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Lean time refers to periods of minimal waste or non-productive activities where employees focus strictly on value-adding tasks. An aggregate production function relates total output to total labor employed, assuming unchanged capital, resources, and technology. Weighted moving average forecasts assign more weight to recent data to overcome the effect of outliers, with weights nonnegative and summing to 1. Strategic sourcing optimizes value through a comprehensive, long-term analysis of the entire supply chain considering factors like cost, quality, and risk. Sustainable sourcing includes green purchasing, financial benefits, and ethics within the larger goal of sustainability. Six Sigma aims to reduce defects through a program designed to lower costs and improve satisfaction. CPFR describes partner planning of supply chain

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8 views

Notes Extra

Lean time refers to periods of minimal waste or non-productive activities where employees focus strictly on value-adding tasks. An aggregate production function relates total output to total labor employed, assuming unchanged capital, resources, and technology. Weighted moving average forecasts assign more weight to recent data to overcome the effect of outliers, with weights nonnegative and summing to 1. Strategic sourcing optimizes value through a comprehensive, long-term analysis of the entire supply chain considering factors like cost, quality, and risk. Sustainable sourcing includes green purchasing, financial benefits, and ethics within the larger goal of sustainability. Six Sigma aims to reduce defects through a program designed to lower costs and improve satisfaction. CPFR describes partner planning of supply chain

Uploaded by

Simra Salman
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© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as DOCX, PDF, TXT or read online on Scribd
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"Lean time": means the periods in production where there's little waste or non-productive activities.

It's when employees


focus strictly on tasks that directly add value to the final product or service, cutting out any unnecessary downtime.
AGGREGATE PRODUCTION: function relates the total output of an economy to the total amount of labor employed
in the economy, all other determinants of production (that is, capital, natural resources, and technology) being
unchanged. Example: In an economy where bicycles are produced, the total number of bicycles made depends on the
efficiency, the machinery used (capital), and the number of workers (labor). The aggregate production function shows
how changes in labor affect the overall output of bicycles, assuming technology and machinery stay the same.

WEIGHTED MOVING AVERAGE FORECASTS: are used to overcome the strong effect of extreme values within a
time series by assigning current data more weight than older data. The start and history parameters are the same as those
in moving averages.
The simple moving average forecast places equal weights (1/n) on each of the n-period observations. generally a greater
emphasis (and thus the highest weight) is placed on the most recent observationThe only restriction is that the weights
should be nonnegative and sum to 1.

Strategic Sourcing: Strategic sourcing involves a comprehensive and long-term approach to procurement. It goes
beyond simply purchasing goods or services; it's about analyzing the entire supply chain, considering factors like cost,
quality, supplier relationships, and risk management. The goal is to optimize value by aligning sourcing decisions with
overall business objectives and creating competitive advantages.
Sustainable Sourcing:. is one activity within the larger umbrella term of sustainability— it includes green purchasing, some form of
financial benefit, as well as aspects of ethical sourcing.
A process of purchasing goods and services that takes into account the long-term impact on people, profits, and the
planet.
GREEN PURCHASING A practice aimed at ensuring that purchasing personnel include environmental considerations
and human health issues when making purchasing decisions; also termed green sourcing and sustainable procurement

Six Sigma Program: it has two meanings in TQM. In a statistical sense, it describes a process, product, or service
with an extremely high capability (99.9997% accuracy). of Six Sigma is a program designed to reduce defects to help lower costs,
save time, and improve customer satisfaction.
Sigma Improvement Model known as DMAIC

CPFR: Collaborative Planning, Forecasting and Replenishment (CPFR) describes a set of practices in which trading
partners plan key supply chain activities to efficiently meet customer demand at the lowest possible cost.
4MS:Materials: These are the physical components or products used in manufacturing or providing a service. Managing
materials involves sourcing, procurement, inventory control, and quality assurance to ensure the right materials are
available when needed.
Manpower: This refers to the human resources involved in the supply chain. It involves managing the workforce, their
skills, training, scheduling, and ensuring that the right people are in the right place at the right time to execute different
supply chain functions.
Machinery: This encompasses the equipment, technology, and tools necessary for production, transportation, and
handling of goods. Proper maintenance, optimization, and utilization of machinery are vital for an efficient supply chain.

Methods: This involves the processes, procedures, and strategies used to manage and optimize the supply chain. It
includes everything from planning and forecasting to logistics, distribution, and continuous improvement initiatives.

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