Modules 1-5 Flashcards by Jilliane Marie Aleta

It allows suppliers,
manufacturers, distributors,
retailers, and customers to reduce lead time,
paperwork, and other
unnecessary activities

Technological Advancement

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It made communication tools easier for users, allowing its presence in components to extend in the supply chain.

Communication

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Supply chain management planning
tools are intended to integrate the
resource planning activities in a firm or
organization.

Planning and Analysis

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What are the most
common planning tools?

Material
requirement planning (MRP), Manufacturing resources planning
(MRPII), and Enterprise Resource Planning (ERP).

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Directly related
to relationship management,
which includes suppliers and customers.

Management

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It leads to significant reduction in costs and also helps continuous evaluation and improvement in the buying process.

Inventory Control

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Companies are inclined to work with different suppliers in different
ways.

Supply Chain Relationships

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Commodity processes or products that already exist; you only have to
use smart modifications and apply them.

Value-added Process (Manufacturing)

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Two factors are significant when we talk about value-added:

Flexibility and Quality

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Transfer the products from one stage of the supply chain to the end user count much.

Transportation

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Time-to-consumer is a crucial indicator of product flow
efficiency. The less time it takes for goods to reach the end customer, the more efficient the
product flow.

Improved product and material flow.

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Help them
evaluate the quality of information
sharing, then implement solutions to
best fill the gaps.

Seamless Information Flow

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Leads to significant
reduction in costs and also helps continuous
evaluation and
improvement in the buying process.

Enhanced Financial Flow

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The relationship between the supplier and hotel becomes stronger because of professional
management in the form of development of proper purchasing
policies.

Better Relationship with
Suppliers

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Inter-firm operational coordination. It
involves coordination of material flow from supplier to buyers
and to end-consumers.

Supply Chain Coordination

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Inter-firm relationship in the supply chain focusing
around on the OEM – Original Equipment Manufacturer and
first tier of supplier and first tier customer.

Supply Chain Relationship

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How the supply chain is constructed from all its
participating firm.

Supply Chain Configuration

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Everyone involved in the manufacturing process
communicates and collaborates. Instead of functioning in separate
divisions, or silos, integrated teams work together to make sure
the product gets to the distribution phase.

Integration

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The day-to-day activities in the company must be
managed properly. Keeping a strong supply chain, day-to-day
operations are the backbone of the work manufacturers do.

Operations

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The area of supply chain management that makes
sure a company has everything it needs to manufacture products,
including materials, supplies, tools and equipment.

Purchasing

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The supply chain ends when the product lands
on store shelves where customers can buy them or their front door
(if they purchase them online).

Distribution

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Prevent the intent and
appearance of unethical
or compromising
conduct in relationships,
actions, and
communications.

Impropriety

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Ensure that any personal,
business, or other activity
does not conflict with the
lawful interests of your
employer.

Conflicts of Interest

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Avoid behaviors or
actions that may
negatively influence, or
appear to influence,
supply management
decisions

Influence

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Uphold fiduciary and other responsibilities using reasonable care and granted authority to deliver value to your employer

Responsibilities to Your Employer

Protect confidential and proprietary information

Sustainability and Social Responsibility

Protect confidential and proprietary information

Confidential and Proprietary Information.

Avoid improper reciprocal agreements.

Management & Reciprocity.

Know and obey the letter and spirit of laws, regulations, and trade agreements applicable to supply management

Applicable Laws, Regulations, and Trade Agreements.

Develop skills, expand knowledge, and conduct business that demonstrates competence and promotes the supply management profession

Professional Competence.

Part of a supply chain involved with the forward and reverse flow of goods, services, cash, and information.

Logistics

Includes management of inbound and outbound transportation, material handling, warehousing, inventory, order fulfillment and distribution, third-party logistics, and reverse logistics (the return of goods from customers).

Logistics Management

Set of firms that supply raw materials, components, parts, information, finances and expertise needed to create a product and/or service.

Upstream Partners

Marketing channels (or distribution channels) partners, such as the wholesalers and retailers which forms the vital connection between the firm and the customers.

Downstream Partners

All manufacturing supply chains have raw materials flow from the raw materials at the beginning of the supply chain to the finished product at the end of the chain.

Material Flow

All supply chains have and make use of -- such as demand information flow, forecasting information flow, product information flow, design and scheduling information flow and new product information flow.

Information Flow

Basically it is the blood stream of any supply chain.

