SCMN-2150-Test 1- Barry Russell Questions with complete Solutions!!

What is a supply chain? - Answer-Organizations and activities involved with the flow of products from raw materials to the customer What is supply chain management? - Answer-the art of managing the flow of materials and products, information, and financial resources from source to user Why is supply chain management important to companies ? - Answer-helps companies outpace the competition by managing their materials, product, and information flows Importance of scm to companies - Answer--BETTER,FASTER,CHEAPER -Greater profits=Higher sales+Lower costs What value does SCM provide - Answer-Customer care, competitiveness, efficiency, responsiveness, resiliency What are the essential activities in a supply chain - Answer--Planning and forecasting - Supply management and Procurement - Operations management and Production - Logistics and Transportation What are the challenges of SCM ? - Answer-- product life cycles are shrinking - customers are demanding customized products - competition is intensifying - companies need to be much more efficient Why is supply chain important to customers ? - Answer-Product Availability -Time And Place Utility Fulfillment AccuracySeven Rights - Answer-- Right Product - Right Customer - Right Time - Right Place - Right Condition - Right Quantity - Right Cost Who is the most important participant of a supply chain? - Answer-The consumer What companies have the top supply chains - Answer-Cisco---Johnson & Johnson---Colgate-Palmolive What are the three key flows of a supply chain - Answer-1.Product 2.Information 3.Money What is the logistics network ? - Answer-The process or system of an organization that work together to design, produce, and deliver a service to a market what are nodes - Answer-nodes- fixed point like a warehouses or distribution center.Goods are processed, transformed, mixed, held, or sold at nodes. What are the benefits of a Centralized supply chain network? - Answer--Lower inventory & safety stock levels - Better visablitity - Lower overhead stock - Less labor - Smaller management team economies of scaleWhat is a link - Answer-transportation method used to connect the nodes