SCM 300 EXAM 1 WITH COMPLETE QUESTIONS AND
CORRECT VERIFIED ANSWERS (DETAILED ANSWERS)
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CONCEPTS!!!.
Logistics - ANSWER-responsible for developing the transportation itinerary and
finding the appropriate transportation and storage partners to successfully
navigate the flow of materials from the point of origin to the final destination.
Reverse Logistics - ANSWER-management of products that flow backwards in
the supply chain (upstream), away from the consumer and back in the direction
of manufacturers
Global SCM - ANSWER-suppliers, manufacturers, transportation companies,
warehouse and distribution centers, retailers, and other supply chain partners
span across multiple countries and/or continents.
1st-tier and 2nd-tier suppliers - ANSWER--1st tier: a company's direct suppliers.
-2nd tier: firm that provides goods and/or services to a company's first-tier
supplier.
Supply Chain Management (SCM) - ANSWER-the effective and efficient
integration of the suppliers, manufacturers, transportation organizations as
,well as the other parties responsible for collectively bringing products and
services to market.
Procurement - ANSWER-branch of an organization responsible for acquiring
materials, equipment, products and services. (Purchasing)
Operations - ANSWER-responsible for making business processes effective and
efficient
Upstream vs. Downstream - ANSWER--Upstream: the direction that points
toward the suppliers.
-Downstream: the direction that points toward the end consumer
Three SCM Flows - ANSWER-for SC to function and develop, three things must
continuously flow; Materials, Money, and Information.
Business Model - ANSWER-company's plan for how it will purchase, transform,
deliver, and sell product in an effort to produce a profit.
Supply Chain Visibility - ANSWER-ability to see what is happening w/ inventory
upstream and downstream in a supply chain.
Profit and ROI's relationship to SCM - ANSWER--Profit: SC plays a role in
controlling types of costs that ensure manufacturing and delivery, which can
increase profit.
-ROI: SC seek to help maximize ROI, by creating great products and delivering
them quickly, customers may be willing to pay more.
,Competitive priorities - ANSWER-tracking cost, quality, speed, and flexibility is
vital to knowing whether the company is meeting its goals and working
towards better performance in the future.
Core competencies - ANSWER-primary advantage a company has over its
competitors; difficult, if not impossible, to replicate.
Productivity vs. Value - ANSWER--Productivity: maximize the amount of
outputs that can be produced and delivered to market while minimizing the
required inputs.
-Value: ratio of "output purchased"/ "inputs used to purchase"
Primary Supply Chain - ANSWER-Effectiveness, efficiency, and adaptability - to
make high quality products and services in a timely fashion that meet the
needs of the customer. In a way that utilized minimal resources, and changes in
the market.
Seven types of waste - ANSWER-(1) Defects: poorly manufactured products are
garbage
(2) Overproduction: making products no one needs is a waste of time, money,
and effort
(3) Transportation: moving products doesn't make the product better, it incr.
the possibility of theft, damage, and loss
(4) Motion: if employees move too much in a SC they could get tired, injured,
or be wasting time
(5) Waiting: Work-in-process waiting to be finished was made too early. Items
should not be produced too far in advance
(6) Inventory: shelf items are not providing an immediate return, could be lost,
broken, or stolen
(7) Over-processing: doing work that is unnecessary or undesired is a waste of
time and resources.
, Keys to being a successful SC Manager - ANSWER-(1) Satisfy the needs of the
customer
(2) Satisfy the needs of the company
(3) Be prepared for the future.
Supply Chain Strategy - ANSWER-(a) Understand the product/service and the
market's desires
(b) Developing a business model
(c) Organizing the right group of supply chain partners
Inventory - ANSWER-items that are owned by a company for the purpose of
present or future sale or for use in day-to- day operations.
Lead Time - ANSWER-period of time between when an order is placed and
when the order is received.
Lot Size - ANSWER-A possible order size increment
Inventory and Risk - ANSWER-carrying inventory can come at a hefty price, thus
there is risk. Not carrying inventory also comes at a risk, the risk of not having
any inventory.
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