SCM 421 Exam 1 Questions With Correct
Answers
Procurement |- |CORRECT |ANSWER✔✔-Purchasing
as |an |activity, |profession, |and |functional |area
Todays |competitive |environment |- |CORRECT |ANSWER✔✔-Competition |is |increasing, |markets |
are |increasing, |new |tech, |more |info |make |customers |empowered, |risks |are |higher
What |happens |as |a |raw |material |moves |through |the |supply |chain? |- |CORRECT |ANSWER✔✔-It |
becomes |a |product |which |is |more |expensive |the |more |it |moves |down |the |line |towards |the |
customer
Profit |Leverage |Effect |- |CORRECT |ANSWER✔✔-The |amount |of |extra |sales |dollars |needed |to |
have |the |same |impact |of |$1 |saved |by |purchasing's |cost |cutting |efforts.
$1 |saved |by |purchasing |is |an |additional |$1 |operating |profit. |An |additional |$1 |increased |sales |
only |increases |profit |by |the |operating |percentage.
Supply |chain |Management |- |CORRECT |ANSWER✔✔-is |the |efficient |and |effective |flow |of |
products, |services, |information, |and |financials |from |the |supplier's |suppliers |through |the |
various |intermediate |organizations |out |to |the |customer's |customers.
Product |and |service |are |easy |to |move
info |and |financials |are |harder |to |transfer
,not |all |supply |chains |are |effective |and |efficient
SCOR |Model |- |CORRECT |ANSWER✔✔-Plan
Source
Make
Deliver
Return
Enable
(SCOR) |Plan |- |CORRECT |ANSWER✔✔-Planning |processes |help |you |use |resources |to |generate |
and |fill |demand |to |meet |your |financial |plan
(SCOR) |Source |- |CORRECT |ANSWER✔✔-Sourcing |processes |help |you |build |an |effective |
sourcing |organization |and |select |the |"best" |suppliers
(SCOR) |Make |- |CORRECT |ANSWER✔✔-Production |processes |help |you |transform |inputs |into |a |
finished |product |that |customers |value.
(SCOR) |Deliver |- |CORRECT |ANSWER✔✔-Logistics |processes |help |you |manage |inbound |delivery |
of |materials—both |inbound |and |outbound
(SCOR) |Return |- |CORRECT |ANSWER✔✔-Return |processes |help |you |manage |the |return |of |
products—for |any |reason.
(SCOR) |Enable |- |CORRECT |ANSWER✔✔-Enabling |processes |help |you |support |plan-source-
make-deliver-return |value |creation |activities.
Buyers |role |- |CORRECT |ANSWER✔✔-- |Study |sales |records |and |inventory |levels |of |stock
, - |Identifying |foreign |and |domestic |suppliers
- |Keep |informed |of |changes |affecting |both |the |supply
of, |and |demand |for, |needed |products |and |materials
-Determine/negotiate |the |best |value
- |Choose |the |appropriate |suppliers
- |Monitor |and |evaluate |suppliers
- |Award |contracts |that |ensure |that |the |correct |amount
of |the |product |or |service |is |received |at |the |appropriate |time
Seven |rights |of |purchasing |- |CORRECT |ANSWER✔✔-Right |material, |quantity, |time, |place, |
supplier, |service, |price
Customer |Value |- |CORRECT |ANSWER✔✔-What |the |customer |gets/what |it |costs |the |customer
customer |defines |the |value |of |your |product
To |increase |value |give |customer |more |for |a |lower |cost |and |vice |versa
How |is |customer |value |created |- |CORRECT |ANSWER✔✔-Quality, |flexibility, |and |speed/cost
Value |Dynamics: |Three |truths |- |CORRECT |ANSWER✔✔-Supply |chains |are |inherently |
interdependent |
supply |chains |are |inherently |dynamic
value |is |cumulative
Answers
Procurement |- |CORRECT |ANSWER✔✔-Purchasing
as |an |activity, |profession, |and |functional |area
Todays |competitive |environment |- |CORRECT |ANSWER✔✔-Competition |is |increasing, |markets |
are |increasing, |new |tech, |more |info |make |customers |empowered, |risks |are |higher
What |happens |as |a |raw |material |moves |through |the |supply |chain? |- |CORRECT |ANSWER✔✔-It |
becomes |a |product |which |is |more |expensive |the |more |it |moves |down |the |line |towards |the |
customer
Profit |Leverage |Effect |- |CORRECT |ANSWER✔✔-The |amount |of |extra |sales |dollars |needed |to |
have |the |same |impact |of |$1 |saved |by |purchasing's |cost |cutting |efforts.
$1 |saved |by |purchasing |is |an |additional |$1 |operating |profit. |An |additional |$1 |increased |sales |
only |increases |profit |by |the |operating |percentage.
Supply |chain |Management |- |CORRECT |ANSWER✔✔-is |the |efficient |and |effective |flow |of |
products, |services, |information, |and |financials |from |the |supplier's |suppliers |through |the |
various |intermediate |organizations |out |to |the |customer's |customers.
Product |and |service |are |easy |to |move
info |and |financials |are |harder |to |transfer
,not |all |supply |chains |are |effective |and |efficient
SCOR |Model |- |CORRECT |ANSWER✔✔-Plan
Source
Make
Deliver
Return
Enable
(SCOR) |Plan |- |CORRECT |ANSWER✔✔-Planning |processes |help |you |use |resources |to |generate |
and |fill |demand |to |meet |your |financial |plan
(SCOR) |Source |- |CORRECT |ANSWER✔✔-Sourcing |processes |help |you |build |an |effective |
sourcing |organization |and |select |the |"best" |suppliers
(SCOR) |Make |- |CORRECT |ANSWER✔✔-Production |processes |help |you |transform |inputs |into |a |
finished |product |that |customers |value.
(SCOR) |Deliver |- |CORRECT |ANSWER✔✔-Logistics |processes |help |you |manage |inbound |delivery |
of |materials—both |inbound |and |outbound
(SCOR) |Return |- |CORRECT |ANSWER✔✔-Return |processes |help |you |manage |the |return |of |
products—for |any |reason.
(SCOR) |Enable |- |CORRECT |ANSWER✔✔-Enabling |processes |help |you |support |plan-source-
make-deliver-return |value |creation |activities.
Buyers |role |- |CORRECT |ANSWER✔✔-- |Study |sales |records |and |inventory |levels |of |stock
, - |Identifying |foreign |and |domestic |suppliers
- |Keep |informed |of |changes |affecting |both |the |supply
of, |and |demand |for, |needed |products |and |materials
-Determine/negotiate |the |best |value
- |Choose |the |appropriate |suppliers
- |Monitor |and |evaluate |suppliers
- |Award |contracts |that |ensure |that |the |correct |amount
of |the |product |or |service |is |received |at |the |appropriate |time
Seven |rights |of |purchasing |- |CORRECT |ANSWER✔✔-Right |material, |quantity, |time, |place, |
supplier, |service, |price
Customer |Value |- |CORRECT |ANSWER✔✔-What |the |customer |gets/what |it |costs |the |customer
customer |defines |the |value |of |your |product
To |increase |value |give |customer |more |for |a |lower |cost |and |vice |versa
How |is |customer |value |created |- |CORRECT |ANSWER✔✔-Quality, |flexibility, |and |speed/cost
Value |Dynamics: |Three |truths |- |CORRECT |ANSWER✔✔-Supply |chains |are |inherently |
interdependent |
supply |chains |are |inherently |dynamic
value |is |cumulative
