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SCM 300 Final Exam With 100% Correct And Verified Answers
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SCM 300 Final Exam With 100% Correct And Verified Answers
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SCM 300 Final Exam With 100% CorrectAnd Verified Answers
Performance metric (PM) - Correct Answer-a single
performance measurement used to evaluate,
motivate, and improve performance.
System of metrics - Correct Answer-A group of
metrics that collectively attempt to provide a multi-
dimensional view of a resource or outcome.
Reasons organizations use PMs - Correct Answer-
(a) Helps to establish and support standards,
(b) Motivate good behavior,
(c) Identify trends,
(d) Managing large numbers of resources,
(e) Performance data can facilitate decision making
and planning
Importance of Goals and Stakeholders - Correct
Answer-key to developing metrics that meet
stakeholder goals is first recognizing all the
stakeholders and then understanding their
individual goals.
Consequences of poor metrics - Correct Answer-ill-
conceived metrics can motivate bad behavior: (ex)
SC goals are not met, poor output, waste,
undesirable employee behaviors, managers may
make poor decisions, employee victimization,
undeserved winners, lack of contentment.
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,Requirements of a good metric - Correct Answer-
measureable, easily understood, attainable,
strategically oriented, easy to measure, provides
value, provides guidance, cheater proof
SMART metrics - Correct Answer-a metric that is
Specific, Measurable, Attainable, Relevant, and
Timely. A helpful device that can guide managers in
the development of useful managerial metrics.
3 Key measurement system attributes - Correct
Answer-(1) Effective: were the desired goals met?
(2) Efficient: A measure of the resources used in
the process.
(3) Adaptable: measure of the conditions under
which the tasks were completed.
Keys to designing a system of metrics - Correct
Answer-Stakeholders and goals, Good metrics,
Simplicity, Completeness, Redundancy (avoid),
Continuous improvement, Leadership
KPIs (Key Performance Indicators) - Correct
Answer-Individual performance metrics identified by the company
as being imperative to achieving the organization's most important goals.
Executive dashboards - Correct Answer-computer-generated visual
representation of a company's performance that is often available to
executives on any of their digital devices. Often include KPIs, real-time
and historical data, and color-coded performances centers that helps them
quickly identify positive, negative, and neutral output.
Managerial paralysis - Correct Answer-situation where managers are
inundated with data. This slows decision-making and may result in
managers stalling or avoiding decision-making.
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, Common measurement pitfalls - Correct Answer-Managers fail to use the
data, Blind belief in institutional metrics, incomplete measurements,
Utilizing too many metrics, Driving toward perfection may waste
resources, What do those numbers really mean?
Shared metrics - Correct Answer-A metric that impacted by two related
parties.
Balanced scorecard (BSC) - Correct Answer-performance
management tool that focuses on strategic activity and outcomes.
(tracks 4 different traditional output areas.)
(1) Financial results
(2) Customer-related results
(3) Internal business process results,
(4) Learning and growth results.
-All of these are used to locate problems before they impact financial
results.
SCOR Model (Supply Chain Operations Reference Model) - Correct
Answer-Measurement tool that allows SC partners to track
performance, communicate progress, and develop opportunities for
improvement. (5 primary SC processes: Plan, Source, Make,
Deliver, Return) This is a tool used to integrate the SC.
Total SCM Costs - Correct Answer-cost of every process, material,
fee, defect, etc. that runs through the SC.
Cash-to-cash cycle - Correct Answer-measure of the number of days
b/t the time a company pays their supplier for inventory and the
time that same company is paid for the same inventory by their
customer.
-Formula: (Days of Inventory on hand) + (Days of A/R owed to your
company by your customer) - (Days of A/P your company owes to
suppliers).
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