SCM 300 Exam 1 with 100% Correct
Answers
Supply Chain Management (SCM) - correct Answer-the effective and efficient
integration of the suppliers, manufacturers, transportation organizations as well as the
other parties responsible for collectively bringing products and services to market.
Procurement - correct Answer-branch of an organization responsible for acquiring
materials, equipment, products and services. (Purchasing)
Operations - correct Answer-responsible for making business processes effective and
efficient
Logistics - correct Answer-responsible for developing the transportation itinerary and
finding the appropriate transportation and storage partners to successfully navigate the
flow of materials from the point of origin to the final destination.
Reverse Logistics - correct Answer-management of products that flow backwards in the
supply chain (upstream), away from the consumer and back in the direction of
manufacturers
Global SCM - correct Answer-suppliers, manufacturers, transportation companies,
warehouse distribution centers, retailers, and other supply chain partners span across
multiple countries and/or continents.
1st-tier and 2nd-tier suppliers - correct Answer--1st tier: a company's direct suppliers.
-2nd tier: firm that provides goods and/or services to a company's first-tier supplier.
Upstream vs. Downstream - correct Answer-1. the direction that points toward the
suppliers.
2. the direction that points toward the end consumer
Three SCM Flows - correct Answer-for SC to function and develop, three things must
continuously flow; Materials, Money, and Information.
Business Model - correct Answer-company's plan for how it will purchase, transform,
deliver, and sell product in an effort to produce a profit.
Supply Chain Visibility - correct Answer-ability to see what is happening w/ inventory
upstream and downstream in a supply chain.
, Profit's relationship to SCM - correct Answer-Profit: SC plays a role in controlling types
of costs that ensure manufacturing and delivery, which can increase profit.
ROI's relationship to SCM - correct Answer-ROI: SC seek to help maximize ROI, by
creating great products and delivering them quickly, customers may be willing to pay
more.
Competitive priorities - correct Answer-tracking cost, quality, speed, and flexibility is vital
to knowing whether the company is meeting its goals and working towards better
performance in the future.
Core competencies - correct Answer-primary advantage a company has over its
competitors; difficult, if not impossible, to replicate.
Productivity vs. Value - correct Answer--Productivity: maximize the amount of outputs
that can be produced and delivered to market while minimizing the required inputs.
-Value: ratio of "output purchased"/ "inputs used to purchase"
Primary Supply Chain Goals - correct Answer-Effectiveness, efficiency, and adaptability
- to make high quality products and services in a timely fashion that meet the needs of
the customer. In a way that utilized minimal resources, and changes in the market.
Seven types of waste - correct Answer-(1) Defects: poorly manufactured products are
garbage
(2) Overproduction: making products no one needs is a waste of time, money, and effort
(3) Transportation: moving products doesn't make the product better, it incr. the
possibility of theft, damage, and loss
(4) Motion: if employees move too much in a SC they could get tired, injured, or be
wasting time
(5) Waiting: Work-in-process waiting to be finished was made too early. Items should
not be produced too far in advance
(6) Inventory: shelf items are not providing an immediate return, could be lost, broken,
or stolen
(7) Over-processing: doing work that is unnecessary or undesired is a waste of time and
resources.
Keys to being a successful SC Manager - correct Answer-(1) Satisfy the needs of the
customer
(2) Satisfy the needs of the company
(3) Be prepared for the future.
Supply Chain Strategy - correct Answer-(a) Understand the product/service and the
market's desires
(b) Developing a business model
(c) Organizing the right group of supply chain partners
Answers
Supply Chain Management (SCM) - correct Answer-the effective and efficient
integration of the suppliers, manufacturers, transportation organizations as well as the
other parties responsible for collectively bringing products and services to market.
Procurement - correct Answer-branch of an organization responsible for acquiring
materials, equipment, products and services. (Purchasing)
Operations - correct Answer-responsible for making business processes effective and
efficient
Logistics - correct Answer-responsible for developing the transportation itinerary and
finding the appropriate transportation and storage partners to successfully navigate the
flow of materials from the point of origin to the final destination.
Reverse Logistics - correct Answer-management of products that flow backwards in the
supply chain (upstream), away from the consumer and back in the direction of
manufacturers
Global SCM - correct Answer-suppliers, manufacturers, transportation companies,
warehouse distribution centers, retailers, and other supply chain partners span across
multiple countries and/or continents.
1st-tier and 2nd-tier suppliers - correct Answer--1st tier: a company's direct suppliers.
-2nd tier: firm that provides goods and/or services to a company's first-tier supplier.
Upstream vs. Downstream - correct Answer-1. the direction that points toward the
suppliers.
2. the direction that points toward the end consumer
Three SCM Flows - correct Answer-for SC to function and develop, three things must
continuously flow; Materials, Money, and Information.
Business Model - correct Answer-company's plan for how it will purchase, transform,
deliver, and sell product in an effort to produce a profit.
Supply Chain Visibility - correct Answer-ability to see what is happening w/ inventory
upstream and downstream in a supply chain.
, Profit's relationship to SCM - correct Answer-Profit: SC plays a role in controlling types
of costs that ensure manufacturing and delivery, which can increase profit.
ROI's relationship to SCM - correct Answer-ROI: SC seek to help maximize ROI, by
creating great products and delivering them quickly, customers may be willing to pay
more.
Competitive priorities - correct Answer-tracking cost, quality, speed, and flexibility is vital
to knowing whether the company is meeting its goals and working towards better
performance in the future.
Core competencies - correct Answer-primary advantage a company has over its
competitors; difficult, if not impossible, to replicate.
Productivity vs. Value - correct Answer--Productivity: maximize the amount of outputs
that can be produced and delivered to market while minimizing the required inputs.
-Value: ratio of "output purchased"/ "inputs used to purchase"
Primary Supply Chain Goals - correct Answer-Effectiveness, efficiency, and adaptability
- to make high quality products and services in a timely fashion that meet the needs of
the customer. In a way that utilized minimal resources, and changes in the market.
Seven types of waste - correct Answer-(1) Defects: poorly manufactured products are
garbage
(2) Overproduction: making products no one needs is a waste of time, money, and effort
(3) Transportation: moving products doesn't make the product better, it incr. the
possibility of theft, damage, and loss
(4) Motion: if employees move too much in a SC they could get tired, injured, or be
wasting time
(5) Waiting: Work-in-process waiting to be finished was made too early. Items should
not be produced too far in advance
(6) Inventory: shelf items are not providing an immediate return, could be lost, broken,
or stolen
(7) Over-processing: doing work that is unnecessary or undesired is a waste of time and
resources.
Keys to being a successful SC Manager - correct Answer-(1) Satisfy the needs of the
customer
(2) Satisfy the needs of the company
(3) Be prepared for the future.
Supply Chain Strategy - correct Answer-(a) Understand the product/service and the
market's desires
(b) Developing a business model
(c) Organizing the right group of supply chain partners