Financial Flow

The materials flow run through the supply chain, changes its ownership from one company to another, from supplier to buyer.

Commercial Flow

A practice of placing a purchase order to a supplier for a product that’s temporarily out of stock in your warehouse and has already been ordered by your customers.

Back ordering

A shipping document showing the type of goods, their quantity, and the destination address. It is required whenever goods are transported from one point to another, whether you ship them by land, sea or air.

Bill of Lading

A method in which the buyer will agree to buy a certain quantity of one or more items over an agreed-upon period of time without specifying their exact shipment dates at the time of purchase.

Blanket Order

Means the act of placing your goods in the care of a third-party warehouse owner (known as the consignee) who maintains them for a fee.

Consignment

A method of cost lot tracking where items are valued and sold in the order they were purchased.

First In, First Out

A method of cost lot tracking where your most recent purchases are sold first.

Last In, First Out

An item that is dismantled into two or more parts in order to facilitate easier transportation. These parts will then be put together before delivery.

Knocked Down

A document prepared by the seller, on behalf of the carrier, that specifies the shipment’s point of origin, the details of the transacting parties (the buyer and seller), the route, and the destination address.

Waybill

4 Major Drivers of SC

Facilities Inventories Transportation Information

5 Stages in Developing SC

1. Plan 2. Source 3. Make 4. Deliver 5. Return

3 Elements of Rational Decision Making

Conceptualization Information Prediction

A process of selecting the best option or course of action based on a careful and logical evaluation of the costs, benefits, and risks associated with each potential choice.

Rational Decision Making

Concentration of authority at the top level is known as

Centralization

Evenly and systematic distribution of authority at all levels is known as

Decentralization

Personal traits like preferences, intellectual maturity experience, educational standard, social and religious designation and status etc., of the person responsible for the decision-making also exert great influence on decision-making.

Psychological Element

Decisions must be taken at the appropriate time keeping in view the prevailing conditions.

Timing of Decisions

When a particular decision has been taken it must be communicated properly in time to the persons concerned.

Communication of Decisions

It arouses the feeling of oneness with the company and the decisions taken are considered as superior.

Participation of Employees

Aligning supply and distribution with organizational strategy and deciding on the degree to which outsourcing will be employed.

Supply chain strategy alignment

Determining the number and location of suppliers, warehouses, production/operations facilities, and distribution centers.

Network configuration

Integrating systems and processes throughout the supply chain to share information, including forecasts, inventory status, tracking of shipments, and events

Information technology

Making decisions on new product and services selection and design.

Products and services:

Assessing long-term capacity needs, including when and how much will be needed and the degree of flexibility to incorporate.

Capacity planning

Partnership choices, level of partnering, and degree of formality.

Strategic partnerships

Deciding whether to use centralized or decentralized distribution, and deciding whether to use the organization’s own facilities and equipment for distribution or to use third-party logistics providers.

Distribution strategy

Identifying potential sources of risk and deciding the amount of risk that is acceptable.

Uncertainty and risk reduction

Tactical Responsibility of Management

1. Forecasting: Prepare and evaluate forecasts. 2. Sourcing: Choose suppliers and some make-or-buy decisions. 3. Operations planning: Coordinate the external supply chain and internal operations. 4. Managing inventory: Decide where in the supply chain to store the various types of inventory (raw materials, semi-finished goods, finished goods). 5. Transportation planning: Match capacity with demand. 6. Collaborating: Work with supply chain partners to coordinate plans

Operational Responsibilities of Management

1. Scheduling: Short-term scheduling of operations and distribution 2. Receiving: Management of inbound deliveries from suppliers 3. Transforming: Conversion of inputs into outputs. 4. Order fulfilling: Linking production resources and/or inventory to specific customer orders. 5. Managing inventory: Maintenance and replenishment activities. 6. Shipping: Management of outbound deliveries to distribution centers and/or customers. 7. Information sharing: Exchange of information with supply chain partners. 8. Controlling: Control of quality, inventory, and other key variables and implementing corrective action, including variation reduction, when necessary.

The acquisition of goods and services at the best possible price, in the right quantity and at the right time.

Procurement

Is the sequence of organizations—their facilities, functions, and activities— that are involved in producing and delivering a product or service.

Supply Chain

Is the network of activities of all the individuals, organizations, resources, activities and technology involved in the creation and sale of a product, from the delivery of source materials from the supplier to the manufacturer, through to its eventual delivery to the end user.

Supply Chain Management