MGMT 461 Exam 1 Questions & Answers 2024/2025

MGMT 461 Exam 1 Questions & Answers 2024/2025 Supply chain management includes the ______ of all activities involved in sourcing, procurement, conversion, and logistics for goods and services. - ANSWER-Planning and management Supply chain management attempts to minimize costs and optimize ______. - ANSWER-Customer Satisfaction Supply chain management focuses on coordination and collaboration of channel partners only in the manufacturing sector. - ANSWER-False There is general agreement on several goals in supply chains. What is one of those goals - ANSWER-To achieve competitive advantages True or false: Total Quality Management in the 1980s, and Continuous Replenishment in the 1990s, were initial attempts at developing integrated supply chains - ANSWER-True Customer relationship management, information technology, and procurement are important components of ______. - ANSWER-Supply Chain Management (SCM) An efficient and effective supply chain can optimize ______. - ANSWER-Fulfillment in an omnichannel environment One input into logistics activities is _____ - ANSWER-in-process inventory There is general agreement on several goals in supply chains. What is one of those goals - ANSWER-To provide high levels of customer value Logistics attempts to optimize customer ______, while supply chain management optimizes customer ______. - ANSWER-service; satisfaction Initial work on integrating supply chains in the 1980s and 1990s developed ______ between manufacturers, suppliers, wholesalers, retailers, and service providers. - ANSWER-Strategic partnerships The SCOR and Forum models are considered user-friendly models of the ______. - ANSWER-Supply chain process A process or activity is considered relevant to supply chain management if it affects which two areas? - ANSWER-customer satisfaction and the profits of multiple organizations in the supply chain How does logistics affect a nation's GDP? - ANSWER-Logistics impacts economic factors that are part of GDP. One outcome from logistics activities is _____. - ANSWER-time and place utility Identify a trend that is expected to impact organizations operating globally. - ANSWER-more international responsibility for supply chain executives Supply chain management focuses on coordination and collaboration of channel partners only in the manufacturing sector. - ANSWER-False Companies have historically traded off lower inventory levels by spending more for ______, which are dependent on energy costs. - ANSWER-Transportation Which statement is correct about logistics and supply chain management? - ANSWER-Logistics is part of supply chain management. Which elements are part of infrastructure? Select all that apply. - ANSWER-Roadways, rail systems, airports and ocean ports, bridges, and waterways True or false: The most widely known model of the supply chain process is the Forum Model. - ANSWER-False--SCOR Model is most widely known What is the purpose of the Container Security Initiative (CSI)? - ANSWER-to combat terrorism's potential impact on cargo arriving in the U.S. Improvements in a nation's productivity will lead to _____ in the prices that consumers, businesses and governments pay for goods and services. - ANSWER-Decreases A research study found that firms had experienced significant supply chain disruptions experienced an overall ______ in share prices. - ANSWER-Decrease Identify a trend that is expected to impact organizations operating globally. - ANSWER-increasing vertical integration of the supply chain Which statement about disaster preparedness and supply chains is correct? - ANSWER-Supply chains must be prepared for disaster relief and normal operations. An increase in energy costs is most likely to lead to which of the following results in a supply chain? - ANSWER-increased domestic sourcing Both supply chain and marketing efforts have to be successful for ______ to occur. - ANSWER-Customer satisfaction A significant constraint in implementing supply chain management can come from poorly maintained ______. - ANSWER-Infrastructure The supply chain activities involved in product returns, remanufacturing, refurbishing and repackaging are part of ______. - ANSWER-Reverse logistics A voluntary program in which participating companies enhance their security procedures and create awareness among their supply chain partners is the ________. - ANSWER-Customs-Trade Partnership Against Terrorism (CTPAT) Outsourcing from "invisible" suppliers worldwide and product recalls cause an increased risk of _______. - ANSWER-Supply chain disruptions Which technological developments have provided support for logistics? Select all that apply. - ANSWER-Robotics, blockchain, Internet of Things (IoT) When a supply chain responds to flu pandemics and hurricanes by getting medical and food supplies to areas where the need is greatest, this is called ______. - ANSWER-disaster relief What is the binding and unifying force for all supply chain management activities? - ANSWER-Customer Service In order to provide the vital link between members of the supply chain, a communication system needs to be ______. - ANSWER-accurate and timely Reverse logistics is an integral part of service ______ - ANSWER-after the sale What should be the purpose of metrics applied to a supply chain? - ANSWER-to measure how effectively the supply chain is meeting end-user requirements Technological developments such as artificial intelligence (AI), bar code scanning, and radio frequency identification (RFID) support what aspect of supply chain management? - ANSWER-logistics Continues...