCATION
19
Q
STRADDLING DEFINITION
A
COMPETITION WITHIN ALL PERFORMANCE DIMENSIONS
20
Q
PERFORMANCE DIMENSIONS PRIORITIZATION CONCEPT
A
EXCEL IN DIMENSIONS HIGHLY VALUED BY CUSTOMERS
21
Q
2 PERFORMANCE DIMENSIONS ORDERS
A
- ORDER WINNERS
- ORDER QUALIFIERS
22
Q
ORDER WINNERS DEFINITION
A
MARKET SHARE DRIVER, HIGHLY PREFERRED BY CUSTOMERS OVER COMPETITORS
23
Q
ORDER QUALIFIERS DEFINITION
A
MINIMIMUM CUSTOMER EXPECTATIONS
24
Q
4 ALIGNMENT STAGES
A
- INTERNALLY NEUTRAL
- ESTERNALLY NEUTRAL
- INTERNALLY SUPPORTIVE
- EXTERNALLY SUPPORTIVE
25
ALIGNMENT STAGE 1 DEFINITION
NOT LINKED TO BUSINESS STRATEGY
26
ALIGNMENT STAGE 4 DEFINITION
DEVELOP CHAIN CORE COMPETENCIES
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ALIGNMENT STAGE 2 DEFINITION
FOLLOW INDUSTRY BEST PRACTICES
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ALIGNMENT STAGE 3 DEFINITION
CHAIN ALIGNS WITH BUSINESS STRATEGY
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5 STRATEGIC OPERATING MODELS FRAMEWORK STEPS
1. DIVIDE MARKETS INTO ORDER WINNERS/QUALIFIERS
2. IDENTIFY SEGMENT/S TO ENTER
3. TRANSLATE WINNERS/QUALIFIERS TO PROCESS REQUIREMENTS
4. DESIGN PROCESS TO MEET REQUIREMENTS
5. DESIGN INFRASTRUCUTURE TO SUPPORT PROCESSES
30
\_\_\_ seeks to be the preeminent professional association providing worldwide leadership for the evolving logistics profession through the development, dissemination, and advancement of logistics knowledge
CSCMP
31
5 AREAS OF SCOR
1. PLANNING
2. SOURCING
3. MAKE/PRODUCTION
4. DELIVERY
5. RETURN
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3 TRENDS
1. AGILITY
2. INFORMATION TECHNOLOGIES
3. PEOPLE
33
CSCMP STANDS FOR
Council of Supply Chain Management Professionals
34
\_\_\_ describes itself as “The Association for Operations Management.” It is a widely recognized professional society for persons interested in operations and supply chain management. ___ currently has more than 67,000 members and 250 chapters throughout the United States and its territories.
APICS
35
APICS STANDS FOR
Association for Operations Management
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\_\_\_ provides national and international leadership in purchasing and materials management, particularly in the areas of education, research, and standards of excellence
ISM
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ISM STANDS FOR
Institute for Supply Management
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\_\_\_ is the planning, scheduling, and control of the activities that transform inputs into finished goods and services
OPERATIONS MANAGEMENT
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CUSTOMER VALUE INDEX DEFINITION
OVERALL VALUE OF PRODUCT TO CUSTOMERS
40
41
3 STRUCTURAL ELEMENTS
1. BUILDINGS
2. EQUIPMENT
3. COMPUTER SYSTEMS
42
4 INFRASTRUCTURAL ELEMENTS
1. POLICIES
2. PEOPLE
3. DECISION RULES
4. ORGANIZATIONAL STRUCTURE
43
4 Performance Dimensions
1. Quality
2. Time
3. Flexibility
4. Cost
44
mix flexibility DEFINITION
the ability to produce a wide range of products or services
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the ability to provide a new product with minimal delay
changeover flexibility DEFINITON
46
volume flexibility DEFINITION
the ability to produce whatever volume the customer needs
47
4 Stages of Alignment with the Business Strategy
1. INTERNALLY NEUTRAL
2. EXTERNALLY NEUTRAL
3. INTERNALLY SUPPORTIVE
4. EXTERNALLY SUPPORTIVE
48
performance quality DEFINITION
What are the basic operating characteristics of the product or service?
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conformance quality DEFINITION
Was the product made or the service performed to specifications?
50
reliability quality DEFINITION
Will a product work for a long time without failing or requiring maintenance? Does a service operation perform its tasks consistently over time?
51
4 FORECAST TYPES
1. DEMAND
2. SUPPLY
3. PRICE
4. ECONOMIC
52
4 LAWS OF FORECASTING
§Law 1: Forecasts are almost always wrong (but still useful)
§Law 2: Short term forecasts tend to be more accurate than longer term forecasts.
§Law 3: Forecasts for Groups (categories) of Products or Services tend to be more accurate than forecasts for specific products or services.
§Law 4: Forecasts are not a substitute for Calculated Values. Only use forecasting when a more reliable method is not available.
