SCMN-2150-Test 1- Barry Russell Questions and Answers Graded A+

SCMN-2150-Test 1- Barry Russell Questions and Answers Graded A+ What is a supply chain? Organizations and activities involved with the flow of products from raw materials to the customer What is supply chain management? the art of managing the flow of materials and products, information, and financial resources from source to user Why is supply chain management important to companies ? helps companies outpace the competition by managing their materials, product, and information flows Importance of scm to companies -BETTER,FASTER,CHEAPER -Greater profits=Higher sales+Lower costs What value does SCM provide Customer care, competitiveness, efficiency, responsiveness, resiliency What are the essential activities in a supply chain -Planning and forecasting - Supply management and Procurement - Operations management and Production - Logistics and Transportation What are the challenges of SCM ? - product life cycles are shrinking - customers are demanding customized products - competition is intensifying - companies need to be much more efficient Why is supply chain important to customers ? Product Availability -Time And Place Utility Fulfillment Accuracy Seven Rights - Right Product - Right Customer - Right Time - Right Place - Right Condition - Right Quantity - Right Cost Who is the most important participant of a supply chain? The consumer What companies have the top supply chains Cisco---Johnson & Johnson---Colgate- Palmolive What are the three key flows of a supply chain 1.Product 2.Information 3.Money What is the logistics network ? The process or system of an organization that work together to design, produce, and deliver a service to a market what are nodes nodes- fixed point like a warehouses or distribution center.Goods are processed, transformed, mixed, held, or sold at nodes. What are the benefits of a Centralized supply