WGU D464 STUDY GUIDE WITH COMPLETE
SOLUTIONS 100% VERIFIED!!
Inventory Management
involves directing the acquisition, storage, and utilization of materials or products to
maintain optimal levels that satisfy demand with a minimum investment.
Role of Inventory
Ensures smooth flow of goods from suppliers to
manufacturers, distributors, retailers, and finally, to end customers. in value chain.
Environmentally Preferable Purchasing
Buying that considers environmental impacts.
Inventory Costs
refer to the different types of costs related to holding and maintaining inventory. These
costs can be generally classified into holding costs, ordering costs, and stockout costs.
Independent Demand
the demand for a product or service that is independent of demand for other products or
services
Dependent Demand
the demand for a product or service that is directly linked to the demand for another
product or service
,ABC Inventory Analysis
Categorizes items by importance: A, B, C. A items are high value and receive more
attention while C items are low value and require less management focus
Fixed Quantity Inventory System
Orders fixed quantity at reorder point.
Inventory Reorder Point
Level to trigger new order placement.
Economic Order Quantity Model
determines the optimal order quantity that minimizes the total cost of ordering and
holding inventory. It balances the costs of ordering and holding inventory.
Inventory Holding Costs
Costs of maintaining and handling inventory.
Inventory Ordering Costs
Costs related to placing and receiving orders.
Quantity Discount Model
price concessions by suppliers for larger quantities ordered.
Safety Stock
Buffer stock against uncertain demand.
Fixed Period Inventory Review
,Checks inventory at fixed periods of time.
Single Period Inventory Model
Determines order quantity for perishable goods.
Supply Chain vs Logistics
Logistics refers to the transportation and warehousing of products within the supply
chain. Supply chain management, however, is a much broader concept than this-it
describes all of the coordination between different partners who play a role in this
network, including sourcing, manufacturing, transporting, warehousing, and selling.
Supply Chain Operations Reference (SCOR) Model
Framework for standardizing supply chain processes. It includes five core processes:
Plan, Source, Make, Deliver, and Return.
Supply Chain Integration
Activities are aligned across the supply chain.
Vendor Managed Inventory
Inventory levels of the customer are monitored and managed by the supplier.
Bullwhip Phenomenon
A phenomenon in supply chain where a small change in demand at the retail level
causes wide swings in demand at the wholesale, distributor, and manufacturer levels
Measuring Supply Chain Performance
The key performance indicators measure the performance of a supply chain. These
could be on-time delivery, inventory turnover, order fulfillment time, etc.
, Total Supply Chain Costs
The total costs of the order fulfillment, purchasing, maintaining inventory, distribution,
technical support, production, the cost associated with the repairs or restocking goods
that have been returned.
Cash to Cash Conversion Cycle
The average time it takes to turn a dollar spent on acquiring raw materials into a dollar
collected for a finished good.
Reverse Logistics
The management of the flow of finished goods, materials, or components that may be
unusable or discarded through the supply chain from customers toward either
suppliers, distributors, or manufacturers for the purpose of reuse, resale, or disposal.
Sustainability and Ethics
Ethics - The use of moral principles in business relationships such as honesty, equity
and transparency.
Sustainability - The ability of a firm to be economically viable, bear environmental
responsibility and ensure social equitability
Green Supply Chains
use environmental friendly inputs and change these inputs using change agents whose
by-products result in improving or can be recycled back into the existing environment.
Sustainability of Operations Management
Incorporating environmental, social and economic considerations into decision-making
processes so operations are viable long-term and responsible.
Governance in Operations Management
This would lead to the putting in place of structures, processes, and policies that
SOLUTIONS 100% VERIFIED!!
Inventory Management
involves directing the acquisition, storage, and utilization of materials or products to
maintain optimal levels that satisfy demand with a minimum investment.
Role of Inventory
Ensures smooth flow of goods from suppliers to
manufacturers, distributors, retailers, and finally, to end customers. in value chain.
Environmentally Preferable Purchasing
Buying that considers environmental impacts.
Inventory Costs
refer to the different types of costs related to holding and maintaining inventory. These
costs can be generally classified into holding costs, ordering costs, and stockout costs.
Independent Demand
the demand for a product or service that is independent of demand for other products or
services
Dependent Demand
the demand for a product or service that is directly linked to the demand for another
product or service
,ABC Inventory Analysis
Categorizes items by importance: A, B, C. A items are high value and receive more
attention while C items are low value and require less management focus
Fixed Quantity Inventory System
Orders fixed quantity at reorder point.
Inventory Reorder Point
Level to trigger new order placement.
Economic Order Quantity Model
determines the optimal order quantity that minimizes the total cost of ordering and
holding inventory. It balances the costs of ordering and holding inventory.
Inventory Holding Costs
Costs of maintaining and handling inventory.
Inventory Ordering Costs
Costs related to placing and receiving orders.
Quantity Discount Model
price concessions by suppliers for larger quantities ordered.
Safety Stock
Buffer stock against uncertain demand.
Fixed Period Inventory Review
,Checks inventory at fixed periods of time.
Single Period Inventory Model
Determines order quantity for perishable goods.
Supply Chain vs Logistics
Logistics refers to the transportation and warehousing of products within the supply
chain. Supply chain management, however, is a much broader concept than this-it
describes all of the coordination between different partners who play a role in this
network, including sourcing, manufacturing, transporting, warehousing, and selling.
Supply Chain Operations Reference (SCOR) Model
Framework for standardizing supply chain processes. It includes five core processes:
Plan, Source, Make, Deliver, and Return.
Supply Chain Integration
Activities are aligned across the supply chain.
Vendor Managed Inventory
Inventory levels of the customer are monitored and managed by the supplier.
Bullwhip Phenomenon
A phenomenon in supply chain where a small change in demand at the retail level
causes wide swings in demand at the wholesale, distributor, and manufacturer levels
Measuring Supply Chain Performance
The key performance indicators measure the performance of a supply chain. These
could be on-time delivery, inventory turnover, order fulfillment time, etc.
, Total Supply Chain Costs
The total costs of the order fulfillment, purchasing, maintaining inventory, distribution,
technical support, production, the cost associated with the repairs or restocking goods
that have been returned.
Cash to Cash Conversion Cycle
The average time it takes to turn a dollar spent on acquiring raw materials into a dollar
collected for a finished good.
Reverse Logistics
The management of the flow of finished goods, materials, or components that may be
unusable or discarded through the supply chain from customers toward either
suppliers, distributors, or manufacturers for the purpose of reuse, resale, or disposal.
Sustainability and Ethics
Ethics - The use of moral principles in business relationships such as honesty, equity
and transparency.
Sustainability - The ability of a firm to be economically viable, bear environmental
responsibility and ensure social equitability
Green Supply Chains
use environmental friendly inputs and change these inputs using change agents whose
by-products result in improving or can be recycled back into the existing environment.
Sustainability of Operations Management
Incorporating environmental, social and economic considerations into decision-making
processes so operations are viable long-term and responsible.
Governance in Operations Management
This would lead to the putting in place of structures, processes, and policies that
