Flashcard Set Preview
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| 1 |
what is a supply chain
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network of facilities and activities that performs the functions of product development,...
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what is supply chain management
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SCM, concerned with effective management and optimization of procurement, manufacturing, distribution, logistics,...
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objective of scm
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sychonrize requirements of final customer with the flow of materials and information along...
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four characteristics of scm
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treat supply chain as a single entity, "supply" is the shared objective of each segment of...
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walmart scm
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2 day replenish time, shipping costs 3% sales, 65,000 suppliers, huge order quantities lead...
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benefits of scm
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faster inventory turnover, less warehouse space needed, better working capital and cash flow...
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lessons of scm
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use scm as a strategic weapon, significant opportunity area. utilizes up-to-date information...
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factors impairing supply chain
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reduced number of supplies-a few highly reliable vendors, increase in competition, shorter...
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negative aspects of scm
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bullwhip/whiplash effect. orders to supplier have larger variance than sales to buyer (demand...
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4 major causes of bullwhip effect
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(scm) demand forecasting updating (forecast readjustments made at each supply chain-demand...
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counteracting bullwhip effect
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(scm) change the way demand is forecasted by making the information from the final seller available...
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requirements for successful supply chain
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trust between vendor and customer, long-term relationships (evergreen contracts), informaiton...
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what is inventory
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stock of goods that is held for future use
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why is inventory management important
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inventory is the largest investment in assets, affects customer service, utilization of facilities...
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types of inventories
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raw materials, wip, finished goods, tools and supplies
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