SCMN 2150 - exam 1 – 82 Complete Q’s and
A’s
What is a Supply Chain? - -an integrated collection of organizations, people,
activities, information, and resources
includes customers, manufacturers, and suppliers
- What is Supply Chain Management and why is it important? - -includes all
the activities that take place to get a product in your hands - from raw
materials extraction to production and final goods delivery
-relies on a global network of suppliers and business relationships to create
value and satisfy customer needs
-the art of managing the flow of materials and products, information, and
financial resources to user
- What are the key goals of SCM? - -Customer care, competitiveness,
efficiency, responsiveness, resiliency
- Essential Activities in a supply chain - -- planning and forecasting
- supply management and procurement
- operations management and production
- logistics and transportation
- How can organizations build a competitive advantage via SCM? - -SCM
helps companies outpace the competition by managing their materials,
product, and information flows to become better, faster, and cheaper
Higher sales + Lower Cost = Greater Profits
- Who are the key participants and the primary processes in a supply chain?
- -participants: Suppliers, Manufacturers, Retailers, Consumers
- What processes take place on the Supply/Demand side of the Supply
Chain? - -Supply: Purchasing (buy) and Production (Make)
Demand: Distribution (move), logistics, customer service
- What drives requirements for Supply Chain functions and activities? - -
Consumer demand should drive activity across the supply chain
- Why is SCM important to customers? - --Product Availability (time utility,
Place utility)
, -Fulfillment Accuracy (7 rights- right product, customer, time, place,
condition, quantity, cost)
- What are the three key flows of a supply chain? - -Product (drive utility),
information (create visibility), money (release funds)
- How does Supply Chain synchronization help an organization? - -helps
participants:
-develop collaborative relationships
-create optimal product flows
-drive out cost and achieve efficiency
-adapt to change
-make money
- T/F Supply chain mngt allows us to support customer requirements better,
faster, and cheaper than ever before - -True
- SCM facets include - -demand planning, inventory management, logistics,
procurement, and supplier management
- Supply Chain steps to customer - -Tier 2 Supplier -> Tier 1 Supplier ->
Manufacturing -> Finished Goods Warehouse -> Retail Store -> Customer
- What is Supply Chain network design - -a technique for optimizing and
managing an organizations supply chain
departure from conventional supply chain planning that emphasizes lowers
product cost and JIT delivery
should be ongoing
- what is the objective of network design - -to set up an optimal and easily
maintainable supply chain configuration and merchandise flows to enable
the supply chain to best support the business objectives
- how is supply chain network design different than conventional supply
chain planning? - -because it focuses on modeling of impacts
- Steps to supply chain network design - -
- How can Supply-Chain execs make their supply chains more flexible, agile,
and resilient? - -1. increasing inventories
2. dual sources of materials
3. regionalizing supply chain
4. expanding back up production
5. near-shoring
A’s
What is a Supply Chain? - -an integrated collection of organizations, people,
activities, information, and resources
includes customers, manufacturers, and suppliers
- What is Supply Chain Management and why is it important? - -includes all
the activities that take place to get a product in your hands - from raw
materials extraction to production and final goods delivery
-relies on a global network of suppliers and business relationships to create
value and satisfy customer needs
-the art of managing the flow of materials and products, information, and
financial resources to user
- What are the key goals of SCM? - -Customer care, competitiveness,
efficiency, responsiveness, resiliency
- Essential Activities in a supply chain - -- planning and forecasting
- supply management and procurement
- operations management and production
- logistics and transportation
- How can organizations build a competitive advantage via SCM? - -SCM
helps companies outpace the competition by managing their materials,
product, and information flows to become better, faster, and cheaper
Higher sales + Lower Cost = Greater Profits
- Who are the key participants and the primary processes in a supply chain?
- -participants: Suppliers, Manufacturers, Retailers, Consumers
- What processes take place on the Supply/Demand side of the Supply
Chain? - -Supply: Purchasing (buy) and Production (Make)
Demand: Distribution (move), logistics, customer service
- What drives requirements for Supply Chain functions and activities? - -
Consumer demand should drive activity across the supply chain
- Why is SCM important to customers? - --Product Availability (time utility,
Place utility)
, -Fulfillment Accuracy (7 rights- right product, customer, time, place,
condition, quantity, cost)
- What are the three key flows of a supply chain? - -Product (drive utility),
information (create visibility), money (release funds)
- How does Supply Chain synchronization help an organization? - -helps
participants:
-develop collaborative relationships
-create optimal product flows
-drive out cost and achieve efficiency
-adapt to change
-make money
- T/F Supply chain mngt allows us to support customer requirements better,
faster, and cheaper than ever before - -True
- SCM facets include - -demand planning, inventory management, logistics,
procurement, and supplier management
- Supply Chain steps to customer - -Tier 2 Supplier -> Tier 1 Supplier ->
Manufacturing -> Finished Goods Warehouse -> Retail Store -> Customer
- What is Supply Chain network design - -a technique for optimizing and
managing an organizations supply chain
departure from conventional supply chain planning that emphasizes lowers
product cost and JIT delivery
should be ongoing
- what is the objective of network design - -to set up an optimal and easily
maintainable supply chain configuration and merchandise flows to enable
the supply chain to best support the business objectives
- how is supply chain network design different than conventional supply
chain planning? - -because it focuses on modeling of impacts
- Steps to supply chain network design - -
- How can Supply-Chain execs make their supply chains more flexible, agile,
and resilient? - -1. increasing inventories
2. dual sources of materials
3. regionalizing supply chain
4. expanding back up production
5. near-shoring
