Week 5: Module 2, Section A, Ch 1, 2, 3

plan-do-check-action (PDCA)

A four-step process for quality improvement, also referred to as the Deming circle

time fence

A policy or guideline established to note where various restrictions or changes in operating procedures take place

continuous replenishment

A process by which a supplier is notified daily of actual sales (or warehouse shipments) and commits to restocking these sales without stockouts and without receiving replenishment orders

demand management process

A process that weighs both customer demand and a firm's output capabilities , and tries to balance the two

collaborative planning, forecasting, and replenishment (CPFR)

A process, endorsed by the Voluntary Interindustry Commerce Standards (VICS ), whereby supply chain trading partners can jointly plan key supply chain activities from production and delivery of raw materials to production and delivery final products to end customers

seasonality

A repetitive pattern of demand from year to year (or other repeating time interval) with some periods considerably higher than others

quick-response program (QRP)

A system of linking final retail sales with production and shipping schedules back through the chain of supply

mix forecast

Forecast of the proportion of products that will be sold within a given product family, or the proportion of options offered within a product line

demand management

The function of recognizing all demands for goods and services to support the marketplace. It involves prioritizing demand when supply is lacking

demand planning

The process of combining statistical forecasting techniques and judgment to construct demand estimates for products or services (both high and low volume; lumpy and continuous) across the supply chain from the suppliers' raw materials to the consumer's needs