Brainscape's Knowledge GenomeTM


Top Flashcards (Certified)
All Flashcards

IDIS 344 > Midterm Review Slide Deck > Flashcards

Midterm Review Slide Deck Flashcards

(67 cards)

Start Studying
1
Q

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

A

Supplier

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

Supplier provides to

A

Manufacturer

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

Manufacturer makes

A

Products

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

Products are delivered to

A

Distributor

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

Distributor sells and delivers to

A

Customer

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

Customer demands

A

Products

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

Problems with Traditional Order Processing

A
  • lacks integration
  • negatively impacts customer service
  • slow, time-consuming process
  • increases chances for human error
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
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
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

Safety Stock Questions

A
  • can we afford to have a “stock out” of this item?
  • risk tolerance or aversion
  • confidence in vendor
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
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
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

Inventory Management equation

A

Art (knowledge & experience) + Science (technology)

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

5S’s

A
  • source
  • stock
  • store
  • sell
  • ship
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

4 support services

A
  • IT
  • HR
  • Finance
  • Transportation
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

4 critical questions catalog answers

A
  • what is it?
  • what is the cost/price?
  • where is it?
  • where did it come from?
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

Immediate Invoice

A
  • cash, check, or credit card taken when the order is placed
  • allocates stock
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

COD

A
  • Collect on Delivery: pick up or delivery to customer
  • allocates stock
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
17
Q

Pick Ticket

A
  • updates normal sales history buckets
  • updates item demand
  • schedule delivery
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
18
Q

ERP (acronym)

A

Enterprise Resource Planning

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
19
Q

ERP Definition

A

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

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
20
Q

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

A

Glue

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
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

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
22
Q

Why sales analysis? Allows for stratification of ________

A

PRODUCTS & CUSTOMERS

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
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
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
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

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
25
To be effective sales analysis should be ___&____ on the ___, ___, & ___
- HOLISTIC & FOCUSED - past, present, and future
26
Buyers report card
- what's the turn on inventory? too often/infrequent) - are we optimizing inventory? - problem areas?
27
Ideal Turnover Ratio
Between 6 and 12
28
Too high of inventory turnover means...
not keeping enough products in stock
29
Too low of inventory turnover means...
company keeps to much inventory
30
Order Processing
Selling
31
Pricing
Make money & remain competitive
32
Inventory Control
Managing the warehouse
33
Sales Analysis
what, who, & whom
34
General Ledger
Assets & liabilities
35
Accounts Receivable
Customer owes us
36
Accounts Payable
We own Vendor
37
Truck Routing
When & Who do I deliver
38
Transfers
Move from one branch to another branch
39
Receiving
Inventory In
40
Purchasing
Buying from vendors
41
Inventory Management
How much do we order & when
42
Factors impacting Inventory Management
- Market - Economy - Competition - Vendors - Customers - Mother Nature - Man-Made Events
43
ERP gives ROQ , but distributors ___&___ can change that
Knowledge & Experience
44
Objective of Inventory Management
OPTIMIZE inventory
45
Cycle Item
Regular buying pattern based on inventory management guidelines
46
FOR CYCLE ITEM, if effective quantity < line point...
order up to line point
47
EOQ Item
buy a larger quantity less often to reduce ordering/carrying costs
48
FOR EOQ ITEM, if effective quantity < or = line point...
order up to line point or EOQ whichever is greater
49
Inventory Management or control: How much do we stock
Inventory management
50
Inventory Management or control: what do we stock?
Inventory Management
51
Inventory Management or control: When do we order?
Inventory management
52
Inventory Management or control: How much do we order?
Inventory Management
53
Inventory Management or control: How do we organize our warehouse?
Inventory Control
54
Inventory Management or control: Where do we put item in our warehouse - row, bin, & shelf?
Inventory Control
55
Inventory Management or control: What is our inventory turn?
Inventory Control
56
Inventory Management or control: How do we handle our inventory?
Inventory Control
57
Inventory Management or control: Cycle or complete inventory?
Inventory Control
58
Inventory Management or control: How well are our vendors doing?
Inventory Control
59
4 Rs of Inventory Management
- Right Things - Right Price - Right Time - Right Quantity
60
61
Pricing Hierarchy based on...
- Customers - Vendors - Products - Combination
62
What's in charge of "stock the right things in the right quantity"?
Inventory management & Sales Analysis
63
What's in charge of "Sell of the right price"?
Order Processing, Sales Analysis, and Pricing
64
What's in charge of "ship the right things to the right place at the right time"?
Order Processing & Cycle Counting
65
What's in charge of "Use the right technology to do things the right way"?
ERP & CRM
66
What's in charge of "Make happy customers"?
Customer Service
67

IDIS 344 (6 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2025 Bold Learning Solutions. Terms and Conditions