BUSN 201 Test Questions with Complete Solutions
Creating responsible supply chains within SMEs: - Answer-1. Understanding of business principles.
2. The champion and low-hanging fruit.
3. Integration and challenges.
4. Business benefits.
Understanding of business principles - Answer-The m...
BUSN 201 Test Questions
with Complete Solutions
Creating responsible supply chains within SMEs: - Answer-1. Understanding of
business principles.
2. The champion and low-hanging fruit.
3. Integration and challenges.
4. Business benefits.
Understanding of business principles - Answer-The management must understand what
responsible management is and how it can operate responsibly. This will be based on
the organization's core values and then putting them into action.
The champion and low-hanging fruit - Answer-- The next step is to find someone in the
organization that is willing and able to lead responsible actions.
- small impactful initiatives can be the bases for a larger strategy.
Integration and challenges - Answer-In smaller organizations, it is easier for employees
to identify changes and see impacts. Therefore, management should make any
responsible changes to be relevant to the business and integrate the changes into as
many functions as possible.
Business benefits - Answer-The fourth step is to ensure that the new process or change
is creating a financial benefit for the organization as well as adding value for society.
6 T's - Answer-1. Traceability
2. Transparency
3. Testability
4. Time
5. Trust
6. Training
Traceability - Answer-being able to track a product as it moves through the supply
chain, from start to finish
, Transparency - Answer-how easy it is to access information about the product, whether
through a formal or informal channel
Testability - Answer-the ability to test the product and ensure you are getting the
product and the attributes desired
Time - Answer-refers to making sure the process is completed on time
Trust - Answer-the organization with whom you entered into an agreement will fulfill
their commitments, and not take advantage of anyone
Training - Answer-focuses on ensuring that employees have the skills and knowledge to
operate the chain safely and within the optimal practices
Circular Economy - Answer-ensures that materials and energy flow through multiple
processes and any extra or excess is used as raw materials in another supply chain.
The main goal is efficiency and at its core are 4 practices:
4 Practices of Circular Economy - Answer-1. Resource cascading
2. Shared Infrastructure
3. Exchange of byproducts
4. Waste recycling
Resource cascading - Answer-Meaning that resources can be used over and over
Shared infrastructure. - Answer-Meaning that organizations share facilities or supply
chains, to ensure that there is limited idle time. Shared infrastructure focuses on the
efficiency of warehouses.
What makes Canada a competitive and resilient economy? - Answer-1. productivity
gains
2. Strong business investment
3. Technological innovation
4. Moderate wage increases
5. Favorable currency exchange rate
G7/8 - Answer-Canada, USA, UK, Italy, Japan, France, Germany
Foreign Direct Investment (FDI) - Answer-· In 2022, FDI into Canada totaled $726 billion
· Largest trading partner = USA
· Both Asia/Oceania are active investors in Canada
3 Fundamental Market Composition principles - Answer-1. The Law of Supply and
Demand
2. Allowance for private ownership, entrepreneurship, and wealth creation
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