OM 300 Exam 3 | UPDATED Questions with 100% Verified Answers
Question: Supply-chain management
Answer:
The objective of supply chain management is to structure the supply chain to maximize its competitive
advantage and benefits to the ultimate consumer.
Question: Supply Chain Strategic importance
Answer:
- the coordination of all supply chain activities - includes suppliers, manufacturers and/or service providers -
supplier relationships increasingly intergraded and long term -improve innovation, speed design, reduce costs
Question: Six sourcing strategies
Answer:
1. many suppliers 2. few suppliers 3. vertical integration 4. join ventures 5. Keiretsu networks 6. vertical
companies
Question: Many suppliers
Answer:
- commonly used for commodity products - purchasing is typically based on price - suppliers compete with one
another - supplier is responsible for technology, expertise, forecasting, cost, quality, and delivery
Question: Few suppliers
Answer:
- buyer forms a longer-term relationship with a few suppliers - create value through economies of scale and
learning curve improvements -cost of changing suppliers is huge
Question: Vertical integration
Answer:
- can be forward, towards the customer, or backward, towards supplier - developing the ability to produce
goods and services perviously purchased - integration may - can improve costs, quality, delivery -risky in
industries with rapid technological change
Question: Joint ventures
Answer:
- formal collaboration - encance skills - secure supply - reduce costs - the challenge is to cooperation without
diluting brand or conceding competitive advantage
, Question: Keiretsu Networks
Answer:
- a middle ground between a few suppliers and vertical integration -supplier becomes part of the company
coalition - often provide financial support for suppliers through ownership or loans - members expect long-term
relationships and provide technical expertise and stable deliveries
Question: Virtual Companies
Answer:
- rely on a variety of supplier relationships to provide services on demand - relationships may be short or
long-term - lean performance, flexibility, and speed
Question: Supply chain risk
Answer:
- more reliance on supply chains means increased risk - fewer suppliers increase dependence - compounded by
globalization and logistical complexity - vendor reliability and quality risks - policial and currency risks
Question: Risk and Mitigation tactics
Answer:
- research and assess possible risks - innovative planning - reduce potential disruptions - prepare responses for
negative events - flexible, secure supply chains - diversified supplier base
Question: Security and JIT
Answer:
- shipments get misrouted, stolen, damaged, or excessively delayed - Technological innovations are improving
security and inventory management - tracking can help expedite shipments
Question: Managing the integrated Supply Chain Issues
Answer:
- local optimization can magnify fluctuations - incentives push merchandise into the supply chain for sales that
have not occurred - large lots reduce shipping and production costs but increase inventory holding and do not
reflect actual sales
Question: Supply-chain management
Answer:
The objective of supply chain management is to structure the supply chain to maximize its competitive
advantage and benefits to the ultimate consumer.
Question: Supply Chain Strategic importance
Answer:
- the coordination of all supply chain activities - includes suppliers, manufacturers and/or service providers -
supplier relationships increasingly intergraded and long term -improve innovation, speed design, reduce costs
Question: Six sourcing strategies
Answer:
1. many suppliers 2. few suppliers 3. vertical integration 4. join ventures 5. Keiretsu networks 6. vertical
companies
Question: Many suppliers
Answer:
- commonly used for commodity products - purchasing is typically based on price - suppliers compete with one
another - supplier is responsible for technology, expertise, forecasting, cost, quality, and delivery
Question: Few suppliers
Answer:
- buyer forms a longer-term relationship with a few suppliers - create value through economies of scale and
learning curve improvements -cost of changing suppliers is huge
Question: Vertical integration
Answer:
- can be forward, towards the customer, or backward, towards supplier - developing the ability to produce
goods and services perviously purchased - integration may - can improve costs, quality, delivery -risky in
industries with rapid technological change
Question: Joint ventures
Answer:
- formal collaboration - encance skills - secure supply - reduce costs - the challenge is to cooperation without
diluting brand or conceding competitive advantage
, Question: Keiretsu Networks
Answer:
- a middle ground between a few suppliers and vertical integration -supplier becomes part of the company
coalition - often provide financial support for suppliers through ownership or loans - members expect long-term
relationships and provide technical expertise and stable deliveries
Question: Virtual Companies
Answer:
- rely on a variety of supplier relationships to provide services on demand - relationships may be short or
long-term - lean performance, flexibility, and speed
Question: Supply chain risk
Answer:
- more reliance on supply chains means increased risk - fewer suppliers increase dependence - compounded by
globalization and logistical complexity - vendor reliability and quality risks - policial and currency risks
Question: Risk and Mitigation tactics
Answer:
- research and assess possible risks - innovative planning - reduce potential disruptions - prepare responses for
negative events - flexible, secure supply chains - diversified supplier base
Question: Security and JIT
Answer:
- shipments get misrouted, stolen, damaged, or excessively delayed - Technological innovations are improving
security and inventory management - tracking can help expedite shipments
Question: Managing the integrated Supply Chain Issues
Answer:
- local optimization can magnify fluctuations - incentives push merchandise into the supply chain for sales that
have not occurred - large lots reduce shipping and production costs but increase inventory holding and do not
reflect actual sales
