BMGT 372 Exam 1 review UPDATED
ACTUAL Exam Questions and CORRECT
Answers
Supply Chain Management - CORRECT ANSWER - The design and management of
flows of products, information, and funds throughout the supply.
Supply Chain: - CORRECT ANSWER - Network of all entities involve in producing and
delivering a finished product to the final consumer
Stages of Supply Chain - CORRECT ANSWER - 1. Suppliers
2. Producers
3.Wholesalers/Distributors
4. Retailers
5. Customers
Value chain - CORRECT ANSWER - Supply chains are under constant financial pressure
so stages that aren't relevant are cut
Supply Chain Activities - CORRECT ANSWER - Coordination, Information Sharing,
Collaboration
Coordination - CORRECT ANSWER - SCM involves coordinating the movement of
goods and services through the supply chain from sup to manufacturers to distributors and to the
final customer. Also includes movement of goods up and back the supply chain as well as
product returns. It also includes terms of payment and funds throughout the supply chain
Information Sharing - CORRECT ANSWER - SCM requires relevant info sharing
amongst its members such as point of sale data, sales forecasts, promotional campaigns etc.
Sharing information helps the supplier cope with demand accordingly, the better the information
shared the more cohesive the supply chain will work as a whole
,Collaboration - CORRECT ANSWER - SCM requires collaboration between supply chain
members so that they jointly plan, operate, and execute business decisions as one. Important for
product design, process improvement, and business initiatives or following a strategy
Flows of a Supply Chain - CORRECT ANSWER - Products, Information, Funds
Products - CORRECT ANSWER - Flow from producers to the final customer but can also
travel backwards due to returns (defect, obsolete goods,) + reverse logistics
Information - CORRECT ANSWER - Information travels both ways but most importantly
the primary data required is point of sale data to suppliers which is used to replenish demising
stock and forecasting, shared always in Realtime
Funds - CORRECT ANSWER - It used to be a backwards way but now with returns
integrated into the mix it is unidirectional. Shorter cash to cash cycle
Bullwhip Effect - CORRECT ANSWER - fluctuation and distortion of information
increases as it moves up the supply chain, inaccurate and distorted info travels up the chain
Service Supply Chains - CORRECT ANSWER - focus on the interaction between
customer and provider, role of customer is even greater, tend to be shorter, don't have inventory
Functions of a organization - CORRECT ANSWER - Marketing, Operations, Sourcing,
Logistics
Marketing - CORRECT ANSWER - Responsible for linking the organization to its
customers and identifying what customers want in products and services
Operations - CORRECT ANSWER - ensures that the exact products customers want are
produced efficiently and, in a cost, effective manner
,Sourcing - CORRECT ANSWER - functions responsible for linking the organization to its
suppliers and ensuring an efficient supply of materials
Logistics - CORRECT ANSWER - Responsible for moving and positioning inventory
throughout the supply chain and ensuring that the right products are delivered to the right place
at the right time.
Cross Enterprise Integration - CORRECT ANSWER - Information technology is
important to share among partners in a supply chain to make it very effective
Early Supplier Involvement - CORRECT ANSWER - Collaboration with suppliers in the
early stages of product design
Supply Chain Management - CORRECT ANSWER - the collaboration between supply
chains partners in a strategic effort to achieve superior completeness and handle all aspects of the
supply chain. Concerned with managing and coordinating many flows
Logistics - CORRECT ANSWER - consists of the tasks involved in moving and
positioning inventory throughout the supply chain, it supports SCM. It is concerned with
managing the inventory flows
Factors that have contributed to rise in SCM - CORRECT ANSWER - 1. Companies have
discovered large magnitudes of savings that can be achieved by planning and managing their
supply chain more effectively
2. Advances in info tech have provided access to data from all components of the supply chain
3. Improvement in transportation methods led to a reduction in transportation costs, while
increasing speed of deliver to multiple locations
Characteristics of a Competitive Supply Chain - CORRECT ANSWER - 1.
Responsiveness: Ability to respond to customers' requirements is critical. They want shorter lead
times, greater flexibility, and greater product choice.
, 2. Reliability: Uncertainty is a business enemy, companies carry large amounts of safety stock to
prevent this
3. Relationship Management: Focus on relationship building and collaboration, more focus
towards single sourcing as it has many benefits esp for the long term and based on trust
Trends in SCM - CORRECT ANSWER - Globalization, Outsourcing, Information
Technology
Core competencies - CORRECT ANSWER - organization creates superior value for
customers by managing their core competencies better than competitors.
Enterprise Resource Planning - CORRECT ANSWER - Large software programs used for
planning and coordinating all resources throughout the entire enterprise firm allow data sharing
and communication within and outside the firm
Wireless Communication Technologies - CORRECT ANSWER - cellphones and wearable
computers allow info to be transmitted quickly, point of sale data to computers etc
Global Positioning Systems - CORRECT ANSWER - wireless technology that uses
satellite transmissions to communicate exact locations and have dramatically improved logistics
Radio Frequency Identification - CORRECT ANSWER - wireless technology that is
dramatically changing supply chain, uses memory chips equipped with tiny radio antennas that
can be attached to objects to transmit streams of data about the object
Big Data - CORRECT ANSWER - large datasets whose size is so large that the quantity
can no longer fit into the memory the computers use for processing
Analytics - CORRECT ANSWER - applying math and statistics to these large data sets
ACTUAL Exam Questions and CORRECT
Answers
Supply Chain Management - CORRECT ANSWER - The design and management of
flows of products, information, and funds throughout the supply.
