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Five main supply chain processes
Planning, Sourcing, Making, Delivering, Returning
OSCM
Operations and Supply Chain Management
Difference between supply chain and operations management
Supply chain focuses on the entire network of production and delivery, while operations focus on internal processes.
Triple Bottom Line components
People, Planet, Profit
Order Winner
A product or service feature that differentiates it from competitors.
Order Qualifier
A basic feature required for a product to be considered by customers.
Decoupling Point in Supply Chain
The point where inventory is positioned to allow production independence.
Three main forecasting methods
Simple Moving Average, Weighted Moving Average, Exponential Smoothing
MAD
Mean Absolute Deviation (MAD) measures forecast accuracy by averaging absolute errors.
MAPE
Mean Absolute Percentage Error
Tracking Signal formula
RSFE / MAD
Four types of firms in manufacturing
Make-to-Stock (MTS), Make-to-Order (MTO), Engineer-to-Order (ETO), Process Industry
Five types of production processes
Project, Workcenter, Manufacturing Cell, Assembly Line, Continuous Process
Little's Law
Inventory = Throughput × Flow Rate
Three inventory system models
Single-Period, Fixed-Order Quantity (Q-Model), Fixed-Time Period (P-Model)
EOQ and its formula
Economic Order Quantity, Qopt = √(2DS/H)
Reorder Point formula
R = d̅L + SS
Safety Stock
Extra inventory held to prevent stockouts due to demand fluctuations.
ABC Analysis
A method of categorizing inventory based on importance (80-20 rule).
SKU
Stock Keeping Unit
Key inputs to MRP
Bill of Materials (BOM), Inventory Records, Master Production Schedule (MPS)
ERP
Enterprise Resource Planning (ERP) integrates business processes across departments.
Difference between Independent and Dependent Demand
Independent demand comes from customer orders, dependent demand is for components of finished goods.
Bill of Materials (BOM)
A structured list of components needed to produce a product.
Time Fencing in MRP
Setting limits on when changes can be made to the Master Production Schedule.
Difference between services and manufacturing
Services are intangible, cannot be stored, and require direct customer interaction.
Arrival Rates in a queuing system
The rate at which customers arrive for service.
Main components of a Queuing System
Arrivals, Servers, Waiting Area
