Operations Management Lecture Notes Review

Practice flashcards covering key concepts from the Operations Management lecture notes.

What does the concept of 'efficacia' refer to in a business context?

It refers to the company's ability to successfully achieve its objectives.

Define 'efficienza' in operations management.

It is the economic utilization of resources by the company.

What are the two main components of a supply chain?

1) Suppliers 2) Customers.

What is the importance of separating the analysis into smaller areas?

It allows for more detailed analysis instead of examining overly broad macro areas.

What are the '5 Rights' in supply management?

1) Right time, 2) Right quantity, 3) Right price, 4) Right quality, 5) Right source.

What is MRP in the context of supply chain management?

Material Requirements Planning, which involves planning for material requirements based on production needs.

How does lean management aim to optimize production?

By minimizing waste and maximizing efficiency through methodologies like 'one piece flow'.

What is 'push' vs 'pull' in production management?

Push refers to producing goods based on forecasts, while pull refers to producing goods based on actual customer demand.

What is a 'de-coupling point' in production?

It is the point at which inventory is held to separate supply from demand.

What is the goal of Just-In-Time (JIT) production?

To reduce in-process inventory and associated carrying costs while ensuring that materials are only ordered as needed.

What is the primary function of logistics in supply chain management?

The management of the flow of goods from the point of origin to the point of consumption.

What are the key objectives of distribution in a supply network?

1) Connecting delivery and pick-up points within the network, 2) Respecting customer time constraints, 3) Minimizing transportation costs.

What is the effect of the Bullwhip effect in supply chain management?

It refers to the amplification of demand variability as one moves up the supply chain.

Define 'reverse logistics'.

It involves the processes related to reusing and recycling products at the end of their lifecycle.

What does the matice di Fisher classify in supply chain management?

It classifies products as either functional or innovative to guide their supply chain strategies.

What is the significance of 'safety stock' in inventory management?

It serves as a buffer to meet unexpected demand or supply delays.

What are the benefits of using a collaborative forecasting approach in supply chain?

It allows for shared information among partners to improve accuracy and responsiveness of forecasts.

Explain the term 'Vendor Managed Inventory (VMI)'.

VMI is a supply chain practice where the vendor takes responsibility for managing the inventory of their product at the customer's location.