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anticipation inventories - answer ✅✅Additional inventories above basic pipeline stock to cover projected trends of increasing sales, planned sales promotion programs, seasonal fluctuations, plant shutdowns, and vacations. appraisal costs - answer ✅✅costs incurred to determine the degree of conformance to quality requirements Balance sheet - answer ✅✅A financial statement showing the resources owned, the debts owed, and the owner's share of a company at a given point in time. balanced scorecard - answer ✅✅A list of financial and operational measurements used to evaluate organizational or supply chain performance. The dimensions of this tool might include customer perspective, business process perspective,
financial perspective, and innovation and learning perspectives. It formally connects overall objectives, strategies, and measurements. Each dimension has goals and measurements. blanket purchase order - answer ✅✅A long-term commitment to a supplier for material against which short- term releases will be generated to satisfy requirements. Often these cover only one item with predetermined delivery dates. blanket purchase order - answer ✅✅A long-term commitment to a supplier for material against which short- term releases will be generated to satisfy requirements. Often these cover only one item with predetermined delivery dates. buffer - answer ✅✅1) A quantity of materials awaiting further processing. It can refer to raw materials, semifinished stores or hold points, or a work backlog that is purposely maintained behind a work center. 2) In the theory of constraints, these can be time or material and support throughput and/or due date performance. They can be maintained at the constraint, convergent points (with a constraint part), divergent points, and shipping points.
cash to cash cycle time - answer ✅✅An indicator of how efficiently a company manages its assets to improve cash flow. (Inventory days + accounts receivable days - accounts payable days). changeover - answer ✅✅1) The work required to change a specific machine, resource, work center, or line from making the last good piece of item A to making the first good piece of item B. 2) The refitting of equipment to neutralize the effects of the last lot produced (e.g., teardown of the just-completed production, preparation of the equipment for production of the next scheduled item). Collaborative planning, forecasting, and replenishment (CPFR)
- answer ✅✅A collaboration process whereby supply chain trading partners can jointly plan key supply chain activities from production and delivery of raw materials to production and delivery of final products to end customers. It encompasses business planning, sales forecasting, and all operations required to replenish raw materials and finished goods.
competitive analysis - answer ✅✅An analysis of a competitor that includes its strategies, capabilities, prices and costs. consumer research - answer ✅✅is concerned with the discovery and analysis of consumer attitudes, reactions, and preferences. Cost of goods sold COGS - answer ✅✅An accounting classification useful for determining the amount of direct materials, direct labor, and allocated overhead associated with the products sold during a given period of time. cost of quality - answer ✅✅The cost associated with providing poor quality products or services. There are four categories of costs cross selling - answer ✅✅Occurs when customers buy additional products or services after the initial purchase. Customer relationship managment - answer ✅✅A marketing philosophy based on putting the customer first. The collection and analysis of information designed for sales and marketing decision support (as contrasted to enterprise resources
Decoupling - answer ✅✅Creating independence between supply and use of material. Commonly denotes providing inventory between operations so that fluctuations in the production rate of the supplying operation do not constrain production or use rates of the next operation. demand - answer ✅✅A need for a particular product or component. The request could come from any number of sources (e.g., a customer order or forecast, an interplant requirement, a branch warehouse request for a service part or the manufacturing of another product). demand forecasting - answer ✅✅Forecasting the demand for a particular good, component, or service. Demand management - answer ✅✅1) The function of recognizing all demands for goods and services to support the marketplace. It involves prioritizing demand when supply is lacking. Proper demand management facilitates the planning and use of resources for profitable business results. 2) In marketing, the process of planning, executing, controlling, and monitoring the design, pricing, promotion, and distribution of
products and services to bring about transactions that meet organizational and individual needs. demand management - answer ✅✅The function of recognizing all demands for goods and services to support the marketplace. Prioritizing demand when supply is lacking and planning of resources for profitable business results. Demand shaping - answer ✅✅The practice of using the 4 Ps (product, pricing, placement, promotion) and other market variables to influence the demand of a product or service so that the demand better matches the available supply. dependent demand - answer ✅✅Demand that is directly related to or derived from the bill of material structure for other items or end products. Such demands are therefore calculated and need not and should not be forecast. A given inventory item may have both dependent and independent demand at any given time. distributor - answer ✅✅A business that does not manufacture its own products, but purchases and resells these products. Such a business usually maintains a finished goods inventory.
