OM 300 EXAM 3
Question 1.
objective is to structure the supply chain to maximize its competitive advantage (better/cheaper/faster) and benefits to the ultimate
consumer
ANSWER
Supply Chain Management
Question 2.
Suppliers (sourcing) - Manufacturers ((or service providers) production) - Warehousing (storage) - Transportation (Logistics) -
Distribution (wholesalers AKA middle man/retailers direct) - Customers (end users)
ANSWER
Components of Supply Chain
Question 3.
Coordination of all activities (raw materials to satisfied computer); includes suppliers/manufacturers/service
providers/distributors/wholesalers/retailers/final customers, supplier relationships increasingly integrated and long term; improve
innovation, speed design, re-duce costs. (data, dollars, durables, deliverables)
ANSWER
Supply Chain's Strategic Importance
Question 4.
Many suppliers, few suppliers, vertical integration, joint ventures, Keiretsu networks, virtual companies
ANSWER
Six Sourcing Strategies
Question 5.
Company uses many competing suppliers and focuses on low cost and competition. Commonly used for commodity products,
purchasing is based on price, suppliers compete with another, supplier is responsible for technology expertise forecasting cost quality
and delivery
ANSWER
Many Suppliers
Question 6.
Company uses a small number of long-term suppliers and focuses on strong relationships and reliability. Buyer forms longer term
relationships with fewer suppliers, create value through economies of scale and learning curve improvements, suppliers more willing
to participate in JIT and contribute design/tech expertise. HUGE cost of changing, trade secrets and other alliances may be at risk
ANSWER
Few Suppliers
, Question 7.
Forward (own distribution) or backward (own suppliers ), company owns multiple steps of supply chain. Developing the ability to
produce goods or services previously purchased, integration may be forward (towards customer) or backward (toward supplier)
ANSWER
Vertical integration
Question 8.
Two + companies partner to share resources, risk or expertise. Formal collaboration (enhance skills, secure supply, reduce costs).
Challenge is cooperation without diluting brand or conceding competitive advantage, used to be competitors
ANSWER
Joint ventures
Question 9.
Network of suppliers linked to a company (partial ownership), common in Japan, balance between few suppliers + vertical integration.
Long-term relationships, Honda and Mazda
ANSWER
Keiretsu Networks
Question 10.
Company outsources most operations and focuses on core competencies, flexible and cost efficient. Rely on a variety of supplier
relations to provide services ON DEMAND. May be short/long term. Netflix
ANSWER
Virtual companies
Question 11.
More reliance means more risk, fewer suppliers increases dependence. OM must anticipate, evaluate, mitigate, and eliminate risk
within supply chain
ANSWER
Supply Chain risk
Question 12.
Vendor reliability and quality risks & political and currency risks. Compounded by globalization and logistical complexity
ANSWER
Types of supply chain risk
Question 13.
Research and assess possible risks, innovative planning, reduce potential disruptions, prepare reasons for negative events, flexible
secure supply chains, diversified supplier base
ANSWER
Risk and Mitigation tactics
, Question 14.
Tracking can help expedite shipments. Shipments get misrouted, stolen, damaged, or extremely delayed. Technology is improving
security and inventory management (tracking, motion sensors, broken seals).
ANSWER
Security and JIT
Question 15.
Local optimization can magnify fluctuations, incentives push merchandise into the supply chain for sales that haven't happened, large
lots reduce shipping and production costs but increase inventory holding/do not reflect actual sales. Bullwhip effect
ANSWER
Issues with Managing the Integrated Supply Chain
Question 16.
occurs when orders are relayed through the supply chain with larger fluctuations increasing at each step which creates unstable
production schedules and longer lead times, Anytime the supply chain isn't understood. Damage can be minimized with supplier
coordination and planning. think Covid (don't under-stand and everyone bought toilet paper)
ANSWER
Bullwhip effect
Question 17.
accurate "pull" data, shared information. Lot size re-duction, shipping, discounts, reduced ordering costs. Single stage control of
replenishment (single supply chain member responsible for ordering). Blanket orders against which actual orders are released.
Vendor managed inventory (VMI, convenience store, vendors own inventory)
ANSWER
Opportunities managing the integrated supply chain
Question 18.
(CPFR) Collaborative planning, forecasting and replenishment throughout the supply chain, standardization, postponement withholds
modification as long as possible
ANSWER
Opportunities managing the integrated supply chain pt 2
Question 19.
EFT electronic ordering and funds transfer speed transactions and reduce paperwork. Omnichannel strategy (provide multiple
integrated channels of both communication and shipping). Drop shipping and special packaging bypasses the seller and reduces
costs. Blockchain aids tracking and verification, Digitalization and the Internet-of-Things (IoT)
ANSWER
opportunities managing the integrated supply chain pt 3
Question 1.
objective is to structure the supply chain to maximize its competitive advantage (better/cheaper/faster) and benefits to the ultimate
consumer
ANSWER
Supply Chain Management
Question 2.
