Unit 2.00
A manager can oversee Employees, Finances, Marketing/Customer Satisfaction, Technology and Product/Production.
What are things that managers control?
The sequence of processes involved in the production and distribution of a commodity.
What is a Supply Chain?
something that is being developed or suggested but that is not yet complete.
What is a work in progress?
products that have been shipped by a seller but have not yet reached the buyer.
What is transit inventory?
the management of the flow of goods and
services and includes all processes that transform raw materials into
finished product
What is a Supply Chain Management?
Feedback control systems take the necessary corrective actions after the occurrence of disturbances in the output.
______________ controls are used to monitor and regulate a task, activity, or performance before it occurs
What is feedforward?
The planning for supply, demand, products, sales, and operations, as well as supply management.
What types of activities are involved in the supply chain?
The likelihood that an event will occur
What is Probability?
is a condition where the quantity of a product or service demanded is greater than the quantity supplied at the market price.
What are shortages?
Receives finished products delivered through supply chains
What are customers?
The rate of increase in prices over a given period of time.
A rapid rise in prices that may occur when demand exceeds supply or when productivity declines and costs of labor go up
Example: Prices increases after during the Pandemic due to slow supply chains.
What is inflation?
An idle stock of physical goods that contain economic value and are held in various forms by an organization in its custody awaiting packing, processing, transformation, use or sale in a future point of time.
What is inventory?
The possibility of loss (failure) or gain (success)
What is Risk?
Goodwill, brand recognition and intellectual property, such as patents, and trademarks.
What are Intangible Assets?
The management of the movement of goods
What is Logistics?
A process businesses use to check for defects after products have been produced
What is quality control or quality inspection?
The assortment or selection of finished items for sale that a business has in stock. As with materials, it is important to have the appropriate amount of products that will sell in a projected amount of time.
What are finished goods?
Maintenance, Repairs and Operations
What is MRO Inventory?
- extra inventory that a business keeps on hand to protect against supply chain disruptions.
What is buffer inventory?
A person who sells items on the street (Ex. Food)
What is a vendor?
A structured approach for ensuring that changes are
thoroughly and smoothly implemented, and that the lasting benefits of change are achieved.
What is change management?
Supplies businesses commonly keep in inventory
The basic material from which a product is made.
Example: Wood
What are Raw Materials?
are products that have completed the manufacturing process and are ready for sale or distribution
What are finished goods
the work of managing the inner workings of your business
so it runs as efficiently as possible.
What is Operations?
Includes every step that is involved in getting a finished
product or service to the customer.
What is a supply chain?