LOGISTICS AND SUPPLY CHAIN
MANAGEMENT: EXAM 1 QUESTIONS
AND ANSWERS
What is a supply chain? - Correct Answers -the flow of materials, information, money,
and services from raw material supplies, through factories, and warehouses to the end
customers. Includes the organizations and processes that create and deliver products,
information, and services to end customers.
Product Flow - Correct Answers -usually involves movement of products from a supplier
to a customer, and also the back end process such as any customer returns or service
needs.
Information Flow - Correct Answers -involves the flow of information on orders and
updating the status of delivery.
Cash Flow (Financial Flow) - Correct Answers -consists of credit terms, payment
schedules, and consignment and title ownership arrangements. The faster cash-to cash
cycle, which just means customers receive orders sooner and are billed faster is huge in
companies.
Demand Flow - Correct Answers -provides organizations the ability to better
synchronize supply and demand by detecting and understanding demand "signals" and
making appropriate adjustments to demand changes more effectively.
Supply Chain Management - Correct Answers -Supply chain management is the
efficient and effective flow of products/materials, services, information, and financials
from the supplier's suppliers through various intermediate entities out to the end user.
Supply Chain Operational Reference Model- SCOR - Correct Answers -A process
reference model developed and endorsed by the Supply Chain Council as the cross-
industry, standard diagnostic tool for supply chain management. The SCOR model
describes the business activities associated with satisfying a customer's demand, which
include plan, source, make, deliver, and return. Use of the model includes analyzing the
current state of a company's processes and goals, quantifying operational performance,
and comparing company performance to benchmark data. SCOR has developed a set
of metrics for supply chain performance, and Supply Chain Council members have
, formed industry groups to collect best practices information that companies can use to
evaluate their supply chain performance.
What are the 5 supply chain enabling functions? - Correct Answers -1. Demand
planning & sales forecasting
2. SCM Manufacturing & Operations
3. Purchase & supply management
4. Logistics
5. Reverse business
Describe the evolution of Logistics from the 60's to the 2000's? - Correct Answers -
*1960's:* the development of the physical distribution management concept that
focused on the outbound side of a firm's logistics system. A fragmentation...
*1980's:* the development of logistics management through the deregulation of
transportation provided an opportunity to coordinate inbound and outbound
transportation movements (Inbound logistics refers to the transport, storage and
delivery of goods coming into a business. Outbound logistics refers to the same, for
goods going out of a business). Coordination between the two systems increased
efficiency & improved customer service. Evolving Integration...
*1990's to today:* then the supply chain management came on in 1990. A system of
connected networks between the original vendors and the ultimate final customer. 2000
brought Total Integration (connecting companies for increased efficiency &
effectiveness)....
What are the objectives of supply chain management? - Correct Answers -to improve
the overall organization performance and customer satisfaction by improving product or
service delivery (using information flows) to meet consumers needs while being as
effective and efficient as possible to reduce overall supply chain costs.
What are the 5 driving forces behind the changing economic and political landscape? -
Correct Answers -1. Globalization:
2. Technology:
3. Organizational consolidation:
4. The empowered consumer:
5. Government policy and regulation:
What are the 9 major supply chain issues? - Correct Answers -1. supply chain networks
2. inventory deployments
3. information
4. cost and value
5. organizational relationships
6. performance measurement
7. technology
8. transportation management
9. supply chain security
What are the 3 e-commerce models? - Correct Answers -1. Sell-side system
MANAGEMENT: EXAM 1 QUESTIONS
AND ANSWERS
What is a supply chain? - Correct Answers -the flow of materials, information, money,
and services from raw material supplies, through factories, and warehouses to the end
customers. Includes the organizations and processes that create and deliver products,
information, and services to end customers.
Product Flow - Correct Answers -usually involves movement of products from a supplier
to a customer, and also the back end process such as any customer returns or service
needs.
Information Flow - Correct Answers -involves the flow of information on orders and
updating the status of delivery.
Cash Flow (Financial Flow) - Correct Answers -consists of credit terms, payment
schedules, and consignment and title ownership arrangements. The faster cash-to cash
cycle, which just means customers receive orders sooner and are billed faster is huge in
companies.
Demand Flow - Correct Answers -provides organizations the ability to better
synchronize supply and demand by detecting and understanding demand "signals" and
making appropriate adjustments to demand changes more effectively.
Supply Chain Management - Correct Answers -Supply chain management is the
efficient and effective flow of products/materials, services, information, and financials
from the supplier's suppliers through various intermediate entities out to the end user.
Supply Chain Operational Reference Model- SCOR - Correct Answers -A process
reference model developed and endorsed by the Supply Chain Council as the cross-
industry, standard diagnostic tool for supply chain management. The SCOR model
describes the business activities associated with satisfying a customer's demand, which
include plan, source, make, deliver, and return. Use of the model includes analyzing the
current state of a company's processes and goals, quantifying operational performance,
and comparing company performance to benchmark data. SCOR has developed a set
of metrics for supply chain performance, and Supply Chain Council members have
, formed industry groups to collect best practices information that companies can use to
evaluate their supply chain performance.
What are the 5 supply chain enabling functions? - Correct Answers -1. Demand
planning & sales forecasting
2. SCM Manufacturing & Operations
3. Purchase & supply management
4. Logistics
5. Reverse business
Describe the evolution of Logistics from the 60's to the 2000's? - Correct Answers -
*1960's:* the development of the physical distribution management concept that
focused on the outbound side of a firm's logistics system. A fragmentation...
*1980's:* the development of logistics management through the deregulation of
transportation provided an opportunity to coordinate inbound and outbound
transportation movements (Inbound logistics refers to the transport, storage and
delivery of goods coming into a business. Outbound logistics refers to the same, for
goods going out of a business). Coordination between the two systems increased
efficiency & improved customer service. Evolving Integration...
*1990's to today:* then the supply chain management came on in 1990. A system of
connected networks between the original vendors and the ultimate final customer. 2000
brought Total Integration (connecting companies for increased efficiency &
effectiveness)....
What are the objectives of supply chain management? - Correct Answers -to improve
the overall organization performance and customer satisfaction by improving product or
service delivery (using information flows) to meet consumers needs while being as
effective and efficient as possible to reduce overall supply chain costs.
What are the 5 driving forces behind the changing economic and political landscape? -
Correct Answers -1. Globalization:
2. Technology:
3. Organizational consolidation:
4. The empowered consumer:
5. Government policy and regulation:
What are the 9 major supply chain issues? - Correct Answers -1. supply chain networks
2. inventory deployments
3. information
4. cost and value
5. organizational relationships
6. performance measurement
7. technology
8. transportation management
9. supply chain security
What are the 3 e-commerce models? - Correct Answers -1. Sell-side system
