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Flashcards in Ops Final Test Deck (15)
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1
Q

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

A

Vendor Evaluation

2
Q

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

A

Vendor Development

3
Q

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

A

Negotiation Strategies

4
Q

Three types of negotiation strategies

A

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

5
Q

Vendor selection process

A

Vendor Evaluation, Vendor Development, Negotiations

6
Q

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

A

Bullwhip Effect

7
Q

the time between placing an order and receiving it

A

Lead Time

8
Q

extra stock to allow for uneven demand; buffer

A

Safety Stock

9
Q

the complement of the probability of a stockout

A

Service Level

10
Q

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

A

Just in Time

11
Q

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

A

Throughput

12
Q

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

A

Pull System

13
Q

eliminates waste through a focus on exactly what the customer wants

A

Lean Operations

14
Q

5 S’s

A

Sort, Simplify, Shine, Standardize, Sustain

15
Q

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

A

Variability