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OPER 3100 (Test 3)

Inventory Control and Supply Chain Management

QuestionAnswer
Inventory Turnover? COGS/Average Inventory Value
Weeks of Supply? (Avg. Inv/COGS)X52 weeks
Bullwhip Effect? Indicates lack of synchronization among supply chain members. Variability in demand is magnified as we move from customer to producer in supply chain.
Causes of Bullwhip? Volume and Trans Disc, Promos, Inflated orders, Long cycle times, demand forcasting.
Functional Products? Staples that people buy in a wide range of retail outlets, such as grocery stores and gas stations.
Innovative Products? Fashionable clothes, pc's or items with a short life cycle.
Stable supply process? The manufacturing process and the underlying technology are mature and the supply base is well established.
Evolving supply process? The manufacturing process and the underlying technology are still under early development and are rapidly changing. The supply base may be limited in both size and experience.
Efficient supply chains? Utilize strategies aimed at creating the highest cost efficiency
Risk Hedging supply Chains? Utilize strategies aimed at pooling and sharing resources in a supply chain so that the risks in the supply disruption can be shared.
Responsive Supply Chains? Utilize strategies aimed at being responsive and flexible to the changing and diverse needs of the customers.
Agile Supply Chains? Utilize strategies aimed at being responsive and flexible to customer needs, while the risks of supply shortages or disruptions are hedged by pooling inventory and other capacity resources.
Mass Customization? A term used to describe the ability to of a company to deliver highly customized products and services to different customers. The key is to postpone task of differentiating a product.
Principle 1 of MC Product should be designed so it consists of independent modules that can be assembled into different forms of the product easily and inexpensively.
Principle 2 of MC Manufacturing and service processes should be designed so that they consist of independent modules that can be moved or rearranged easily to support different distribution network designs.
Principle 3 of MC Supply network should be designed to provide two capabilities: Must be able to supply the basic product to production facilities in a cost effective manner AND have flexibility and responsiveness to take individual customers orders and deliver them.
Benefits of Outsourcing? Economies of scale, risk pooling, reduce capital investment, focus on core competency, and increased flexibility.
Outsourcing Risk? Loss of competitive knowledge, conflicting objectives.
Reasons for outsourcing? Dependency on capacity and dependency on knowledge.
Modular Product Combining different products, components are independent and interchangeable, standard interfaces are used, and customer preference determines product configuration
Integral Product Made up from components whose functionalities are tightly related, not made from off the shelf items, designed in a top-down system, evaluated on system performance, and components perform multiple functions.
Hierarchical Model to outsource or not? Customer importance, component clockspeed, competitive position, capable suppliers, and architecture.
Created by: 565907251
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