BUAD350 Reading Vocab

Operations management

Management of systems or processes that create goods and services

Supply chain management

Management of sequence of internal and external facilities, functions, and activities that are involved in producing and delivering product or service

Supply chain integration

Strategic coordination of business functions within business organization and throughout its supply chain for purpose of integrating supply and demand management

Logistics

Movement of goods, services, cash, and information in supply chain

Procurement

Process of purchasing products and services for organization

Supply chain visibility

Major trading partner can connect to its supply chain to access data in real time

Value added

Difference between cost of inputs and value or price of outputs

Lead time

Time between ordering good or service and receiving it

Pareto phenomenon

Few factors account for high percentage of occurrence of some events

Six sigma

Process for reducing costs, improving quality, and increasing customer satisfaction

Lean systems

Systems that uses minimal amounts of resources to produce high volume of high quality goods with some variety

Purchasing cycle

Series of steps that begin with request for purchase and end with notification of shipment received in satisfactory condition

Vendor analysis

Evaluating sources of supply in terms of price, quality, reputation, and service

Bullwhip effect

Inventory oscillations become progressively larger looking backward through supply chain

Cluster analysis

Statistical technique that organizes data into clusters or groups in manner that all of data within any cluster are similar while data across different clusters are different

Cost per click fees (CPC)

Internet advertising fees based on number of clicks

Cost per mile fees (CPM) fees

Internet advertising fees based on number of thousands of impressions or views

Customer journey

Visual representation of experience customer has with company showing all of customer’s interactions or touchpoints with company

Customer journey analytics

Type of marketing analytics that tracks and analyzes how customers used different channels to interact with company across time

Customer relationship management system (CRM)

Information system for managing all interactions with past, current, and potential customers, stores contact information, record sales and service issues, helps manage marketing campaigns to identify potential sales opportunities, and manages communications with customers across marketing channels

Decision tree

Decision support tool that visually shows various outcomes from different sequential decisions

Ishikawa diagram

Diagram that captures underlying factors and relationships that may be root cause of problem, should include all possible causes including unrelated, correlated, contributing, and root causes

Key performance indicators (KPIs)

Numerical metrics used to gauge company performance

Marketing analytics

Processes and technologies that enable marketers to evaluate success of their marketing initiatives by measuring performance using important business metrics

Web analytics

Processes and technologies that extract and categorize quantitative and qualitative data from websites to identify and analyze patterns and trends

Cross tabulation

Method to quantitatively analyze relationship between multiple variables as in pivot tables

Fuzzy matching

Technique used to find potential matches when there’s less than exact match

Human resources management system

Information system for managing all interactions with past, current, and potential employees

Sequence check

Diagnostic analytics test to see if key number field in record is in correct ascending or descending order

DuPont ratio analysis

analysis that summarizes and disaggregates company performance into three component ratios to determine underlying reasons for company’s performance

Ratio analysis

Quantitative analysis of financial statement items to help evaluate company’s liquidity, solvency, profitability, and efficiency