ISOM 351 UNIT 2 QUESTIONS &
ANSWERS(RATED A+)
what is supply chain management? - ANSWERthe flow of materials, products,
information, and services from the source to the user
what are some important supply chain questions? - ANSWERWhat products and
services are most critical to our success?
Should we do it ourselves or hire someone else to do it?
If we choose to hire someone else, do we make them partners or not?
How do we most effectively and efficiently implement these choices?
Offshoring - ANSWERmoving key activities to another country, typically for cost reasons
Nearshoring - ANSWERmoving key activities to a closer country
Reshoring - ANSWERmoving key activities back to the home country
Friend-shoring - ANSWERmoving key activities to a cheaper country with similar
political beliefs
what does it mean for supply chains to be multi-tiered? - ANSWERsupply side, demand
side, end customer;
complex system of tier 2 suppliers, tier 1 suppliers, tier 1 & 2 customers, end customer,
etc.
describes WHO does the work
vertical integration - ANSWERsimplifying the supply chain by taking ownership of many
tiers
describe an example of a non-physical or service business supply chain - ANSWEREx.
digital content supply chain (i.e. content to Apple TV; Netflix supply chain): content
creation --> rights --> editorial planning --> merchandizing --> scheduling operations -->
playout
Think hospital, hair salon, etc.
What is the bullwhip effect? - ANSWERSmall disturbances magnify in complex systems
What are 3 things that contribute to the bullwhip? - ANSWER- Information issues:
incomplete, imperfect, asymmetrical, delayed info
- Metrics: individual vs supply chain, cost of inventory vs stockouts, other penalties
ANSWERS(RATED A+)
what is supply chain management? - ANSWERthe flow of materials, products,
information, and services from the source to the user
what are some important supply chain questions? - ANSWERWhat products and
services are most critical to our success?
Should we do it ourselves or hire someone else to do it?
If we choose to hire someone else, do we make them partners or not?
How do we most effectively and efficiently implement these choices?
Offshoring - ANSWERmoving key activities to another country, typically for cost reasons
Nearshoring - ANSWERmoving key activities to a closer country
Reshoring - ANSWERmoving key activities back to the home country
Friend-shoring - ANSWERmoving key activities to a cheaper country with similar
political beliefs
what does it mean for supply chains to be multi-tiered? - ANSWERsupply side, demand
side, end customer;
complex system of tier 2 suppliers, tier 1 suppliers, tier 1 & 2 customers, end customer,
etc.
describes WHO does the work
vertical integration - ANSWERsimplifying the supply chain by taking ownership of many
tiers
describe an example of a non-physical or service business supply chain - ANSWEREx.
digital content supply chain (i.e. content to Apple TV; Netflix supply chain): content
creation --> rights --> editorial planning --> merchandizing --> scheduling operations -->
playout
Think hospital, hair salon, etc.
What is the bullwhip effect? - ANSWERSmall disturbances magnify in complex systems
What are 3 things that contribute to the bullwhip? - ANSWER- Information issues:
incomplete, imperfect, asymmetrical, delayed info
- Metrics: individual vs supply chain, cost of inventory vs stockouts, other penalties
