Management 4000 Test 1

Operations and supply chain management (OSCM)

A functional field of business focused on the design, operation, and improvement of the systems that create and deliver a firm's primary products and services.

Process Activities

Elements including Planning, Sourcing, Making, Delivering, and Returning associated with managing the supply chain.

Sourcing

The selection of suppliers that will deliver the goods and services needed to create the firm's product.

Efficiency

Doing something at the lowest possible cost.

Effectiveness

Doing the right things to create the most value.

Order qualifiers

Dimensions necessary for a firm's products to be considered for purchase by customers.

Order winners

Criteria used by customers to differentiate the products and services of one firm from those of other firms.

Capacity

The ability to hold, receive, store and accommodate production output over a specific period of time.

Lean supply chain

A supply chain designed to operate efficiently while focusing on eliminating waste and minimizing cost.

Green Sourcing

Being environmentally responsible, assessing how a company uses items purchased internally and reducing waste.

Concurrent engineering

The simultaneous development of project design functions with open and interactive communication among all team members.

Supply Chain Management

Overseeing and managing the flow of inventory, information, and finances as products move from origin to consumer.

Quality Function Deployment

A methodology that converts the expectations and demands of customers into clear objectives.

Product Life Cycle

The stages a product goes through from introduction to decline, requiring careful management of operations functions.

Strategic Capacity Planning

Determining the overall level of capacity-intensive resources that best supports the company's long-range competitive strategy.

Decision Tree

A schematic model of the sequence of steps in a problem, including conditions and consequences of each step.

Vertical Integration

Owning multiple assets within a supply chain, which can be backward (owning suppliers) or forward (owning distribution).

Supplier Evaluation and Certification

A process to identify the best and most reliable suppliers, ensuring quality systems are in place.

Capacity Utilization

A measure of the degree to which a system or resource is being used to its full capacity.

Trade-Offs

Management decisions focusing on critical parameters of performance, often balancing different competitive dimensions.

House of Quality

A tool used to transform customer requirements into engineering characteristics, facilitating cross-functional teamwork.

Market Practice Changes

Changes in customer needs influenced by economic, sociological, demographic, technological, and political/legal factors.

Supply Chain Types

Agile supply chains focus on adapting quickly; lean supply chains focus on waste elimination.