Supply Chain Jordan TCU Exam 1 Review
with Complete Solutions Graded A+
Questions And Answers
Supply Chain Management. ANSWER -the design and execution of relationships and
flows that connect the parties and processes across a supply chain
Drivers of SCM. ANSWER -Information
Technology
Speed
Visibility
Competition
Supply Chain. ANSWER -global network of organizations and activities involved in
designing, transforming, consuming, and disposing of goods and services
Goods. ANSWER -tangible, can be inventoried, little customer contact, long lead
times, capital-intensive, quality easily assessed, material is transformed
Services. ANSWER -intangible, cannot be inventoried, extensive customer contact,
short lead times, often labor-intensive, quality more difficult to assess, information or
customer is transformed
Process. ANSWER -System of activities that transforms inputs into valuable outputs
- used by everyone
@GoldenMinds
,I-P-O. ANSWER -Input --> Process --> Output
Why Supply Chain Management is Important. ANSWER --Effects almost everyone in
the world
-Delivery of product to customer is becoming more complicated
-Numerous organizations involved
Why Companies Focus on Supply Chain Management Today. ANSWER -Improved
inventory levels, better deliver times, better quality, better performance
Operational Importance of Supply Chain Management. ANSWER --Provide
uninterrupted flow of material and services to operating systems
-Keep inventory investment at minimum
-Maximize quality
-Find and deliver competent sources of supply
-Standardize requirements for products and services
-Purchase materials and services at lowest price
-Foster cross-functional relationships
Value Propostition. ANSWER -Collection of product and service features that is both
attractive to customers and different than competitors' offerings
How to Create and Capture Value. ANSWER --Create features that a company will
pay for
@GoldenMinds
, -Create a difficult to imitate source of differentiation
-Satisfy financial and strategic firm objectives
-Use firm's capabilities and supply chain
-Know how to solve customer problems
-Profit margin = Value created by a company minus cost of creating value
How Technology has Impacted the Supply Chain. ANSWER --Faster, more extensive
connectivity
-Strengthening of partnerships with better communication
-Faster, more reliable, more economic shipping
-Growing transportation infrastructure in developing and emerging places
IKEA Supply Chain. ANSWER -well-designed, unassembled furniture, very low
prices
Customer Satisfaction. ANSWER -When you meet and exceed customer's
expectations or extent to which a product's perceived performance matches a buyer's
expectations
Perceived Customer Value. ANSWER -Total Customer Value - Total Customer Cost
Digital Darwinism. ANSWER -Implies that organizations which cannot adapt to new
demands placed on them for surviving in information age are doomed to extinction
Operations Management. ANSWER -Management of processes used to design,
supply, produce, and deliver valuable goods and services to customers
@GoldenMinds
with Complete Solutions Graded A+
Questions And Answers
Supply Chain Management. ANSWER -the design and execution of relationships and
flows that connect the parties and processes across a supply chain
Drivers of SCM. ANSWER -Information
Technology
Speed
Visibility
Competition
Supply Chain. ANSWER -global network of organizations and activities involved in
designing, transforming, consuming, and disposing of goods and services
Goods. ANSWER -tangible, can be inventoried, little customer contact, long lead
times, capital-intensive, quality easily assessed, material is transformed
Services. ANSWER -intangible, cannot be inventoried, extensive customer contact,
short lead times, often labor-intensive, quality more difficult to assess, information or
customer is transformed
Process. ANSWER -System of activities that transforms inputs into valuable outputs
- used by everyone
@GoldenMinds
,I-P-O. ANSWER -Input --> Process --> Output
Why Supply Chain Management is Important. ANSWER --Effects almost everyone in
the world
-Delivery of product to customer is becoming more complicated
-Numerous organizations involved
Why Companies Focus on Supply Chain Management Today. ANSWER -Improved
inventory levels, better deliver times, better quality, better performance
Operational Importance of Supply Chain Management. ANSWER --Provide
uninterrupted flow of material and services to operating systems
-Keep inventory investment at minimum
-Maximize quality
-Find and deliver competent sources of supply
-Standardize requirements for products and services
-Purchase materials and services at lowest price
-Foster cross-functional relationships
Value Propostition. ANSWER -Collection of product and service features that is both
attractive to customers and different than competitors' offerings
How to Create and Capture Value. ANSWER --Create features that a company will
pay for
@GoldenMinds
, -Create a difficult to imitate source of differentiation
-Satisfy financial and strategic firm objectives
-Use firm's capabilities and supply chain
-Know how to solve customer problems
-Profit margin = Value created by a company minus cost of creating value
How Technology has Impacted the Supply Chain. ANSWER --Faster, more extensive
connectivity
-Strengthening of partnerships with better communication
-Faster, more reliable, more economic shipping
-Growing transportation infrastructure in developing and emerging places
IKEA Supply Chain. ANSWER -well-designed, unassembled furniture, very low
prices
Customer Satisfaction. ANSWER -When you meet and exceed customer's
expectations or extent to which a product's perceived performance matches a buyer's
expectations
Perceived Customer Value. ANSWER -Total Customer Value - Total Customer Cost
Digital Darwinism. ANSWER -Implies that organizations which cannot adapt to new
demands placed on them for surviving in information age are doomed to extinction
Operations Management. ANSWER -Management of processes used to design,
supply, produce, and deliver valuable goods and services to customers
@GoldenMinds
