SCM 300 Exam 1 MODULE 1
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- "T...
SCM 300 Exam 1 MODULE 1
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- "The branch of an organization responsible for acquiring
materials, equipment, products, and services. This would entail finding suppliers,
choosing the supplier that offers the best value, negotiating the terms of the
purchase, placing orders, and developing long-term relationships with suppliers so
that consistent and improved quality can be expected from their suppliers over a long
period of time."
Operations - Answer- "The branch of the supply chain responsible for making
business processes effective and efficient. In essence, operations seeks to help the
organization create high quality products and/or services using the fewest resources
possible."
Logistics - Answer- "The branch of the supply chain 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- "The management of products that flow backward in the
supply chain, away from the consumer and back in the direction of manufacturers.
(The management of materials moving upstream in the supply chain)"
Global SCM - Answer- "When suppliers, manufacturers, transportation companies,
warehouse and distribution centers, retailers, and other supply chain partners span
across multiple countries and/or continents, those are considered global supply
chains. Effective and efficient management of supply chain partners across multiple
countries can offer both competitive advantages as well as complicating
circumstances."
1st-tier and 2nd-tier suppliers - Answer- "A company's direct suppliers. A firm that
directly provides goods and/or services to a company."
2nd trier "A firm that provides goods and/or services to a company's first-tier
supplier."
Upstream - Answer- "In a supply chain, the direction that points toward the
suppliers."
Downstream - Answer- "In a supply chain, the direction that points toward the end
consumer."
Three SCM Flows - Answer- "In order for supply chains to function and develop,
three things must continuously flow: Materials, Money, and Information"
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