GSCM - Keywords & definitions

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• Activity based costing Apportioning costs to an activity and calcualting the costs per unit (ex., cost of picking item from warehouse)
• A-items in an ABC analysis account for how much of the ADV (annual dollar volume)? (XX-XX%) 65-80%
• B-items in an ABC analysis account for how much of the ADV (annual dollar volume)? (XX-XX%) 25-30%
• C-items in an ABC analysis account for how much of the ADV (annual dollar volume)? (XX-XX%) 0-10%
• ABC Analysis Inventory management system that separates out the most important inventory items so that more attention can be focused on those items
• Agile Strategy: Ability to cope with volatility in demand, demand-pulled chain design & allows for maximum flexibility (may incorporate postponed production)
• Backshoring Also known as reshoring - when a company abandons offshoring and moves activities back to original home market
• Balanced scorecard BSC - a tool which seeks to include other factors and not just financial factors, in measuring performance
• Buffer stock Safety stock - inventory held in the event of unforeseen issues that lead to insufficient inventory being able to meet demand
• airfreight Moving goods by air at one point in the supply chain
• Logistics The process of planning, implementing, and controlling procedures for the efficient and effective transportation and storage of goods
• Supply chain management the network and management of organisations that involves upstream and downstream flows of materials, information & resources
• Lean Strategy concerned with eliminating waste in a pull based value stream of activities & just-in-time inventory management systems. Value is added at all stages of the stream
• Just in time JIT - a production model in which items are created to meet demand, not created in surplus or in advance of need
• Principle of postponement The reconfiguration of product and process design to allow for JIT & customisation as far downstream as possible
• Downstream The stream processes applied after manufacturing to it being delivered to the customer in whatever format required.
• Upstream The stream works include the exploration and production of raw materials to manufacturer
• Lean, continuous replenishment Short lead time + predicatble demand (x, x x)
• agile short lead time + unpredictable demand
• lean, planning and excecution Long lead time + predictable demand
• leagile long lead time + unpredictable demand
• What does ECQ stand for? Economic order quantity
• Reorder point The inventory level at which an order for more inventory is placed
• vendor managed inventory The way the upstream supply chain takes responsibility for managing inventory across the downstream stage - a holistic view is taken (reduces the bullwhip effect)
• Procurement Umbrella term that includes sourcing, purchasing and incorporates involved in specified requirements and sources
• Krajlic matrix A strategy that categorises products along with two dimensions: risk of OOS & economic impact - looks to reduce the risk
• 3PL Logistic service provides that provide multiple services (often integrated & overlap with LSP)
• Logistics service providers LSP stands for?
• 4PL LSP that offers total outsourcing of supply chain solutions
• Bullwhip effect the distortion of demand and increased volatility that occurs as forecasts and orders move from the retailer up to the manufacturer
• Generalized costs Costs that are not only financial; speed, reliability, service etc. Helps understrand trade-offs
• Service supply chain Chain that creates value through labour and knowledge; Standardisation less well suited because consumers demand flexibility and variety; hard to achive EOS
• manufacturing supply chain create value through standardised repeatable processes that ensure delivery of freight
• Data The key that unlocks SCM responsiveness to demand - matching demand and freight delivery
• demand side information tells suppliers when freight is requried and in what quantity & costumer specifications
• supply side information tells down-stream supply partners and costumers when freight will be delivered
• internet of things IoT - network of items including sensors and embedded systems which are connected to the internet and enable physical objects to gather and exchange data
• xyc method for classifying raw materials according to their pattern of consumption; dependent on their forecast accuracy
• x Which variable has the highest forecasting accuracy in an XYZ inventory analysis?
• Y Which variable is often related to seasonal forecasting accuracy in an XYZ inventory analysis?
• z Which variable has the lowest forecasting accuracy in an XYZ inventory analysis?
• bottleneck items Inventories with high supply OOS risk and low impact in you economic performance
• leverage items inventory items with low OOS risk and high economic profit
• strategic items inventory items with high OOS risk and high economic profit - development of long term relationship, collaboration and innovation (natural scarcity)
• non-critical items inventory items with low OOS risk and low economic profit - product standardisation, process efficiency & abudant supply
• inventory turnover The rate at which inventory is sold - COGS / AVG. inventories
• gross margin percent = (net sales - COGS) / net sales
• costumer order fill rate the percentage of customer orders that are immediately fulfilled by available stock = fulfilled orders / orders
• cost of carrying inventory holding sum / total inventory
• total annual costs avg. inventory level + holding costs + annual order processing costs
• annual order processing cost annual use of items / number of items ordered * order processing costs
• annual holding cost (safety stock + avg items ordered) * holding costs
• avg. day to sell inventory Avg. inventory / COGS * 365
• return on investment profit of investment / cost
• air Which transportation metod do we use if: high cargo value + time sensitive?
• rail Which transportation metod do we use if: low cargo value + time sensitive?
• sea Which transportation metod do we use if: low cargo value + not time sensitive?
• rail Which transportation metod do we use if: low cargo value + not time sensitive?

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