BCOR 360 FINAL EXAM STUDY GUIDE
supply chain - Answer -a global network used to deliver goods and services from raw
materials to end customers through an engineered flow of information, transformation,
physical distribution, and cash
supply chain management (SCM) - Answer -the design, planning, execution, and
monitoring of supply chain activities with there objective of creating net value, building a
competitive infrastructure, leveraging worldwide logistics, synchronizing supply with
demand, and measuring performance globally
value stream - Answer -consists of the processes that create, produce, and deliver a
good or service to the market
service industry - Answer -an organization that provides an intangible product. in a
broad sense all organizations except farming, mining, and manufacturing are service
industries
buyer/planner - Answer -a material buyer who also does material planning. job
manages material acquisition, assists in material requirements planning, supplier
relationship management, product lifecycle and service design, and other activities
related to acquiring resources for a firm
distribution and logistics manager - Answer -responsible for overseeing the flow of
goods and related information in the supply chain; coordinates supply chain processes
that involve suppliers, manufactures, retailers, and consumers
master scheduling manager - Answer -responsible for managing, establishing,
reviewing, and maintaining a master schedule of the need for select items
materials manager - Answer -supports the complete cycle of material flow, from the
purchase and tracking of raw material, tracking of work in process, to the tracking of the
finished product, ensuring the material is available to satisfy the demand of customers
supply chain manager - Answer -responsible for support of the global network that
delivers products and services across the entire supply chain, from raw materials to end
customers
order winners - Answer -the competitive characteristics that cause a firms customers to
choose that firms goods and services over those of its competitors
-competitive advantages for the firm (ex: price, quality, flexibility, design)
order qualifiers - Answer -the competitive characteristics that a firm must exhibit to be a
viable competitor in the marketplace
,order losers - Answer -the capabilities of an organization in which poor performance
can cause loss of business
integrated resource management - Answer -the consistent planning and validation of all
organizational resources; involves effective identification, planning, scheduling,
execution, and control of all organizational resources to produce a good or service that
provides customer satisfaction and supports the organizations competitive edge and
organizational goals
supply chain risk - Answer -recognizes that decisions and activities related to designing
and operating a supply chain have outcomes that can negatively affect information and
good flows within a supply chain
ISO 31000- risk management principles and guidelines - Answer -a standard that
outlines principles and a set of guidelines to manage risk in any endeavor; includes
guidelines for understanding risk, developing a risk management policy, integrating risk
management into organizational processes, and establishing internal and external risk
communication processes
sustainability - Answer -three-pronged objective in supply chain activities; fundamental
that all activities should provide benefit today without compromising the needs of future
generations
-financial performance
-environmental impact
-social responsibility
social responsibility - Answer -a firms employee welfare and public policy activities
ISO 14000- environmental management systems - Answer -series of generic envi-
ronmental management standards developed by the ISO, which provide struc- ture and
systems for managing environmental compliance with legislative and regulatory
requirements and affect every aspect of a company's environmental operations
ISO 26000- guidance for social responsibility - Answer -international standard adopted
by the ISO to assist organizations in contributing to sustainable devel- opment beyond
legal compliance through a common understanding of social responsibility
global reporting initiative (GRI) - Answer -network-based organization that pio- neered
the world's most widely used sustainability reporting framework
united nations global compact - Answer -voluntary initiative whereby companies
embrace, support, and enact, within their sphere of influence, a set of core values in the
areas of human rights, labor standards, the environment, and anti-corruption
logistics - Answer -is the art and science of obtaining, producing, and distributing
material and products to the proper place and in proper quantities
, third party logistics (3PL) - Answer -typically involves a buyer and supplier team who
work with a third party that provides product delivery services.
