BIT 4464 Study Guide - Midterm Guide: Supply Chain, Accounts Payable

• School: Virginia Tech
• Department: Business Information Technology
• Course: BIT 4464
• Professor: Barbara Fraticelli

Document Summary

Bit 4464: advanced supply chain midterm #1 chapters 1-3. Historical framework (1) supply chain strategy long term. In-house vs outsourcing: locations of plants, warehouses, etc. (2) supply chain planning months to 1 year. Inventory, forecasting, marketing (3) supply chain operation minutes to days: filling orders, scheduling trucks, etc, managing supply & demand. Variability in manufacturing time: push processes are initiated and performed in anticipation of customer orders operate in an uncertain demand environment. Take advantage of bulk discount: push/pull boundary is the point at which the customer order arrives. Types of products understanding the uncertainty in customer demand: functional products: bought in a variety of retail outlets, long life cycles and highly predictable supply & demand. If responsiveness increases, you become less efficient, and your costs go up: responsive supply chain: innovative products (ex: seasonal ski clothing per year, efficient supply chain: functional products (ex: soup) If your demand is more uncertain, then your supply chain should be more responsive.