Supply chain: Intro to supply chain
Test Questions Correct Solutions
Current Update
Products and services are created from what? - Answer- materials, equipment, labor,
time, money, and other resources
Producing and delivering products and services requires what? - Answer- suppliers,
manufacturers, and customers
What is a total market stockout? - Answer- when all inventory is sold out
What happens when there's a disruption with one link of the supply chain? - Answer- All
links are interconnected, so a disruption with one will likely impact all others. A supply
chain is only as strong as its weakest link
Describe the flow of the supply chain - Answer- 1: raw materials
2: supplier
3: factory
4: distribution
5: retail
Does information flow downstream or upstream in the supply chain? - Answer-
Information flows BOTH directions in a supply chain. Such info includes market
predictions, laws & regulations, product info, quantities, amounts ordered, etc. Usually
housed in systems such as SAP.
Which tier of suppliers and customers is it most important to identify? - Answer- Tier 1
because these are the partners with whom you will want to build a relationship with and
share information first
Define supply chain management - Answer- - the coordination of a network of otherwise
independent trading partners creating a desired product or service, and moving it from
suppliers, through manufacturing, and out to customers when and where they want it
What are the four steps each trading partner in a supply chain must do in order to
satisfy the underlying demand? - Answer- Plan, Source, Make, Deliver
Supply chain management creates _____ by managing the processes of all of those
independent trading partners so that they can _____ with one another in an _____,
_____, and _____ way - Answer- - value
- collaborate
- efficient
, - effective
- cost conscious
What is the goal of supply chain management? - Answer- Increase Customer Service
while simultaneously reducing both inventory investment and operating expenses
- cost, quality, service
The two main reasons companies implement SCM are....? - Answer- - achieve cost
savings
- better coordinate resources
How does the service supply chain differ from a product supply chain? - Answer- - the
service supply chain is more about managing the relationships between the trading
partners than it is about managing the chain of supply
What are customers actually paying for in the service industry? - Answer- Labor and
intellectual property of the service provider
In a service supply chain, the service itself is not tangible but.... ? - Answer- it often
involves working on a tangible item that the customer provides
E.g., provide a car for the mechanic to work on
Service products cannot generally be produced in _____ or _____ - Answer- - in
advance
- or inventoried
Services are typically produced and consumed _____ - Answer- simultaneously
Many services require the use of _____ - Answer- Facilitating goods
What are facilitating goods? - Answer- Tangible elements used along with the service
provided
E.g., banks provide a service but need computers and office supplies to do so
supply chains are generally described as spanning _____ - Answer- from end-to-end
What is the SCOR model? - Answer- - Supply Chain Operations Research Model
- a framework that focuses on a basic supply chain of plan, source, make, deliver, and
return processes, repeated again and again along the supply chain.
Planning establishes the _____ within which the supply chain will operate - Answer-
parameters
Test Questions Correct Solutions
Current Update
Products and services are created from what? - Answer- materials, equipment, labor,
time, money, and other resources
Producing and delivering products and services requires what? - Answer- suppliers,
manufacturers, and customers
What is a total market stockout? - Answer- when all inventory is sold out
What happens when there's a disruption with one link of the supply chain? - Answer- All
links are interconnected, so a disruption with one will likely impact all others. A supply
chain is only as strong as its weakest link
Describe the flow of the supply chain - Answer- 1: raw materials
2: supplier
3: factory
4: distribution
5: retail
Does information flow downstream or upstream in the supply chain? - Answer-
Information flows BOTH directions in a supply chain. Such info includes market
predictions, laws & regulations, product info, quantities, amounts ordered, etc. Usually
housed in systems such as SAP.
Which tier of suppliers and customers is it most important to identify? - Answer- Tier 1
because these are the partners with whom you will want to build a relationship with and
share information first
Define supply chain management - Answer- - the coordination of a network of otherwise
independent trading partners creating a desired product or service, and moving it from
suppliers, through manufacturing, and out to customers when and where they want it
What are the four steps each trading partner in a supply chain must do in order to
satisfy the underlying demand? - Answer- Plan, Source, Make, Deliver
Supply chain management creates _____ by managing the processes of all of those
independent trading partners so that they can _____ with one another in an _____,
_____, and _____ way - Answer- - value
- collaborate
- efficient
, - effective
- cost conscious
What is the goal of supply chain management? - Answer- Increase Customer Service
while simultaneously reducing both inventory investment and operating expenses
- cost, quality, service
The two main reasons companies implement SCM are....? - Answer- - achieve cost
savings
- better coordinate resources
How does the service supply chain differ from a product supply chain? - Answer- - the
service supply chain is more about managing the relationships between the trading
partners than it is about managing the chain of supply
What are customers actually paying for in the service industry? - Answer- Labor and
intellectual property of the service provider
In a service supply chain, the service itself is not tangible but.... ? - Answer- it often
involves working on a tangible item that the customer provides
E.g., provide a car for the mechanic to work on
Service products cannot generally be produced in _____ or _____ - Answer- - in
advance
- or inventoried
Services are typically produced and consumed _____ - Answer- simultaneously
Many services require the use of _____ - Answer- Facilitating goods
What are facilitating goods? - Answer- Tangible elements used along with the service
provided
E.g., banks provide a service but need computers and office supplies to do so
supply chains are generally described as spanning _____ - Answer- from end-to-end
What is the SCOR model? - Answer- - Supply Chain Operations Research Model
- a framework that focuses on a basic supply chain of plan, source, make, deliver, and
return processes, repeated again and again along the supply chain.
Planning establishes the _____ within which the supply chain will operate - Answer-
parameters
