Exam (elaborations)
Test bank For Logistics and supply chain management: Exam 1 (6th Edition by Bowersox)
- Course
- Institution
Test bank For Logistics and supply chain management: Exam 1 (6th Edition by Bowersox)
[Show more]
Content preview
Test bank For Logistics and supplychain management: Exam 1 (6th Edition
by Bowersox)
What is a supply chain? - ANSthe flow of materials, information, money, and services from raw
material supplies, through factories, and warehouses to the end customers. Includes the
organizations and processes that create and deliver products, information, and services to end
customers.
Product Flow - ANSusually involves movement of products from a supplier to a customer, and
also the back end process such as any customer returns or service needs.
Information Flow - ANSinvolves the flow of information on orders and updating the status of
delivery.
Cash Flow (Financial Flow) - ANSconsists of credit terms, payment schedules, and consignment
and title ownership arrangements. The faster cash-to cash cycle, which just means customers
receive orders sooner and are billed faster is huge in companies.
Demand Flow - ANSprovides organizations the ability to better synchronize supply and demand
by detecting and understanding demand "signals" and making appropriate adjustments to
demand changes more effectively.
Supply Chain Management - ANSSupply chain management is the efficient and effective flow of
products/materials, services, information, and financials from the supplier's suppliers through
various intermediate entities out to the end user.
Supply Chain Operational Reference Model- SCOR - ANSA process reference model
developed and endorsed by the Supply Chain Council as the cross-industry, standard diagnostic
tool for supply chain management. The SCOR model describes the business activities
associated with satisfying a customer's demand, which include plan, source, make, deliver, and
return. Use of the model includes analyzing the current state of a company's processes and
goals, quantifying operational performance, and comparing company performance to
benchmark data. SCOR has developed a set of metrics for supply chain performance, and
Supply Chain Council members have formed industry groups to collect best practices
information that companies can use to evaluate their supply chain performance.
What are the 5 supply chain enabling functions? - ANS1. Demand planning & sales forecasting
2. SCM Manufacturing & Operations
, 3. Purchase & supply management
4. Logistics
5. Reverse business
Describe the evolution of Logistics from the 60's to the 2000's? - ANS*1960's:* the development
of the physical distribution management concept that focused on the outbound side of a firm's
logistics system. A fragmentation...
*1980's:* the development of logistics management through the deregulation of transportation
provided an opportunity to coordinate inbound and outbound transportation movements
(Inbound logistics refers to the transport, storage and delivery of goods coming into a business.
Outbound logistics refers to the same, for goods going out of a business). Coordination between
the two systems increased efficiency & improved customer service. Evolving Integration...
*1990's to today:* then the supply chain management came on in 1990. A system of connected
networks between the original vendors and the ultimate final customer. 2000 brought Total
Integration (connecting companies for increased efficiency & effectiveness)....
What are the objectives of supply chain management? - ANSto improve the overall organization
performance and customer satisfaction by improving product or service delivery (using
information flows) to meet consumers needs while being as effective and efficient as possible to
reduce overall supply chain costs.
What are the 5 driving forces behind the changing economic and political landscape? - ANS1.
Globalization:
2. Technology:
3. Organizational consolidation:
4. The empowered consumer:
5. Government policy and regulation:
What are the 9 major supply chain issues? - ANS1. supply chain networks
2. inventory deployments
3. information
4. cost and value
5. organizational relationships
6. performance measurement
7. technology
8. transportation management
9. supply chain security
Describe the major supply chain issues - ANS1. Supply chain networks: need a network system
that is capable & flexible to respond & change with the dynamics of the marketplace.
2. Inventory deployments: The bullwhip effect is an exaggeration in the supply chain that occurs
when suppliers up the supply chain order more goods based on forecasted consumer demand
rather than actual consumer demand. This results in an excess of inventory in the supply chain.
Inventory is also being duplicated because consumers get excited and place the same order
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller AllLegitExams. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $10.49. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
80796 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now
