BUAD 331 Final Exam Review Questions With Correct Answers
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Course
BUAD 331 Fi
Institution
BUAD 331 Fi
Which Economic utility is not a reason for students to buy textbooks from Amazon? -
CORRECT ANSWER-Form
Which of the following is NOT a characteristic of an efficient supply chain?
Supply Predicable Demand
Maximize performance and minimize cost
Generate high turns to minimize inventory
Select...
BUAD 331 Final Exam Review Questions
With Correct Answers
Which Economic utility is not a reason for students to buy textbooks from Amazon? -
CORRECT ANSWER-Form
Which of the following is NOT a characteristic of an efficient supply chain?
Supply Predicable Demand
Maximize performance and minimize cost
Generate high turns to minimize inventory
Select primarily for speed, flexibility, and quality
Select primarily for cost and quality - CORRECT ANSWER-Select primarily for speed,
flexibility, and quality
How has Zara utilized a vertically integrated business model? - CORRECT ANSWER-
By increasing the quantity of products produced in-house rather than by outsourcing
What is one major issue that still exists in a lean value creation model: - CORRECT
ANSWER-Inventory must be held in anticipation of customer orders
What is one way that coordination and planning information is used in supply chain
management? - CORRECT ANSWER-Balancing the load and capacities of different
resources over time
SCM is responsible for procurement of... - CORRECT ANSWER-raw materials and
subcomponents, manufacturing or assembling the into a finished configuration, and
using logistics and distribution to get this configuration where and when it is needed for
consumption
SCM creates value for customer through... - CORRECT ANSWER-FTP (form, time,
place) and value for company through improved financial results
Define SCM - CORRECT ANSWER-Supply chain consists of the organizations, people,
activities, info, and resources involved in moving a product or service from the origins of
supply all the way to the point of final consumption
What is the paradigm change for business competition? - CORRECT ANSWER-Supply
chains historically focused on being cost leaders, but now in order to be competitive,
they need to offer FTP value as well
SCM role in marketing mix - CORRECT ANSWER-Provide customers with products
they want, when they want it, in the right condition, for the right price
, The Great Divide - CORRECT ANSWER-lack of communication and coordination
between upstream activities (procurement, inbound logistics, and manufacturing and
service operations) and downstream activities (demand fulfillment to customers)
Segmentation of customers based on requirements - CORRECT ANSWER-Understand
differences in customer base across FTP value requirements
• Some customers are focused on efficiency and low cost and are willing to accept less
than optimal FTP value in exchange for a lower price
• Other customers value effectiveness and choice and are willing to pay more
• Others value tailored customization and immediate delivery and are willing to pay a lot
more
• Identify which customers fit into which category and design the supply chain to
balance the value required with the cost of providing it
• Example: different levels of Amazon membership/delivery times
Perfect order concept - CORRECT ANSWER-For the customer, every single thing
about the order must be absolutely perfect and anything less is unacceptable
Concepts of cash flow - acceleration, cash-2-cash cycle - CORRECT ANSWER-Metric
to calculate how long cash is tied up in the main cash producing and cash consuming
areas (receivables, payables, inventory)
Basic concepts in planning - demand and supply - CORRECT ANSWER-• Demand
planning - process by which demand for upcoming time periods is estimated at
appropriate levels of detail to allow the business to make needed preparations
• Supply planning - making sure your supply can meet predicted demand
Role of procurement in value creation - CORRECT ANSWER-• Procurement is the
strategic approaches and processes used to secure needed inputs into the organization
to create relevant value
• Goal is not to buy items at the lowest cost possible, but to help coordinate a fully
integrated supply chain
• Most important thing for supply chain is choosing the right supplier
• Procurement contributes to both bottom and top line of business
Basic procurement tactics and activities - CORRECT ANSWER-Steps in strategic
sourcing process:
o Market research
o Spend analysis
o Portfolio analysis
o Contract negotiation
o Supplier relationship management
• Steps in supplier selection process:
o Identification
o Evaluation
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