SCMN 2150 Exam 2 Robert Straw Questions and Answers Already Passed

SCMN 2150 Exam 2 Robert Straw Questions and Answers Already Passed What is procurement? The purchase of merchandise or services at the optimum possible total cost in the correct amount and quality What is strategic sourcing? an institutional procurement process that continuously improves and re-evaluates the purchasing activities of a company What is the difference between traditional purchasing and strategic sourcing? strategic sources seeks for continuous improvement What are the steps in the procurement process and why is it important to follow them? 1) Identify material & service needs 2) Evaluate supplier options 3) Select supplier 4) Release orders and receive products 5) Measure and manage performance It is important to follow these steps because you do not want to make a decision based on incomplete information What are the goals of supply chain management and why is it important? To buy products and services.... - At the right price - From the right source - At the right specification - In the right quantity - For delivery at the right time - To the right internal customer It is important because it wants to generate a sustainable advantage through lower costs, higher quality, and better service from our global supply base of trading partners What is a quadrant analysis and why is it important? A quadrant analysis is a visual tool that categorizes data or elements into four quadrants based on two criteria, helping to prioritize and make decisions from either the products or services. It is important for simplifying complex data, identifying trends, and making informed choices in various fields. Why is it important to evaluate supplier performance? - To monitor KPIs (key performance indicators) and take corrective action, to ensure value is provided by suppliers - To create visibility into process and performance across the entire supply management lifecycle Fill Rate Total Quantity Received / Total Quantity Ordered Defect Rate Total Quantity Defective / Total Quantity Received On Time Orders Received On Time / Total Orders Perfect Purchase Order Percent Order arrives on time, without defects, and with perfect documentation at the right location with correct quantities of all SKUs (stock keeping unit) ordered What is a supplier scorecard and how are they created and utilized? - Monitor performance across multiple metrics over extended time period - Categorize suppliers based on their scores