SCMN 3710 EXAM 1 STUDY GUIDE QUESTIONS WITH COMPLETE SOLUTIONS

5 driving forces of change correct answer: 1. Globalization 2. Technology 3. Organizational Consolidation 4. Empowered Consumers 5. Government Policy and Regulation 3 Phases of development leading to the supply chain concept correct answer: 1. Physical Distribution (50s - 60s) total cost focus 2. Integrated Logistics (70s - 80s) coordinate inbound and outbound 3. Supply Chain Management (90s - Present) holistic view from supplier to consumer Cash-to-cash cycle correct answer: Receive payment from customer BEFORE it is required to pay suppliers EX: Dell is famous for its rapid cash-to-cash cycle Financial Benefits of SCM correct answer: SCM increases cost efficiency Mentzer's definition of supply chain correct answer: a supply chain is a set of three or more organizations directly linked by one or more of upstream and downstream flows of products, services, finances, and information from a source to a customer Elements of logistics correct answer: -the work required to move and position inventory throughout a supply chain -the movement and storage activities that are associated with product and service flow in the focal organization