Operations Management: Inventory and Supply Chains

Vocabulary flashcards for managing inventory and supply chains.

Matching Supply to Demand

Matching production output to meet customer demands, avoiding both shortages and excess capacity.

Outsourcing

Using external providers for certain business functions or services.

Temporary Staff

Employees hired for a specific period, useful for managing fluctuating demand.

Part-Time Staff

Employees who work fewer hours than full-time staff, often used to cover peak periods.

Inventory Control Charts

Charts used to visually represent and analyze inventory levels over time to inform inventory management decisions.

Lead Time

The time between placing an order and receiving it.

Re-order Level

The inventory level at which a new order should be placed.

Buffer Level of Inventory

Extra inventory held to guard against fluctuations in demand or supply.

Re-order Quantities

The quantity of inventory ordered each time an order is placed.

Inventory

A business's inventory or stock of goods, including materials, work-in-progress, and finished goods.

ISO 9000

Standards ensuring products meet specific quality requirements.

Reliability of Delivery

Dependability and consistency in delivering products or services.

Ethical Considerations

Considerations related to ethical practices in the supply chain.

Supply Chain

The network of all entities involved in producing and distributing a product or service.

Supply Chain

All providers of resources (money, people, finance, machinery, equipment) at different stages of the operations process.

Outsourcing

Using an outside supplier for some of its goods and services.