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Flashcards

BCOR360 EXAM 1

Faizan Ahmed English 65 cards

Cards in this deck (65)

  1. 1The business function responsible for acquiring materials, transforming those materials into higher-valued outputs, and delivering the finished product to customers; that is, for creating customer value.Operations & Supply Chain Management
    (OSCM)
  2. 2Processes that take a set of purchased inputs and turns them into something that possesses greater.Transformation Processes
  3. 3when machine power substituted for human power, enabling huge improvements in productivityIndustrial Revolution
  4. 4A measure of the efficiency of a person, machine, factory, or system in converting inputs into useful outputs as measured by output per unit of input.Productivity
  5. 5Management system aimed at removing waste (and improving performance) collaborative efforts.Lean Six Sigma
  6. 6The process of connecting different devices to the Internet, creating smart devices.Internet of Things
  7. 7A term used to describe the massive amounts of data now being used to analyze everything from customer habits to operations efficiency. It is often distinguished by the 5Vs: Volume, variety, velocity, veracity, and value.Big Data
  8. 8a tool that benchmarks best practices across a company’s core value added activities, including sourcing, operations, logistics, and product return.Scor Model
  9. 9All businesses, including yours, compete to survive in an open system. Each change in the environment—e.g., a new rival starts up or a new technology emerges—impacts your strategy and your ability to compete. To prosper, you need to recognize opportunities and threats, be quick to respond, and create more value than your rivals.Open Systems
  10. 10Designing products so that they can be easily and inexpensively made. It often involves concurrent or simultaneous design – i.e., designing product and processes at the same timeDesign for Manufacturability
    (DFM)
  11. 11Involves expanding the scope of a job by extending job duties and responsibilities; that is, combining various activities to make a job less repetitive and more interesting.Job Enlargement
  12. 12Redesigning jobs so that they are more challenging and interesting. A motivational technique to help create more meaningful jobs.Job Enrichment
  13. 13Involving workers in the decisions that affect their jobs—often used as part of continuous improvement programs.Employee Involvement
  14. 14Order quantity that minimizes the total cost of cycle inventory and placing orders. The amount of inventory to make (or buy) that minimizes total inventory costs. It occurs at the point when carrying (aka, holding costs) are equal to set-up (or order) costs.Economic Order Quantity
    (EOC)
  15. 15Inventory level at which replenishment is triggered. Compares the amount of inventory currently available with the rate of demand to determine when to produce (or when to place an order).Reorder point
  16. 16The value creation engine of every organization; it involves collaboratively managing value-added processes and projects to meet the real needs of customers profitably.Supply Chain Management
  17. 17A distribution channel phenomenon. Simply put, as a company responds to shifts in customer demand, the initial response is amplified as one moves up the supply chain.Bullwhip Effect
  18. 18Inventory kept to compensate for uncertaintySafety Stock
  19. 19The processes or activities companies use to add value to a product/service and thus meet customer needs. Activities are separated into primary value-added activities like operations, logistics, and marketing as well as support activities like information technology and accountingValue Chain
  20. 20The practice of stocking up on an item when it goes on sale. The excess inventory is then stored and used as demand occurs.Forward Buy
  21. 21The amount of interaction between the customer and the value creation process. It is high in service industries and very low in manufacturing.Customer Contact
  22. 22The promises you make to customers about how your firm will meet their needs.Value Propositon
  23. 23The process of systematically seeking, acquiring, and interpreting relevant data to identify external opportunities and threats.Environmental Scanning
  24. 24An analytical framework that helps companies define appropriate strategies by identifying internal strengths and weaknesses as well as external threats and opportunities.SWOT Analysis
  25. 25Each touch point between a customer and a company; that is, an experience that might influence customer feelings/perceptions of the company.Moment of Truth
  26. 26Acronym for business-to-consumer transactions or relationships.B2C
  27. 27Acronym for business-to-business transactions or relationships.B2B
  28. 28Suppliers respond to an RFQ via an online system during a dedicated time window, which is usually very short, such as half an hour. Unlike a regular auction (as you may know from eBay), prices decrease – lower price charged by a supplier is a more preferred offer.Reverse Auctions
  29. 29The go-to supplier for a customer’s needs. That is, the supplier that is preferred above and beyond rival suppliers.Supplier of Choice
