ENGT 405 Exam 1 questions with accurate
answers
Backward vertical intergration Ans✓✓✓ acquiring sources of supply
Benefits of strategic supplier alliance Ans✓✓✓ better market
penetration
Access new technology
Better service
Common methods that companies use for small-value purchase orders to
reduce "red-tape" and procurement costs Ans✓✓✓ blanket or open-end
purchase orders
Procurement credit card
Blank check purchase orders
Current trends in SCM Ans✓✓✓ -Supply Chain Analytics
-Sustainability performance
-Increasing Supply Chain Visibility
Define benchmarking and using what methods Ans✓✓✓ a process by
which a company compares its performance with that of high-
performing organizations
, Using what methods:
Using surveys
Discussing sourcing strategies
Collecting published trade info
Define Bullwhip effects and causes Ans✓✓✓ Erratic demand forecasts
causing excess safety stocks, which causes production planning
problems
Define business ethics and describe the role of business ethics in
sourcing decisions Ans✓✓✓ the application of moral standards to
business situations
Two approaches:
Utilitarianism
Rights & duties
Define Cold Chain Ans✓✓✓ The management of all phases including
products in transit, in process, in storage, and in display. It ensures that
perishable products are safe and high-quality at the point of
consumption.
Define Corporate Social Responsibility Ans✓✓✓ a business' concern
for society's welfare
answers
Backward vertical intergration Ans✓✓✓ acquiring sources of supply
Benefits of strategic supplier alliance Ans✓✓✓ better market
penetration
Access new technology
Better service
Common methods that companies use for small-value purchase orders to
reduce "red-tape" and procurement costs Ans✓✓✓ blanket or open-end
purchase orders
Procurement credit card
Blank check purchase orders
Current trends in SCM Ans✓✓✓ -Supply Chain Analytics
-Sustainability performance
-Increasing Supply Chain Visibility
Define benchmarking and using what methods Ans✓✓✓ a process by
which a company compares its performance with that of high-
performing organizations
, Using what methods:
Using surveys
Discussing sourcing strategies
Collecting published trade info
Define Bullwhip effects and causes Ans✓✓✓ Erratic demand forecasts
causing excess safety stocks, which causes production planning
problems
Define business ethics and describe the role of business ethics in
sourcing decisions Ans✓✓✓ the application of moral standards to
business situations
Two approaches:
Utilitarianism
Rights & duties
Define Cold Chain Ans✓✓✓ The management of all phases including
products in transit, in process, in storage, and in display. It ensures that
perishable products are safe and high-quality at the point of
consumption.
Define Corporate Social Responsibility Ans✓✓✓ a business' concern
for society's welfare
