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71 Terms

1

Demand Planning

Forecasting and managing customer demand to achieve operational and financial goals.

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2

Demand Forecasting

Predicting future customer demand.

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3

Demand Management

Influencing the pattern or consistency of demand.

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4

Forecast Error

Unexplained component of demand; inherently random.

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5

Autocorrelation

Relationship between past and current demand.

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6

Stable Demand Pattern

A consistent level of demand over time.

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7

Seasonal Demand Pattern

Variations in demand that occur at specific times of the year.

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8

Trend Demand Pattern

A long-term increase or decrease in demand.

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9

Step Change Demand Pattern

A sudden shift in demand levels.

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10

Steps in Forecasting

Identify users, gather data, select techniques, document, and monitor performance.

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11

Judgement-based Forecasting

Forecasting based on estimates and opinions.

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12

Grassroots Forecasting

Input from individuals close to the product or customers.

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13

Executive Judgment

Insights contributed by experienced individuals.

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14

Historical Analogy

Assumption that past demand reflects future trends.

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15

Marketing Research

Analyzes current customer patterns for forecasting.

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16

Delphi Method

Structured communication technique for gathering expert input.

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17

Time Series Analysis

Utilizes historical data chronologically for forecasting.

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18

Causal Studies

Analysis of cause-and-effect relationships among variables.

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19

Simulation Models

Evaluate various business scenarios in forecasting.

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20

Focused Forecasting

Combines computer simulation and expert input.

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21

Exponential Smoothing

Method applying more weight on recent data than older data.

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22

Moving Average

Simple average of demand over a specified number of past periods.

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23

Weighted Moving Average

Assigns different weights to each period’s demand based on importance.

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24

Simple Linear Regression

Predicting outcomes based on independent and dependent variables.

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25

Seasonal Index

Adjustment factor for seasonal demand changes.

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26

Mean Forecast Error (MFE)

Average forecast error over multiple periods.

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27

Mean Absolute Deviation (MAD)

Average of forecast errors disregarding direction.

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28

Mean Absolute Percentage Error (MAPE)

MAD adjusted for comparative size relative to actual demand.

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29

Supply Management

Identification, acquisition, and management of inputs and supplier relationships.

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30

Total Cost of Ownership (TCO)

The comprehensive cost associated with acquiring and using a product.

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31

Supply Risk

Probability of unplanned negative events impacting supply.

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32

Building Supply Chain Resilience

Strategies to enhance resilience in supply chains.

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33

Sustainable Procurement

Adopting sustainable practices for better financial and social outcomes.

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34

Economic Order Quantity (EOQ)

Minimizes total acquisition costs by equalizing holding costs with ordering costs.

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35

Inventory Turnover

Ratio of average inventory to level of sales.

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36

Stockout Costs

Consequences of not having enough inventory to meet demand.

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37

Demand Classifications

Independent Demand is out of control; Dependent Demand is driven by another item's demand.

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38

Continuous Review Model

Constantly monitors inventory levels for optimization.

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39

Safety Stock

Extra inventory held to guard against uncertainty in supply and demand.

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40

Buffer Stock

Additional inventory kept to absorb fluctuations in demand.

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41

Cycle Stocks

Inventory produced or ordered to meet ongoing demand.

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42

Transit Stock

Inventory that is currently in motion from one location to another.

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43

Geographic Specialization

Adjusting inventory distribution based on geographic demand differences.

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44

Supplier Relationship Management

Managing interactions and relationships with suppliers.

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45

Certification and Performance Measurement

Tracking supplier performance and ensuring quality standards.

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46

Customer Service Impact on Lifetime Value

Customer service significantly affects revenue and vendor trust.

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47

Customer Satisfaction Criteria

Reliability, Responsiveness, Access, Communication, Credibility.

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48

Lead Time

Time between the start and end of an activity.

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49

Product Availability Metrics

Measures such as fill rate that impact stock availability.

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50

Perfect Order

Order that is complete, on time, damage-free, and with correct documentation.

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51

Omni-Channel Business

Multiple customer touchpoints for orders and deliveries.

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52

CRM (Customer Relationship Management)

Technology used to gather customer data and foster long-term relationships.

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53

ABC Analysis

Classification of inventory based on importance.

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54

Bullwhip Effect

Increased variation upstream in the supply chain due to demand fluctuations.

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55

Supplier-Managed Inventory (SMI)

Supplier takes over inventory management for better efficiency.

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56

Blockchain Technology

Role of blockchain in enhancing transparency and data visibility.

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57

Postponable Product Concept

Product designed to be completed quickly after demand confirmation.

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58

Artificial Intelligence in Forecasting

Utilizes learning algorithms for better decision-making.

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59

Focus on Collaboration

Importance of collaboration in better planning and forecast accuracy.

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60

Service Reliability

The consistency of delivering correct service to customers.

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61

Sustainability Practices

Practices that improve financial performance, quality, and customer loyalty.

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62

Strategic Sourcing Process

Analyzing needs, identifying suppliers, and managing relationships.

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63

Supplier Optimization Strategies

Balancing supplier base to enhance supply management.

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64

Factors Influencing Supplier Selection

Consider proximity, trade barriers, and market access.

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65

Information Systems in Inventory

Systems like GTIN for accurate inventory tracking.

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66

Service Level Policy

Establishes acceptable stockout risk levels.

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67

Long-term Customer Relationships

Maintain relationships by understanding customer needs.

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68

Customer desires

Meeting or exceeding customer expectations for satisfaction.

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69

Risk Assessment in Sourcing Decisions

Evaluating risks and supplier capabilities before sourcing.

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70

Product Recalls

Costs associated with product defects or unsafe products.

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71

Customer Loyalty Issues

Problems arising due to poor service impacting customer retention.

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