  30. 30the primary responsibility of purchasing and operations managers who acquire inputs and transform them into products or services of greater customer value.Form Utility
  31. 31falls within marketing's domain and consists of efforts to communicate (i.e., promote) a product's value and then facilitate the exchange process.Possession Utility
  32. 32emerges from effective management of all value-added processes that influence when a product is available for purchase.Time Utility
  33. 33is primarily the charge of supply chain managers who assure that products and services are where customers expect to find them—when they are neededPlace Utility
  34. 34The key to improving productivity is to promote learning. By minimizing work rules, increasing training, you can empower workers to find better ways to do things.Process Improvement
  35. 35Technology makes process redesign possible. Many manual tasks have been automated. New technologies such as additive manufacturing (i.e., 3D printing) will continue to enable process redesign. You must constantly ask, "Can technology help us do this job in a better way?"Automation
  36. 36Improved logistics have reduced the total landed costs and delivery reliability of products made in distant lands. You can take advantage by locating manufacturing facilities in far-flung countries with low-cost inputsOffshoring
  37. 37Sometimes another member of the supply chain can do a specific activity better than you can. When this happens, you can move from make to buy, _____ that activity to a supply chain partner so that your firm can focus on what it does best.Outsourcing
  38. 38An acronym that stands for Define, Measure, Analyze, Improve, and Control, which is a well-known quality improvement process.DMAIC Methodology
  39. 39A product characteristic that makes your product attractive; It differentiates your product in a way that leads a customer to want to buy it.Order Winner
  40. 40a product characteristic that is required for a customer to consider your productOrder Qualifier
  41. 41A product characteristic that disqualifies your product from purchase consideration.Order Loser
  42. 42A term coined to describe the fact that 15-40% of a firm’s capacity is used to find and fix poor-quality workHidden Plant
  43. 43Your mind processes information for each experience, creating a learned expectation. Ex) Advertising and memoriesCognitive
  44. 44Emotions drive the process, leading to a “gut” reaction to what you’re experiencingAffective
  45. 45A theory that seeks to explain post-purchase satisfaction as a function of expectations, perceived performance, and disconfirmation of beliefsExpectancy Disconfirmation
  46. 46The promises you make to customers about the value you will deliver to them; It defines how you will meet customers’ needs.Value proposition
  47. 47Any interaction between a customer and a firm.Touch Point
  48. 48Refers to the process of learning about a product and making the decision to buy itAcquisition Touch Points
  49. 49Refers to the process of actually using a product, after you’ve purchased itUtilization Touch Points
  50. 50The skill that enables companies to bring the resources of the entire supply network togetherResource Orchestration
  51. 51Any disparity that exists in identifying, defining, and delivering outstanding customer experiences that can undermine perceptions and damage relationships.Value Gaps
  52. 52An application of the Pareto Principle to identify and group items – e.g., customers, suppliers, SKUs – in terms of how important they are. Most decision makers use 3 categories: A) Items are extremely important. B) Items are moderately important. C) Items are relatively unimportant.ABC Classification
  53. 53A software system that enables a company to accurately profile customers by tracking the customers’ wants and buying habits. The software is a sophisticated form of customer segmentationCustomer Relationship Management (CRM)
  54. 54A program that offers customers product discounts, coupons, points toward merchandise or some other reward in exchange for voluntarily using the card with each purchase. Using the card enables a business to gather data about its customersLoyalty Card Programs
  55. 55Used as a metaphor for the Internet and indicates that software or data storage and analysis is being hosted on the InternetCloud
  56. 56The practice of looking for hidden patterns from very large data sets to identify trends and predict outcomesPredictive Analytics
  57. 57refers to a product's operating characteristics.Performance
  58. 58are the unique characteristics that distinguish a product from rivals' products.Features
  59. 59defines the user's ability to count on the product not to fail.Reliability
  60. 60is how well a product conforms to design specifications.Conformance
  61. 61refers to a product's life expectancy (also, mean time between failure).Durability
  62. 62is the speed and ease of repair when problems occur.Serviceability
  63. 63are perceptions of fit and finish (also, artistic value).Aesthetics
  64. 64refers to a product or brand's quality reputation.Perceived Quality
  65. 65—

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Flashcards on BCOR360 EXAM 1, created by Faizan Ahmed on 10/09/2018.
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Faizan Ahmed
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