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8 STEPS IN FORECASTING
1. Determine how the forecast will be used
2. Select the values to forecast
3. Determine the planning time horizon of the forecast
4. Select potential forecasting model(s)
5. Gather historical data from which to forecast
6. Calculate forecasts using forecasting model(s)
7. Evaluate forecast accuracy & choose a forecasting model
8. Make future predictions based upon the forecasting model
54
3 FORECAST PLANNING TIME HORIZONS
1. LONG RANGE FORECAST (ASSET ACQUISITION)
2. MEDIUM RANGE FORECAST (ASSET UTILIZATION)
3. SHORT RANGE FORECAST (ASSET EXECUTION)
55
3 ASPECTS OF LONG RANGE FORECASTING
§Yearly planning bucket
§3-10 years planning horizon
§New product planning, facility construction, technology
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3 ASPECTS OF MEDIUM RANGE FORECASTING
§Monthly/Quarterly planning bucket
§3 months to 2 years planning horizon
§Seasonal production, inventory, employment, budgeting
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3 ASPECTS OF SHORT RANGE FORECASTING
§Weekly/Monthly planning bucket
§1-26 week planning horizon
§Job scheduling, worker assignments, inventory stocking
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5 QUALITATIVE FORECASTING METHODS
1. MARKET SURVEYS
2. PANEL CONSENSUS FORECASTING
3. DELPHI METHOD
4. LIFE CYCLE ANALOGY METHOD
5. BUILD UP FORECASTS
59
MARKET SURVEYS DEFINITION
§Structured questionnaires or market research panels
60
§Experts meet together to develop forecasts
PANEL CONCENSUS FORECASTING DEFINITION
61
DELPHI METHOD DEFINITION
Experts develop forecasts separately & then revise
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§Modeling growth and decline based upon similar products
a qualitative forecasting technique that attempts to identify the time frames and demand levels for the introduction, growth, maturity, and decline life cycle stages of a new product or service
LIFE CYCLE ANALOGY METHOD DEFINITION
63
BUILD UP FORECASTS DEFINITION
§Market Segment experts develop forecasts that are added together
64
6 TIME SERIES MODEL QUANTITATIVE FORECASTING APPROACHES
§Last Period or Naïve Forecast
§Moving Average
§Weighted Moving Average
§Exponential Smoothing
§Adjusted Exponential Smoothing\*
§Linear Regression\*
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2 CASUAL MODEL QUANTITATIVE FORECASTING APPROACHES
§Linear Regression\*
§Multiple Regression\*
66
THIS REPRESENTS WHAT TYPE OF FORECASTING?
Moving Average FORECASTING
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THIS REPRESENTS WHAT TYPE OF FORECASTING?
Weighted Moving Average FORECASTING
68
2 FORECAST ERROR BIASES
1. POSITIVE BIAS
2. NEGATIVE BIAS
69
POSITIVE FORECAST BIAS DEFINITION
Positive RSFE indicates that demand exceeded the forecast over time. Forecasts with positive bias will eventually cause stockouts
70
NEGATIVE FORECAST BIAS DEFINITION
Negative RSFE indicates that demand was less than the forecast over time. Forecasts with negative bias will eventually cause excessive inventory.
71
FORMULA FOR \_\_\_?
FORECAST ERROR
72
FORMULA FOR \_\_\_?
RUNNING SUM OF FORECAST ERROR
73
MEAN ABSOLUTE % ERROR FORMULA
74
RSFE STANDS FOR
RUNNING SUM OF FORECAST ERRORS
75
CPFR STANDS FOR
Collaborative Planning,
Forecasting, and Replenishment
76
S&OP STANDS FOR
SALES AND OPERATIONS PLANNING
77
S&OP DEFINITION
INTEGRATING MARKETING PLANS FOR PRODUCTS WITH MANAGEMENT OF SUPPLY CHAIN
78
S&OP TOP DOWN PLANNING DEFINITION
S&OP in which a single, aggregated sales forecast drives the planning process
79
S&OP Bottom-up planning DEFINITION
An approach to S&OP that is used in which forecasts for each set of products or services combine to drive the planning process
80
Planning values DEFINITION
Values that decision makers use to translate a sales forecast into resource requirements and to determine the feasibility and costs of alternative sales and operations plans
81
S&OP Level production plan DEFINITION
A S&OP plan in which production is held constant and inventory is used to absorb differences between production and the sales forecast
82
S&OP Chase production plan DEFINITION
A S&OP plan in which production is changed in each time period to match the sales forecast
83
S&OP Mixed production plan DEFINITION
A S&OP plan that varies both production and inventory levels in an effort to develop the most effective plan
84
S&OP Rolling planning horizon DEFINITION
A planning approach
in which an organization updates its sales and
operations plan regularly, such as on a monthly
or quarterly basis
85
Yield management DEFINITION
An approach that services commonly use with highly perishable “products” in which prices are regularly adjusted to maximize total profit
86
Tiered workforce DEFINITION
A strategy used to vary workforce levels, in which additional full-time or part-time employees are hired during peak demand periods, while a smaller permanent staff is maintained year-round
87
Offloading DEFINITION
A strategy for reducing and smoothing out workforce requirements that involves having customers perform part of the work themselves
88
\_\_\_\_\_\_\_\_\_\_ tracks the average size of the errors, regardless of direction.
mean absolute deviation (MAD)
89
MFE MEASURES \_\_\_?
the bias of a forecast model, or the propensity of a model to under- or overforecast
90
Causal Models DO WHAT?
demand is predicted by observing environmental factors such as economic indicators
91
MAD STANDS FOR
MEAN ABSOLUTE DEVIATION
92
MSE STANDS FOR
MEAN SQUARED ERROR
93
MAPE STANDS FOR
mean absolute percentage error
94
DETAILED PLANNING AND CONTROL DEFINITION
planning that covers time periods ranging from weeks down to just a few hours out
95
3 PHASES OF S&OP