forecasting - answer ✅✅The business function that attempts to predict sales and use of products so they can be purchased or manufactured in appropriate quantities in advance. four components of demand - answer ✅✅cyclical component, random component, seasonal component, and trend component. gross margin - answer ✅✅The difference between total revenue and cost of goods sold Gross profit - answer ✅✅earnings from an ongoing business after direct costs of goods sold have been deducted from sales revenue for a given period. horizontal marketplace - answer ✅✅An online marketplace used by buyers and sellers from multiple industries. This marketplace lowers prices by lowering transaction costs. In transit inventory - answer ✅✅Material moving between two or more locations, usually separated geographically; for
example, finished goods being shipped from a plant to a distribution center. income statement - answer ✅✅A financial statement showing the net income for a business over a given period of time. Independent demand - answer ✅✅A marketing philosophy based on putting the customer first. The collection and analysis of information designed for sales and marketing decision support (as contrasted to enterprise resources planning information) to understand and support existing and potential customer needs. It includes account management, catalog and order entry, payment processing, credits and adjustments, and other functions. internal failure cost - answer ✅✅costs associated with defects found before the customer receives the product or service Interplant demand - answer ✅✅One plant's need for a part or product that is produced by another plant or division within the same organization. Although it is not a customer order, it
inventory valuation - answer ✅✅The value of the inventory at either its cost or its market value. Because inventory value can change with time, some recognition is taken of the age distribution of inventory. Therefore, the cost value of inventory is usually computed on a FIFO basis, LIFO basis, or a standard cost basis to establish the cost of goods sold. inventory velocity - answer ✅✅The speed with which inventory passes through an organization or supply chain at a given point in time as measured by inventory turnover. Keiretsu - answer ✅✅A form of cooperative relationship among companies in Japan where the companies largely remain legally and economically independent, even though they work closely in various ways such as financial backing. A member of this generally owns a limited amount of stock in other member companies. It generally forms around a bank and a trading company, but "distribution" (supply chain) alliances have been formed of companies ranging from raw material suppliers to retailers. Key performance Indicator - answer ✅✅Financial and nonfinancial measures that are used to define and assess progress toward specific organizational goals and are typically
tied to an organization's strategy and business stakeholders. They should not be contradictory to other departmental or strategic business unit performance measures. life cycle anaysis - answer ✅✅A quantitative forecasting technique based on applying past patterns of demand data covering introduction, growth, maturity, saturation, and decline of similar products to a new product family. logistics - answer ✅✅1) In an industrial context, the art and science of obtaining, producing, and distributing material and product in the proper place and in proper quantities. 2) In a military sense (where it has greater usage), its meaning can also include the movement of personnel. market analysis - answer ✅✅The systematic gathering, recording, and analyzing of data about problems relating to the marketing of goods and services. Such research may be undertaken by impartial agencies or by business firms or their agents. market demand - answer ✅✅In marketing, the total demand that would exist within a defined customer group in a given
an operation, item, good, service, business, etc. A performance measurement system consists of a criterion, a standard, and a measure. multisourcing - answer ✅✅Procurement of a good or service from more than one independent supplier. Net profit - answer ✅✅earnings or income after adjusting for miscellaneous income and expenses (patent royalties, interest, capital gains) and tax from operating profit. Obsolescence - answer ✅✅1) The condition of being out of date. A loss of value occasioned by new developments that place the older property at a competitive disadvantage. A factor in depreciation. 2) A decrease in the value of an asset brought about by the development of new and more economical methods, processes, or machinery. 3) The loss of usefulness or worth of a product or facility as a result of the appearance of better or more economical products, methods, or facilities. Operating profit - answer ✅✅earnings or income after all expenses (selling, administrative, depreciation) have been deducted from gross profit.
optimization - answer ✅✅Achieving the best possible solution to a problem in terms of a specified objective function. ordering costs - answer ✅✅Used in calculating order quantities, the costs that increase as the number of orders placed increases. It includes costs related to the clerical work of preparing, releasing, monitoring, and receiving orders, the physical handling of goods, inspections, and setup costs, as applicable. outsourcing - answer ✅✅The process of having suppliers provide goods and services that were previously provided internally. partnership - answer ✅✅1) A form of business ownership that is not organized as a separate legal entity (i.e., unincorporated business), but entailing ownership by two or more persons. 2) In a supply chain, a relationship based on trust, shared risk, and rewards aimed toward achieving a competitive advantage.
pull system - answer ✅✅1) In production, the production of items only as demanded for use or to replace those taken for use. 2) In material control, the withdrawal of inventory as demanded by the using operations. Material is not issued until a signal comes from the user. 3) In distribution, a system for replenishing field warehouse inventories where replenishment decisions are made at the field warehouse itself, not at the central warehouse or plant. purchasing - answer ✅✅The term used in industry and management to denote the function of and the responsibility for procuring materials, supplies, and services. Push system - answer ✅✅1) In production, the production of items at times required by a given schedule planned in advance. 2) In material control, the issuing of material according to a given schedule or issuing material to a job order at its start time. 3) In distribution, a system for replenishing field warehouse inventories where replenishment decision making is centralized, usually at the manufacturing site or central supply facility. return on assets - answer ✅✅Net income for the previous 12 months divided by total assets.
return on investment ROI - answer ✅✅A relative measure of financial performance that provides a means for comparing various investments by calculating the profits returned during a specified time period. reverse logistics - answer ✅✅A complete supply chain dedicated to the reverse flow of products and materials for the purpose of returns, repair, remanufacture, and/or recycling. reverse logistics - answer ✅✅A complete supply chain dedicated to the reverse flow of products and materials for the purpose of returns, repair, remanufacture, and/or recycling. reverse supply chain - answer ✅✅The planning and controlling of the processes of moving goods from the point of consumption back to the point of origin for repair, reclamation, recycling, or disposal. risk pooling - answer ✅✅A method often associated with the management of inventory risk. Manufacturers and retailers
