BUMA 7
Cards (25)
- is the practice by which all the physical goods a business sells or uses are purchased and stored
- directly affects a company’s cash flow, sales performance and customer satisfaction, profitability, and – for manufacturers – production efficiency.
- is an inventory management approach in which goods are received from suppliers only as they required. - strategy works well for businesses that use make-to-order model. Also, it is a Japanese management philosophy and not a technique. -
- focuses on continuous forced problem solving. The main purpose of this strategy is to decrease inventory holding costs and increase inventory turnover.
- is a calculation companies perform that represents their ideal order size, allowing them to meet demand without overspending
- is an inventory management approach that controls the value of inventory items based on their usefulness to the business.
- Items are very crucial for an organization because of their high value and demand.
- items are important but are comparatively less important than ‘A’ items and more important than ‘C’ items
- items are not so important and are valuable to an organization.
- in inventory management is to prioritize and allocate resources effectively by focusing on the most critical items in inventory.
- items have moderate demand, moderate unit value, and moderate inventory turnover
- items have low demand, low unit value, and high inventory turnover.
- is an entire system of producing and delivering a product or service, from the very beginning stage of sourcing the raw materials to the final delivery of the product or service to end-users.
- is the process of delivering a product from raw material to the consumer. It includes supply planning, product planning, demand planning, sales and operations planning, and supply management
- This is one of the most important stages. Before the beginning of the entire supply chain, it is essential to finalise the strategies and put them into place
- 8Components that are very important as well as critical to the system.
- Suppliers play a very crucial role in supply chain management systems. Products and services sold to the end user are created with the help of different sets of raw materials. It is therefore necessary that suitable quality raw materials are procured at cost effective rates. If a supplier is unable to supply on time, and within the stipulated budget, the business is bound to suffer losses and gain a negative reputation.
- Information is crucial in a knowledge-based world economy, and ignorance about any aspect of business may actually spell doom for the prospects of the business.
- means the ready list of items, raw materials and other essentials required for the product or service. This list has to be regularly updated to demarcate available stock and required stock.
- is one among the most important aspects of this system. It is only possible when all the other components of the supply chain are in tandem with each other.
- Any business, that wants to survive as well as flourish, needs a location which is profitable for the business.
- is vital in terms of carrying raw materials to the manufacturing unit and delivering the final product to the market.
- - Among the various components that create a strong supply chain is the facility for the return of faulty/malfunctioning goods, along with a highly responsive consumer grievance redress unit.
- It supplies the customer with exactly what the customer wants when the customer wants it, without waste, through continuous improvement
- is any deviation from the optimum process. Lean systems require managers to reduce variability caused by both internal and external factors.