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Test bank For Supply Chain Management FBLA 6th Edition by Bowersox
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Test bank For Supply Chain Management FBLA 6th Edition by Bowersox
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Test bank For Supply ChainManagement FBLA 6th Edition by
Bowersox
4 Foundations of Supply Chain Management - ANS- Supply
- Operations
- Logistics
- Integration
Supply Chain Management - ANSThe centralized management of the flow of goods and
services and includes all processes that transform raw materials into final products. By
managing the supply chain, companies can cut excess costs and deliver products to the
consumer faster.
5 Areas of Supply Chain Management - ANS1. Supply planning
2. Production planning
3. Inventory planning
4. Capacity planning
5. Distribution planning
4 Channels of Distribution - ANS1. Wholesaler
2. Retailer
3. Distributor
4. Ecommerce
5 Qualities of a Supply Chain Manager - ANS1. math skills combined with strong analytical and
statistical capabilities to understand supply and demand issues.
2. ability to use data to track orders and shipments, sales trends, demand and any weaknesses
and inefficiencies
3. understanding of technology—artificial intelligence, machine learning, Internet of Things,
analytics software and apps
4. soft skills to negotiate and build relationships with suppliers, customers and team members
5. attention to detail to understand the business and the environment in which it operates
Logistics Operations - ANSThe processes of moving finished goods, including from the
manufacturer a distribution center, and then to the end user. The entire logistics process
consists of managing inventory, fulfilling orders, and shipping packages.
, Inventory Management - ANSHelps companies identify which and how much stock to order at
what time. It tracks inventory from purchase to the sale of goods. The practice identifies and
responds to trends to ensure there's always enough stock to fulfill customer orders and proper
warning of a shortage
Warehousing - ANSThe process of storing physical inventory for sale or distribution
Inventory Tracking - ANSThe process of a business continuously monitoring all of the inventory
that it owns
Stockouts - ANSA situation in which an item is out of stock.
Backorder - ANSA retailer's order for a product that is temporarily out of stock with the supplier
--> Will get the product once it is in stock
Carrying Costs - ANSvarious costs a business pays for holding inventory in stock
Inventory Forecasting - ANSthe practice of using past data, trends and known upcoming events
to predict needed inventory levels for a future period
Shipping - ANSthe act of physically transporting goods or materials between locations
Business Analyst - ANSCollects and analyzes data to help improve an organization's supply
chain operations, reporting to department heads or upper management. They make sure supply
meets the business demand of a company and work to make the process smoother.
Commodity Specialist - ANSOversees inventory purchases for a company. As a commodity
specialist, you research market costs of supplies, identify the best suppliers for the company's
needs, and negotiate pricing and contracts with those suppliers.
Demand Planning Manager - ANSoversee the daily operations of the planning department as
they analyze customer and vendor demand along the supply chain and develop ways to
forecast future demand.
Director of Global Procurement - ANS
Bullwhip Effect - ANSHow small fluctuations in demand at the retail level can cause
progressively larger fluctuations in demand at the wholesale, distributor, manufacturer and raw
material supplier levels
What factors can contribute to demand fluctuations (bullwhip effect)? - ANS- Distribution Order
Lead Times
- Order Batching
- Lack of Communication in the Supply Chain
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