Global Production and Supply Chain Management

These flashcards cover key vocabulary terms and concepts related to global production and supply chain management, aiding in understanding and retention for exam preparation.

Global Production

Coordinating manufacturing activities across multiple countries to optimize costs, quality, and efficiency.

Supply Chain Management (SCM)

Encompasses planning, sourcing, manufacturing, and delivering products to customers on a global scale.

International Logistics

Deals with the movement of goods, services, and information across borders, including transportation, warehousing, and customs clearance.

Procurement

The process of acquiring raw materials, components, and services from suppliers worldwide.

Outsourcing

Contracting out certain business functions or processes to external providers in different countries to reduce costs or access specialized expertise.

Offshoring

Relocating business operations or production to another country to take advantage of lower labor costs or favorable business conditions.

Nearshoring

Moving production or sourcing to a nearby country to balance cost savings with proximity to markets.

Reshoring

Bringing previously offshored operations back to the company's home country.

Make-to-Stock (MTS)

Production strategy that manufactures products based on forecasted demand.

Make-to-Order (MTO)

Production strategy that begins manufacturing only after receiving a customer order.

Assemble-to-Order (ATO)

Production strategy that pre-manufactures components and assembles them into finished products upon receiving an order.

Configure-to-Order (CTO)

Production strategy allowing customers to customize products from a set of pre-defined options.

Mass Customization

Combines elements of mass production and customization to offer personalized products at near-mass production prices.

Lean Manufacturing

Focuses on eliminating waste and continuously improving processes to increase efficiency.

Agile Manufacturing

Emphasizes flexibility and responsiveness to adapt to changing market conditions.

Supply Chain Visibility

Provides real-time data on the status and location of goods.

Incoterms

Standardized trade terms that define the responsibilities of buyers and sellers in international transactions.

Intermodal Transportation

Combines multiple modes of transport to optimize cost and speed.

Third-Party Logistics (3PL)

Outsourced logistics services that include transportation, warehousing, and customs brokerage.

Total Cost of Ownership (TCO)

Considers all costs associated with acquiring and using a product or service.

Supplier Relationship Management (SRM)

Fosters long-term collaborative relationships with key suppliers.

Digital Twins

Create virtual replicas of physical supply chain assets for simulation and real-time monitoring.

Supply Chain Resilience

The ability to anticipate, absorb, and recover from disruptions.

Collaborative Planning, Forecasting, and Replenishment (CPFR)

Involves sharing information and coordinating activities among supply chain partners.

Sustainable Procurement

Incorporates environmental, social, and ethical considerations into sourcing decisions.

Risk Management in Supply Chains

Identifies and prioritizes potential risks to develop mitigation strategies.

Business Continuity Planning (BCP)

Establishes procedures to maintain operations during and after a disruption.