Supply Chain: - CORRECT ANSWER - Network of all entities involve in producing and
delivering a finished product to the final consumer
Stages of Supply Chain - CORRECT ANSWER - 1. Suppliers
2. Producers
3.Wholesalers/Distributors
4. Retailers
5. Customers
Value chain - CORRECT ANSWER - Supply chains are under constant financial pressure
so stages that aren't relevant are cut
Supply Chain Activities - CORRECT ANSWER - Coordination, Information Sharing,
Collaboration
Coordination - CORRECT ANSWER - SCM involves coordinating the movement of
goods and services through the supply chain from sup to manufacturers to distributors and to the
final customer. Also includes movement of goods up and back the supply chain as well as
product returns. It also includes terms of payment and funds throughout the supply chain
Information Sharing - CORRECT ANSWER - SCM requires relevant info sharing
amongst its members such as point of sale data, sales forecasts, promotional campaigns etc.
Sharing information helps the supplier cope with demand accordingly, the better the information
shared the more cohesive the supply chain will work as a whole
,Collaboration - CORRECT ANSWER - SCM requires collaboration between supply chain
members so that they jointly plan, operate, and execute business decisions as one. Important for
product design, process improvement, and business initiatives or following a strategy
Flows of a Supply Chain - CORRECT ANSWER - Products, Information, Funds
Products - CORRECT ANSWER - Flow from producers to the final customer but can also
travel backwards due to returns (defect, obsolete goods,) + reverse logistics
Information - CORRECT ANSWER - Information travels both ways but most importantly
the primary data required is point of sale data to suppliers which is used to replenish demising
stock and forecasting, shared always in Realtime
Funds - CORRECT ANSWER - It used to be a backwards way but now with returns
integrated into the mix it is unidirectional. Shorter cash to cash cycle
Bullwhip Effect - CORRECT ANSWER - fluctuation and distortion of information
increases as it moves up the supply chain, inaccurate and distorted info travels up the chain
Service Supply Chains - CORRECT ANSWER - focus on the interaction between
customer and provider, role of customer is even greater, tend to be shorter, don't have inventory
Functions of a organization - CORRECT ANSWER - Marketing, Operations, Sourcing,
Logistics
Marketing - CORRECT ANSWER - Responsible for linking the organization to its
customers and identifying what customers want in products and services
Operations - CORRECT ANSWER - ensures that the exact products customers want are
produced efficiently and, in a cost, effective manner
,Sourcing - CORRECT ANSWER - functions responsible for linking the organization to its
suppliers and ensuring an efficient supply of materials
Logistics - CORRECT ANSWER - Responsible for moving and positioning inventory
throughout the supply chain and ensuring that the right products are delivered to the right place
at the right time.
Cross Enterprise Integration - CORRECT ANSWER - Information technology is
important to share among partners in a supply chain to make it very effective
Early Supplier Involvement - CORRECT ANSWER - Collaboration with suppliers in the
early stages of product design
Supply Chain Management - CORRECT ANSWER - the collaboration between supply
chains partners in a strategic effort to achieve superior completeness and handle all aspects of the
supply chain. Concerned with managing and coordinating many flows
Logistics - CORRECT ANSWER - consists of the tasks involved in moving and
positioning inventory throughout the supply chain, it supports SCM. It is concerned with
managing the inventory flows
Factors that have contributed to rise in SCM - CORRECT ANSWER - 1. Companies have
discovered large magnitudes of savings that can be achieved by planning and managing their
supply chain more effectively
2. Advances in info tech have provided access to data from all components of the supply chain
3. Improvement in transportation methods led to a reduction in transportation costs, while
increasing speed of deliver to multiple locations
Characteristics of a Competitive Supply Chain - CORRECT ANSWER - 1.
Responsiveness: Ability to respond to customers' requirements is critical. They want shorter lead
times, greater flexibility, and greater product choice.
, 2. Reliability: Uncertainty is a business enemy, companies carry large amounts of safety stock to
prevent this
3. Relationship Management: Focus on relationship building and collaboration, more focus
towards single sourcing as it has many benefits esp for the long term and based on trust
Trends in SCM - CORRECT ANSWER - Globalization, Outsourcing, Information
Technology
Core competencies - CORRECT ANSWER - organization creates superior value for
customers by managing their core competencies better than competitors.
Enterprise Resource Planning - CORRECT ANSWER - Large software programs used for
planning and coordinating all resources throughout the entire enterprise firm allow data sharing
and communication within and outside the firm
Wireless Communication Technologies - CORRECT ANSWER - cellphones and wearable
computers allow info to be transmitted quickly, point of sale data to computers etc
Global Positioning Systems - CORRECT ANSWER - wireless technology that uses
satellite transmissions to communicate exact locations and have dramatically improved logistics
Radio Frequency Identification - CORRECT ANSWER - wireless technology that is
dramatically changing supply chain, uses memory chips equipped with tiny radio antennas that
can be attached to objects to transmit streams of data about the object
Big Data - CORRECT ANSWER - large datasets whose size is so large that the quantity
can no longer fit into the memory the computers use for processing
Analytics - CORRECT ANSWER - applying math and statistics to these large data sets
