IDIS 343 Study guides, Class notes & Summaries

IDIS 343 Final Real Exam Questions with Complete Solutions / Correct Answers Which of the following product characteristics is the most related to the utilization of the transportation equipment and the inventory space? •Value-to-weight ratio Value of the product Weight-to-volume ratio Substitutability - Correct Answer Weight to Volume Ratio Which of the following products would more likely need a responsive supply chain? Ball point pens Christmas ornaments Customized birthday gifts...

supply chain : Supply chain influences all activities that we perform from initial raw material / supplier to end customer What is Supply Chain Management (SCM)? : The fortune quote defines it as -"Overseeing the movement of goods from the customers order through to production, storage, and distribution." A better definition might be -"A set of approaches utilized to efficiently integrate suppliers, manufacturers, warehouses, and stores, so that merchandise is produced and distrib...

Carrying Cost : cost for carrying inventory over time the primary cost is the cost of money tied up in inventory, but also includes obsolescence, insurance, personal property taxes, and storage costs Procurement Costs : cost of preparing the order, order transmission, production setup, materials handling/ processing at the receiving dock price of goods Out-of-stock Costs include : lost sales cost & backorder cost Lost Sales Cost : profit immediately foregone, future profits foregone...

Carrying Cost : cost for carrying inventory over time the primary cost is the cost of money tied up in inventory, but also includes obsolescence, insurance, personal property taxes, and storage costs Procurement Costs : cost of preparing the order, order transmission, production setup, materials handling/ processing at the receiving dock price of goods Out-of-stock Costs include : lost sales cost & backorder cost Lost Sales Cost : profit immediately foregone, future profits foregone...

what 3 things need to be right in supply chain management definition? : quantities, locations, time primary logistics activities : CS goals, inventory management, transportation, location % of GDP that is logistics costs : 10.5-12 why are customers more demanding of the supply chain? : they want quick response & mass customization 4 ways logistics adds value : form, ownership, time, place 2 largest logistics costs : transportation & inventory most frequent logistics tradeoffs 2 | P ...

Primary Key Act/Processes : setting customer service goals, transportation, inventory management, location Secondary Key Act/Processes : warehousing, materials handling, acquisition, protective packaging, product scheduling, order processing Customer Service Triangle : inventory, transportation, and location strategy customer desires in the supply chain : quick response & mass customization an integral part of company strategy : generate revenue & improve profit logistics is a key to...

Carrying Costs: : -Cost for holding the inventory over time -Typically costs range from short term capital to about 40% per year. The average is about 25%/year of the item value in inventory. Primary cost of carrying costs : Money tied up in inventory What are the different costs for carrying costs? : -Money tied up in inventory -Obsolescence -Insurance -Personal Property Taxes -Storages costs Procurement costs: : -Cost of preparing the order -Cost of order transmission -Cost of ...

Annual holding cost is calculated based on : Average inventory If EOQ is ordered which of the following is true? : Annual order cost is equal to the annual holding cost The Setup cost (in a production scenario) are analogous _________ costs. : ordering The slope of the total cost curve at EOQ is : zero The three general classes of costs that are important in identifying the EOQ : Purchase cost, ordering cost, holding cost Which of the following is NOT an advantage of a periodic review ...

Logistics : The art and science of obtaining, producing and distributing material and product in the proper place and in proper quantities US Business Logistics Costs : USBLC Cost, Speed of Delivery, Flexibility, IT Resources : Transportation is typically decided based on a trade-off of what? Air : Mode of Transportation: -Fast and Reliable -Expensive Air : Mode of Transportation that is good for: 2 | P a g e -Shipping high-value -Lightweight over long distances -Expediting Tru...

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