SCM 352 Exam 1 Questions & Answers 2024/2025
Operations and Supply Chain Management - ANSWERSThe design, operation, and improvement of the systems that create and deliver the firm's primary products and services.
Operations - ANSWERSManufacturing and service processes that are used to trans...
Operations and Supply Chain Management - ANSWERSThe design, operation, and improvement of the
systems that create and deliver the firm's primary products and services.
Operations - ANSWERSManufacturing and service processes that are used to transform the resources
employed by a firm into products desired by a customer.
Supply Chain - ANSWERSThe processes that move information and material to and from the
manufacturing and service processes of the firm.
Process - ANSWERSOne or more activities that transform inputs into outputs.
Planning - ANSWERSThe processes needed to operate an existing supply chain strategically
Sourcing - ANSWERSSelecting and managing suppliers of goods and services for the firm
Making - ANSWERSProducing the goods/services
Delivering - ANSWERSSelecting and managing carriers to move products to warehouses and customers
Returning - ANSWERSProcesses for receiving worn-out, defective, and excess units back from customers,
recycling.
A service - ANSWERSSomething that is intangible, perishable, time dependent, heterogeneous, and
interactional and comes in a package of features.
, Product/Service Bundling - ANSWERSWhen a firm builds service activities into its product offerings to
create additional value for the customer.
Business Analytics - ANSWERSThe use of current business data to solve business problems using
mathematical analysis
Mass Customization - ANSWERSThe ability to produce a unique product exactly to a particular customers
requirements.
Sustainability - ANSWERSThe ability to meet current resources needs without compromising the ability
of the future generations to meet their needs.
Triple Bottom Line - ANSWERS(3 P's; people, planet, profit) Requires a business strategy than includes
social, economic, and environmental criteria.
Efficiency - ANSWERSIncludes doing something at the lowest possible cost or the shortest time
Effectiveness - ANSWERSIncludes doing things the right way that will create the most value for the
customer
Value - ANSWERSThe attractiveness of a product relative to its price
Inventory Turnover - ANSWERS= Cost of Goods Sold / Average Inventory Value
Asset Turnover - ANSWERS= Sales / Total Assets
Benchmarking - ANSWERSWhen one company studies the processes of another company to identify best
practices.
Lean Manufacturing - ANSWERSUsed to refer to a set of concepts based on producing with total quality
control and on-time delivery.
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