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Flashcards in Ops Final Test Deck (15):
1

involves finding potential vendors and determining the likelihood of their becoming good suppliers

Vendor Evaluation

2

may include everything from training, to engineering and production help, to procedures for information transfer

Vendor Development

3

approaches taken by supply chain personnel to develop contractual relationships with suppliers

Negotiation Strategies

4

Three types of negotiation strategies

Cost Based Price Model, Market Based Price Model, Competitive Bidding

5

Vendor selection process

Vendor Evaluation, Vendor Development, Negotiations

6

increasing fluctuation in orders or cancellations that often occurs as orders move through the supply chain

Bullwhip Effect

7

the time between placing an order and receiving it

Lead Time

8

extra stock to allow for uneven demand; buffer

Safety Stock

9

the complement of the probability of a stockout

Service Level

10

continuous and forced problem solving via a focus on throughput and reduced inventory

Just in Time

11

the time required to move orders through the production process, from receipt to delivery

Throughput

12

a concept that results in material being produced only when requested and moved to where it is needed just as it is needed

Pull System

13

eliminates waste through a focus on exactly what the customer wants

Lean Operations

14

5 S's

Sort, Simplify, Shine, Standardize, Sustain

15

any deviation from the optimum process that delivers perfect product on time, every time

Variability