Exam (elaborations)
Explain the concept of value-enhancing benefits by giving THREE examples
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Module One—Introduction to Supply Chain ManagementSHORT-ANSWER QUESTIONS (2–4 sentences)
1. Define supply chain management in your own words.
Supply chain management is the process of integrating finance, materials, and information among suppliers,
retailers, wholesalers, manufactures and consumers. It should combine these in the most efficient
manner. Reduction in inventory while maintaing product flow and reducing costs are marks of
efficiency in SCM
2. Explain the concept of value-enhancing benefits by giving THREE examples of benefits that may
be realized by a firm that successfully manages its supply chain. Examples are innovation
through collaboration, with long time partners, knowing product cycles and sharing information
leads to lower RD costs as well as reduced costs due to shared knowledge.
Lower costs due to synergy amongst chain members
horizontal buying networks across multiple markets allow for expanded business with multiple
joint venture partners of chain partners.
3. Explain the difference between logistics and supply chain management. Logistics is seen as the
integration and maintanence of movement of goods in and out of an organization while Supply chain
management involves logistics as well integration of several supply chain partners sharing knowledge
and information to achieve optimal efficiency in all aspects from product creation to sale and returns.
4. List three concepts used by supply chain managers in an attempt to make a firm more flexible
and responsive to customers' changing needs:
Agile manufacturing-the ability to respond quickly to customer needs and market changes while still
controlling costs and quality.
JIT -just in time manufacturing
Mass customization-combines the flexibility and personalization of custom order with the low unit
costs associated with mass production.
ESSAY QUESTIONS (8–10 sentences)
1. Discuss the differences between supply chain partnerships of the past and those that have
developed today. In the past supply chain partnerships were straight forward one company to another
for various parts no integration now todays supply chains seek to integrate all the various companies
into one efficient chain. Each responsible to the entire chain not just themselves.
2. List the four elements of supply chain management and provide a short description of each of the four
elements. What types of failures might each of those elements create within the supply chain? Why
might those results be linked to errors in a particular element?
Purchasing the requisition of goods required for the manufacturing of products, managing inputs. As well as
choosing, qualifying and managing suppliers . If costs are too high the chain fails to be efficient, poor
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