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Summary Supply Chain Management (SCM) week 1 to 7. Chapter 1,2,3,4,4a,6,13 and 14
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Summary TiSEM premaster SCM/Supply Chain management of week 1 to 7
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Summary SCM chapter 1, 2, 6, 13, 14, 3, 4 and 4aTiSEM premaster supply chain management
Book: Operations and Supply Chain Management | The Core, fifth edition, F. Robert Jacobs and
Richard B. Chase
Chapter 1 | Operations and Supply Chain
Management
LO1-1 Identify the elements of operations and supply chain managment (OSCM)
WHAT IS OPERATIONS AND SUPPLY CHAIN MANAGEMENT?
Operations and supply chain management: The design, operation, and improvement of the systems
that create and deliver the firm's primary products and services.
Operations refers to manufacturing and service processes that are used to transform the resources
employed by a firm into products desired by customers.
Supply chain refers to processes that move information and material to and from the manufacturing
and service processes of the firm (included logistics processes and warehousing and storage
processes).
Operations and Supply Chain Processes
Process: One or more activities that transform inputs into outputs.
Operations and supply chain processes can be categorized as planning, sourcing, making, delivering,
and returning.
1. Planning: processes needed to operate an existing supply chain strategically.
2. Sourcing: Selection of suppliers that will deliver the goods and services needed to
create the firm's product.
3. Making: Where the major produced or the service is provided.
4. Delivering: Moving products to warehouses and customers, coordinate and schedule
the movement of goods and informations through the supply chain network.
5. Returning: Processes for receiving worn-out, defective, and exceess produtcs back
from customers and support for customers who have problems with delivered
products.
Differences between Services and Goods
Five essential differences between services and goods.
1. A service is a intangible process that cannot be weighted or measured.
A good is tangible output of a process that has physical dimenstions.
You cannot try services before you want to buy it.
2. Service requires some degree of interaction with the customer.
Goods are produced separately from the customer.
3. Services are heterogeneous.
Goods can be heterogeneous.
4. Services are perishable and time-dependent, they can't be stored.
Goods can be stored.
5. Services are a package that affect the fifth-sense.
The Goods-Services Continuum
, Product-Service Bundling
Product-service bundling: when a firm builds service activities into its product offerings to create
additional value for the customer.
LO1-2 Evaluate the efficiency of a firm
EFFICIENCY, EFFECTIVENESS, AND VALUE
Efficiency: Doing something at the lowest possible cost.
Effectiveness: Doing the right things to create the most value for the customer.
Value: The attractiveness of a product relative to its price (Quality/price).
How Does Wall Street Evaluate Efficiency?
Benchmark: When one company studies the processes of another company (or industry) to identify
best practices.
Cash conversion cycle = Days sales outstanding + Days inventory - Payable period [1.1]
Time it takes a company to convert the money that it spends for raw materials into the profit that it
receives for the products that are sold and use those raw materials.
Receivables turnover = Annual credit sales / Average accounts receivable [1.2]
Measures a company's efficiency in collecting its sales on credit.
Inventory turnover = Cost of goods sold / Average inventory value [1.3]
Measures the company's effeciency in turning its inventory into sales.
Asset turnover = Revenu(or sales) / Total assets [1.4]
Measures a firm's efficiency at using its assets in generating sales revenu - the higher the number, the
better.
LO1-3 Know the potential career opportunities in operations and supply chain management
CAREERS IN OPERATIONS AND SUPPLY CHAIN MANAGEMENT
People who pursue a career in OSCM specialize in managing the planning, production, and
distribution of goods and services.
When doing OSCM you are at the buying side, instead of the selling side.
LO1-4 Recognize the major concepts that define the operations and supply chain management field
HISTORICAL DEVELOPMENT OF OPERATIONS AND SUPPLY CHAIN MANAGEMENT
Manufacturing strategy: Emphasizes how a factory's capabilities could be used strategically to gain
advantage over a competing company.
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