Introduction to Supply Chain Management

These flashcards cover key vocabulary and concepts within the realm of supply chain management, including definitions and explanations relevant to various aspects of the field.

Supply Chain Management

A set of approaches used to efficiently integrate suppliers, manufacturers, warehouses, and stores to produce and distribute merchandise.

Systemwide Costs

The total costs incurred across the entire supply chain, which must be minimized while satisfying service level requirements.

Development Chain

The set of activities associated with new product introduction, including product design, sourcing decisions, and production plans.

Supply Chain Segmentation

The process of dividing supply chains into segments to cater to different customer value propositions and operational needs.

Global Optimization

The process of maximizing the overall performance of the supply chain while balancing multiple conflicting objectives.

Managing Uncertainty and Risk

The process of addressing challenges such as demand fluctuations, inventory levels, and delivery times within the supply chain.

Omnichannel Strategy

An approach that integrates multiple sales channels to enhance customer experience and share inventory across channels.

Supply Chain Flexibility

The ability of a supply chain to adapt to changes in demand and supply conditions.

Information Sharing

The practice of exchanging data between supply chain partners, enabling better demand forecasting and lead time reduction.

Sustainability in Supply Chain

Incorporating environmentally and socially responsible practices into supply chain management to create efficiencies and branding opportunities.

Smart Pricing

A strategy of applying variations of revenue management to improve supply chain performance by optimizing pricing.