reverse logistics - Answer -the management of the complete supply chain dedicated to
the reverse flow of products and materials for the purpose of returns, repair,
remanufacture, and/or recycling
reverse supply chain - Answer -refers to items that move from the consumer back to
the producer for repair or disposal
outsourcing - Answer -refers to the process of having suppliers provide goods and
services that were previously provided internally
financial analysis - Answer -oriented toward two major areas: (1) investment in the
assets that are required to deliver products and services and (2) management of the
direct costs related to delivering the products and services of a firm
balance sheet - Answer -a financial statement showing the resources owned, the debts
owed, and the owner's share of a company at a given point in time
current assets - Answer -an accounting classification representing the short-term
resources owned by a company, including currency on hand, accounts receivable, and
inventory
accounts receivable - Answer -the value of goods shipped or services rendered to a
cus- tomer on which payment has not yet been received
inventory - Answer -the stocks or items used to support production (raw materials and
work-in-process items), supporting activities (maintenance, repair, and operating
supplies), and customer service (finished goods and spare parts)
fixed assets - Answer -resources, such as equipment and buildings, acquired for use
within a company having an estimated useful life of one year or more
accounts payable - Answer -the value of goods and services acquired for which
payment has not yet been made
-liability
owners equity - Answer -the residual claim by the company's owners or shareholders,
or both, to the company's assets less its liabilities
income statement - Answer -shows the net income for a business over a given period
of time
supply chain - Answer -a global network used to deliver goods and services from raw
materials to end customers through an engineered flow of information, transformation,
physical distribution, and cash
supply chain management (SCM) - Answer -the design, planning, execution, and
monitoring of supply chain activities with there objective of creating net value, building a
competitive infrastructure, leveraging worldwide logistics, synchronizing supply with
demand, and measuring performance globally
value stream - Answer -consists of the processes that create, produce, and deliver a
good or service to the market
service industry - Answer -an organization that provides an intangible product. in a
broad sense all organizations except farming, mining, and manufacturing are service
industries
buyer/planner - Answer -a material buyer who also does material planning. job
manages material acquisition, assists in material requirements planning, supplier
relationship management, product lifecycle and service design, and other activities
related to acquiring resources for a firm
distribution and logistics manager - Answer -responsible for overseeing the flow of
goods and related information in the supply chain; coordinates supply chain processes
that involve suppliers, manufactures, retailers, and consumers
master scheduling manager - Answer -responsible for managing, establishing,
reviewing, and maintaining a master schedule of the need for select items
materials manager - Answer -supports the complete cycle of material flow, from the
purchase and tracking of raw material, tracking of work in process, to the tracking of the
finished product, ensuring the material is available to satisfy the demand of customers
supply chain manager - Answer -responsible for support of the global network that
delivers products and services across the entire supply chain, from raw materials to end
customers
order winners - Answer -the competitive characteristics that cause a firms customers to
choose that firms goods and services over those of its competitors
-competitive advantages for the firm (ex: price, quality, flexibility, design)
order qualifiers - Answer -the competitive characteristics that a firm must exhibit to be a
viable competitor in the marketplace
,order losers - Answer -the capabilities of an organization in which poor performance
can cause loss of business
integrated resource management - Answer -the consistent planning and validation of all
organizational resources; involves effective identification, planning, scheduling,
execution, and control of all organizational resources to produce a good or service that
provides customer satisfaction and supports the organizations competitive edge and
organizational goals
supply chain risk - Answer -recognizes that decisions and activities related to designing
and operating a supply chain have outcomes that can negatively affect information and
good flows within a supply chain
ISO 31000- risk management principles and guidelines - Answer -a standard that
outlines principles and a set of guidelines to manage risk in any endeavor; includes
guidelines for understanding risk, developing a risk management policy, integrating risk
management into organizational processes, and establishing internal and external risk
communication processes
sustainability - Answer -three-pronged objective in supply chain activities; fundamental
that all activities should provide benefit today without compromising the needs of future
generations
-financial performance
-environmental impact
-social responsibility
social responsibility - Answer -a firms employee welfare and public policy activities
ISO 14000- environmental management systems - Answer -series of generic envi-
ronmental management standards developed by the ISO, which provide struc- ture and
systems for managing environmental compliance with legislative and regulatory
requirements and affect every aspect of a company's environmental operations
ISO 26000- guidance for social responsibility - Answer -international standard adopted
by the ISO to assist organizations in contributing to sustainable devel- opment beyond
legal compliance through a common understanding of social responsibility
global reporting initiative (GRI) - Answer -network-based organization that pio- neered
the world's most widely used sustainability reporting framework
united nations global compact - Answer -voluntary initiative whereby companies
embrace, support, and enact, within their sphere of influence, a set of core values in the
areas of human rights, labor standards, the environment, and anti-corruption
logistics - Answer -is the art and science of obtaining, producing, and distributing
material and products to the proper place and in proper quantities
, third party logistics (3PL) - Answer -typically involves a buyer and supplier team who
work with a third party that provides product delivery services.
reverse logistics - Answer -the management of the complete supply chain dedicated to
the reverse flow of products and materials for the purpose of returns, repair,
remanufacture, and/or recycling
reverse supply chain - Answer -refers to items that move from the consumer back to
the producer for repair or disposal
outsourcing - Answer -refers to the process of having suppliers provide goods and
services that were previously provided internally
financial analysis - Answer -oriented toward two major areas: (1) investment in the
assets that are required to deliver products and services and (2) management of the
direct costs related to delivering the products and services of a firm
balance sheet - Answer -a financial statement showing the resources owned, the debts
owed, and the owner's share of a company at a given point in time
current assets - Answer -an accounting classification representing the short-term
resources owned by a company, including currency on hand, accounts receivable, and
inventory
accounts receivable - Answer -the value of goods shipped or services rendered to a
cus- tomer on which payment has not yet been received
inventory - Answer -the stocks or items used to support production (raw materials and
work-in-process items), supporting activities (maintenance, repair, and operating
supplies), and customer service (finished goods and spare parts)
fixed assets - Answer -resources, such as equipment and buildings, acquired for use
within a company having an estimated useful life of one year or more
accounts payable - Answer -the value of goods and services acquired for which
payment has not yet been made
-liability
owners equity - Answer -the residual claim by the company's owners or shareholders,
or both, to the company's assets less its liabilities
income statement - Answer -shows the net income for a business over a given period
of time
