supply vchain

Forecasting

predict the future demand for raw materials, finished goods, and services

Technology selection

use technology to improve productivity and respond faster to customers

Quality management

ensure that goods, services, and processes will meet customer expectations and requirements

Purchasing

coordinate the acquisition of materials, supplies, and services

Scheduling

determine when resources such as employees and equipment should be assigned to work

Goods

Tangible

No involvement directly w/customers

Demands are easier to predict

Stored as physical inventory

Services

Intangible

Requires direct involvement with customers

Interactions between customers and service providers

Demands are difficult to predict

Cannot be stored as physical inventor

Process time

the time it takes a item to go through a particular task

Wait time

is when the product is sitting around not doing anything