Suppliers (sourcing) - Manufacturers ((or service providers) production) - Warehousing (storage) - Transportation (Logistics) -
Distribution (wholesalers AKA middle man/retailers direct) - Customers (end users)
ANSWER
Components of Supply Chain
Question 3.
Coordination of all activities (raw materials to satisfied computer); includes suppliers/manufacturers/service
providers/distributors/wholesalers/retailers/final customers, supplier relationships increasingly integrated and long term; improve
innovation, speed design, re-duce costs. (data, dollars, durables, deliverables)
ANSWER
Supply Chain's Strategic Importance
Question 4.
Many suppliers, few suppliers, vertical integration, joint ventures, Keiretsu networks, virtual companies
ANSWER
Six Sourcing Strategies
Question 5.
Company uses many competing suppliers and focuses on low cost and competition. Commonly used for commodity products,
purchasing is based on price, suppliers compete with another, supplier is responsible for technology expertise forecasting cost quality
and delivery
ANSWER
Many Suppliers
Question 6.
Company uses a small number of long-term suppliers and focuses on strong relationships and reliability. Buyer forms longer term
relationships with fewer suppliers, create value through economies of scale and learning curve improvements, suppliers more willing
to participate in JIT and contribute design/tech expertise. HUGE cost of changing, trade secrets and other alliances may be at risk
ANSWER
Few Suppliers
, Question 7.
Forward (own distribution) or backward (own suppliers ), company owns multiple steps of supply chain. Developing the ability to
produce goods or services previously purchased, integration may be forward (towards customer) or backward (toward supplier)
ANSWER
Vertical integration
Question 8.
Two + companies partner to share resources, risk or expertise. Formal collaboration (enhance skills, secure supply, reduce costs).
Challenge is cooperation without diluting brand or conceding competitive advantage, used to be competitors
ANSWER
Joint ventures
Question 9.
Network of suppliers linked to a company (partial ownership), common in Japan, balance between few suppliers + vertical integration.
Long-term relationships, Honda and Mazda
ANSWER
Keiretsu Networks
Question 10.
Company outsources most operations and focuses on core competencies, flexible and cost efficient. Rely on a variety of supplier
relations to provide services ON DEMAND. May be short/long term. Netflix
ANSWER
Virtual companies
Question 11.
More reliance means more risk, fewer suppliers increases dependence. OM must anticipate, evaluate, mitigate, and eliminate risk
within supply chain
ANSWER
Supply Chain risk
Question 12.
Vendor reliability and quality risks & political and currency risks. Compounded by globalization and logistical complexity
ANSWER
Types of supply chain risk
Question 13.
Research and assess possible risks, innovative planning, reduce potential disruptions, prepare reasons for negative events, flexible
secure supply chains, diversified supplier base
ANSWER
Risk and Mitigation tactics
, Question 14.
Tracking can help expedite shipments. Shipments get misrouted, stolen, damaged, or extremely delayed. Technology is improving
security and inventory management (tracking, motion sensors, broken seals).
ANSWER
Security and JIT
Question 15.
Local optimization can magnify fluctuations, incentives push merchandise into the supply chain for sales that haven't happened, large
lots reduce shipping and production costs but increase inventory holding/do not reflect actual sales. Bullwhip effect
ANSWER
Issues with Managing the Integrated Supply Chain
Question 16.
occurs when orders are relayed through the supply chain with larger fluctuations increasing at each step which creates unstable
production schedules and longer lead times, Anytime the supply chain isn't understood. Damage can be minimized with supplier
coordination and planning. think Covid (don't under-stand and everyone bought toilet paper)
ANSWER
Bullwhip effect
Question 17.
accurate "pull" data, shared information. Lot size re-duction, shipping, discounts, reduced ordering costs. Single stage control of
replenishment (single supply chain member responsible for ordering). Blanket orders against which actual orders are released.
Vendor managed inventory (VMI, convenience store, vendors own inventory)
ANSWER
Opportunities managing the integrated supply chain
Question 18.
(CPFR) Collaborative planning, forecasting and replenishment throughout the supply chain, standardization, postponement withholds
modification as long as possible
ANSWER
Opportunities managing the integrated supply chain pt 2
Question 19.
EFT electronic ordering and funds transfer speed transactions and reduce paperwork. Omnichannel strategy (provide multiple
integrated channels of both communication and shipping). Drop shipping and special packaging bypasses the seller and reduces
costs. Blockchain aids tracking and verification, Digitalization and the Internet-of-Things (IoT)
ANSWER
opportunities managing the integrated supply chain pt 3
