BUAD 331 Exam #1 |Questions and
Answers
What is a supply chain? - -Consists of organizations, people, activities,
information, and resources involved in moving a product or service from the
origins of supply all the way to point of final consumption (this also contains
reentering material that was not consumed back into the supply chain).
- What does the supply chain look like? - -The silk road
- What are some examples of current supply chain disruptions mentioned in
class? - -The Panama Canal, The Suez Canal, The Mississippi River
- What are some of the issues associated with disruptions to supply chains? -
-Increased fuel costs, Empty shelves, Late deliveries
- What are the main components of a supply chain? - -Plan, Source, Make,
Deliver
- What function of the supply chain is considered to be the most
"upstream"? - -The identification, acquisition, and management of the goods
and services inputs needed to run a business
- Which of the following best describes supply chain digitalization? - -The
ability to structure and exchange massive amounts of data, to make sense of
that data to drive decisions, and even to apply date to deliver products or
services
- Which of the following represent departments that might be found in a
functional or siloed enterprise? - -Procurement, Manufacturing,
Transportation, Customer service
- How does supply chain management NOT contribute to reduced
environmental impact? - -Sourcing from global areas to increase
transportation miles
- The "Great Divide" is best described as - -The lack of communication and
coordination between the creation and management of demand and the
fulfillment of demand
- Which of the following represent departments that might be found in
integrated enterprise? - -Order to Delivery
, - Fiji bottled water emphasizes it s unique source as an example of which
value utility? - -Place
- Which of the following organizations competes on exchange value by
providing low prices for products? - -Walmart
- Which function of the supply chain is considered to be the most
"downstream"? - -Returns management
- Amazon creates value by providing enhanced levels of which of the
following utilities? - -Time and place
- How does supply chain create value? - -Form, time, and place
- Most companies create a competitive advantage by either low-cost
products or high customer service. The best companies compete on both
aspects by giving customers the exact service they want at the lowest
possible price (T/F) - -True
- How does supply chain management contribute to financial performance -
-Top line revenue, profitability (managing cost buckets such as COGS),
Return on assets (ROA)
- Total value optimization involves - -Finding the optimal balance between
increasing revenue and minimizing cost
- Best-practice supply chains strive for supply chain functions to be: - -
Aligned to minimize total cost
- An example of a supply chain activity that may reduce overall cost but be
ineffective from a total value optimization perspective is: - -Offshoring
- "Bending the chain" refers to: - -A move from a linear supply chain model
to an integrated, overlapping one
- Under traditional supply chain management, performance is believed to be
maximized by ensuring lowest-cost operations. This is accomplished by: - -
Achieving economies of scale in each functional area; procuring, producing
and positioning in large volumes far in advance of demand; reducing unit
cost to ensure high margins; using long-term projections for forecasting
- To achieve an integrated internal supply chain: - -Senior leadership must
champion internal supply chain integration; reward structures must focus on
total value creation; KPIs must include metrics to capture TVO; culture must
shift away from sub-optimal functional goals
Answers
What is a supply chain? - -Consists of organizations, people, activities,
information, and resources involved in moving a product or service from the
origins of supply all the way to point of final consumption (this also contains
reentering material that was not consumed back into the supply chain).
- What does the supply chain look like? - -The silk road
- What are some examples of current supply chain disruptions mentioned in
class? - -The Panama Canal, The Suez Canal, The Mississippi River
- What are some of the issues associated with disruptions to supply chains? -
-Increased fuel costs, Empty shelves, Late deliveries
- What are the main components of a supply chain? - -Plan, Source, Make,
Deliver
- What function of the supply chain is considered to be the most
"upstream"? - -The identification, acquisition, and management of the goods
and services inputs needed to run a business
- Which of the following best describes supply chain digitalization? - -The
ability to structure and exchange massive amounts of data, to make sense of
that data to drive decisions, and even to apply date to deliver products or
services
- Which of the following represent departments that might be found in a
functional or siloed enterprise? - -Procurement, Manufacturing,
Transportation, Customer service
- How does supply chain management NOT contribute to reduced
environmental impact? - -Sourcing from global areas to increase
transportation miles
- The "Great Divide" is best described as - -The lack of communication and
coordination between the creation and management of demand and the
fulfillment of demand
- Which of the following represent departments that might be found in
integrated enterprise? - -Order to Delivery
, - Fiji bottled water emphasizes it s unique source as an example of which
value utility? - -Place
- Which of the following organizations competes on exchange value by
providing low prices for products? - -Walmart
- Which function of the supply chain is considered to be the most
"downstream"? - -Returns management
- Amazon creates value by providing enhanced levels of which of the
following utilities? - -Time and place
- How does supply chain create value? - -Form, time, and place
- Most companies create a competitive advantage by either low-cost
products or high customer service. The best companies compete on both
aspects by giving customers the exact service they want at the lowest
possible price (T/F) - -True
- How does supply chain management contribute to financial performance -
-Top line revenue, profitability (managing cost buckets such as COGS),
Return on assets (ROA)
- Total value optimization involves - -Finding the optimal balance between
increasing revenue and minimizing cost
- Best-practice supply chains strive for supply chain functions to be: - -
Aligned to minimize total cost
- An example of a supply chain activity that may reduce overall cost but be
ineffective from a total value optimization perspective is: - -Offshoring
- "Bending the chain" refers to: - -A move from a linear supply chain model
to an integrated, overlapping one
- Under traditional supply chain management, performance is believed to be
maximized by ensuring lowest-cost operations. This is accomplished by: - -
Achieving economies of scale in each functional area; procuring, producing
and positioning in large volumes far in advance of demand; reducing unit
cost to ensure high margins; using long-term projections for forecasting
- To achieve an integrated internal supply chain: - -Senior leadership must
champion internal supply chain integration; reward structures must focus on
total value creation; KPIs must include metrics to capture TVO; culture must
shift away from sub-optimal functional goals
