21st-Century Supply Chains - OPER 440

These flashcards cover key concepts and vocabulary related to 21st-Century Supply Chains as discussed in the OPER 440 lecture.

Supply Chain Management (SCM)

The designing, planning, executing, and measuring activities related to sourcing, procurement, manufacturing, integrated operations planning, transportation, inventory management, warehousing, customer service, and returns.

Logistics

The primary conduit of product and service flow within a supply chain arrangement.

Logistics Management

The process and activities that create value, focused on the design and administration of a system to manage the timing and geographical positioning of inventories at the lowest total cost.

Integrated Logistics

Links and synchronizes the overall supply chain as a continuous process to achieve desired outcomes.

Economic Value

Value derived from achieving the lowest total cost and economy-of-scale efficiency.

Market Value

Value associated with creating attractive assortments at the right time and place.

Relevancy Value

Value that involves customization and customer-specific positioning of products and services.

Reverse Logistics

The process of handling product returns for recycling, reprocessing, and packaging.

B2C (Business to Consumer)

A model addressing the sale of products online from manufacturers or distributors directly to consumers.

Green SCM Practices

Practices that focus on environmentally friendly methods and sustainable management within the supply chain.

EERS Model

A model representing the dimensions of supply chain value: Effectiveness, Efficiency, Relevancy, and Sustainability.

Anticipatory Business Model

A push model based on forecasts where products are pushed to customers based on predicted demand.

Responsive Business Model

A pull model driven by actual demand, emphasizing flexibility and immediate delivery.

Stock Keeping Units (SKUs)

Distinct items or products that a retail company keeps in stock; more SKUs can increase customization but also complexity.

Globalization

Opportunities and challenges faced by supply chains operating across multiple countries, including longer distances and documentation complexity.

Industry Disruptors

Factors such as instant delivery expectations, personalization, and omni-channel shopping that significantly impact supply chain dynamics.

Technology Adoption in Supply Chains

The implementation of advanced technologies like AI, IoT, and autonomous vehicles to improve efficiency and responsiveness in supply chains.

Value Driver Analysis

A method of analyzing how changes in net income can affect market capitalization and overall company valuation.

Capacity Management

The process of planning and controlling the resources needed to meet demand.