Chapter 13 Vocab - Supply Chain

a process to develop tactical plans by integrating customer focused marketing plans for new and existing products with the operational management of the supply chain

Replan each period (month or quarter) for a given # of periods into the future

the application of sophisticated operations research techniques to big data with the goal of identifying, interpreting, and communicating meaningful patterns in the data

large data sets generated by tech such as social media and the IoT

the network of physical devices that are embedded with sensors, software, and connectivity that enable data exchange and analysis

decentralized, distributed, and public digital ledger that is used to record transactions across many computers so that the record cannot be altered w/o agreement of all network participants

specifies the production rates, inventory, employment levels, backlogs, possible subcontracting, and other resources needed to meet the sales plan

the firm produces at a constant rate over the year

the production rate is changed each period to match the amount of expected demand

a strategy that includes some elements of level production and some elements of chase production strategies

a process that adjusts prices as demand for a service occurs' (or doesn't occur)

the practice of rapidly adjusting prices to increase, decrease, or shift demand in a given period