Operations Supply Chain Management (OSCM) Study Guide

These flashcards cover key concepts in operations supply chain management, including definitions of terms, strategies, and methodologies used in the field.

Goods

Tangible output, produced separately from the customer, storable, and standardized.

Services

Intangible offerings that cannot be patented, require customer interaction, are heterogeneous, and perishable.

Sourcing

Acquiring inputs such as materials and services.

Benchmarking

Comparing processes to best-in-class firms.

Outsourcing

Using external suppliers for activities.

Triple Bottom Line

A framework considering People, Planet, and Profit in business.

Push System

Production based on forecasts.

Pull System

Production based on actual demand.

Simple Moving Average

Average of the last n periods.

Weighted Moving Average

Weighted average of past data that emphasizes the most recent observations.

Exponential Smoothing

Time-series method with declining weights applied to past data.

Capacity

Maximum output over a specified time period.

Utilization

Actual Output ÷ Design Capacity.

Lean Manufacturing

A production practice focused on minimizing waste and maximizing customer value.

Break-Even Point

The point at which total revenues equal total costs, calculated as Fixed Cost ÷ (Price - Variable Cost).

Six Sigma

A set of techniques and tools for process improvement, aiming for only 3.4 defects per million opportunities.

Kanban Cards

Visual signals used in lean manufacturing to control work-in-progress inventory.

Logistics

The management of the flow of goods and services from origin to consumption.

Theory of Constraints (TOC)

A management philosophy that emphasizes the importance of identifying and managing constraints that limit an organization's performance.