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• 1 Chapter 1 Chopra & Meindl: Understanding the Supply Chain

• 1.1 What is a Supply Chain?

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• Is a Supply Chain really a chain?

  No, actually it is more of a network involving a variety of stages, each stage connected through the flow of products, information and funds.

• 1.2 The objective of a Supply Chain

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• What is this value, also known as Supply Chain Surplus?

  The difference between what the value of the final product is to the customer and the costs the supply chain incurs in filling the customer's request. So: Supply Chain Surplus=Customer Value - Supply Chain Cost

• 1.3 The importance of Supply Chain decisions

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• What is the importance of Supply Chain decisions?

  Supply chain design, planning and operation decisions play a significant role in the success or failure of a firm. To stay competitive, supply chains must adapt to changing technology and customer expectations.

• What is frequent replenishment?

  To match supply and demand more effectively than the competition (by supplying your stores frequently)

• 1.4 Decision phases in a supply chain

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• What are the three categories of decision phases for supply chain management?

  1. Supply Chain Strategy or Design 2. Supply Chain Planning 3. Supply Chain Operation >> Strategy, Planning and Operation

• What decisions are made during the suppy chain planning phase?

  Companies forecast the coming year or so of demand and other factors such as costs and prices in different markets. Establishes parameters within which a supply chain will function over a specified period of time. Must include uncertainty in demand, exchange rates, and competition.

• What decisions are made during the supply chain operation phase?

  Company makes decisions regarding individual customer orders. Time horizon is weekly, daily, hourly or minutely.

• 1.5 Process views of a supply chain

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• What are the four process cycles?

  1. Customer Order Cycle (between customer and retailer) 2. Replenishment Cycle (between Retailer and Distributor) 3. Manufacturing Cycle (between Distributor and Manufacturer) 4. Procurement Cycle (between Manufacturer and Supplier)

• When is the Push/Pull View useful?

  When considering strategic decisions relating to supply chain design.

• What are the three supply chain macro processes in a firm?

  1. Customer Relationship Management (CRM): all processes that focus on the interface between the firm and its customers 2. Internal Supply Chain Management (ISCM): all processes that are internal to the firm 3. Supplier Relationship Management: all processes that focus on the interface between the firm and its suppliers