Chapter 17 Supply Chain Management Study Questions with
Best Verified Solutions 2024
What is a supply chain - Correct Answer It includes manufacturing, warehousing,
transportation, customer service, demand, planning, supply panning, and supply chain
management. Made up of people, activities, information, and resources involved in
moving a product from its supplier to customer.
What is the definition of Logistics - Correct Answer A component and extension of the
organization's supply chain. Refers to management of flow of goods and supplies
involving information, data, and documentation between two entities or points.
Reverse logistics - Correct Answer Deals with the planning, process, and flow of
finished goods inventory, packaging materials, and parts of finished product back from
the end customer to the product company as sales return, warranty return, or unsold
inventory with trading partners. All in order to recapture value from those materials.
Components of a Supply Chain Design process - Correct Answer Procurement strategy,
manufacturing location selection, design and development of distribution networks, and
a strategy for finished goods, etc. Logistics planning deals with procurement logistics,
finished goods distribution, sales order fulfillment, and inventory management, etc.
4 reasons Supply Chain management is Dynamic - Correct Answer 1. Supply chain
projects involve technology implementation, including infrastructure and software
2. They also involve multiple logistical modules involving transportation, international
freight, and warehousing.
3. Span of control over project implementation is very important in logistics projects
involving multiple channels and external and internal agencies.
4. If the project involves setting up a distribution center or warehouse, the
implementation focus should be at the region or country level
Inventory turnaround - Correct Answer The number of times the inventory is sold and
replaced in a period of 12 months. The health of the inventory turn relates to the health
of the business.
The retail industry and inventory accounting - Correct Answer Inventory is typically a
retail companies largest asset. therefore it requires careful attention. Merchandise
inventory is the cost assigned to unsold units. Only one inventory account, merchandise
inventory, appears in the financials.
Manufacturing companies and inventory accounting - Correct Answer Manufacturing
companies have 3 inventory accounts
1. Raw materials: cost assigned to goods and materials on hand but not yet placed into
production.
2. work in process: units that are not completely processed at any point in a continuous
process. Includes cost of labor and overhead.
Best Verified Solutions 2024
What is a supply chain - Correct Answer It includes manufacturing, warehousing,
transportation, customer service, demand, planning, supply panning, and supply chain
management. Made up of people, activities, information, and resources involved in
moving a product from its supplier to customer.
What is the definition of Logistics - Correct Answer A component and extension of the
organization's supply chain. Refers to management of flow of goods and supplies
involving information, data, and documentation between two entities or points.
Reverse logistics - Correct Answer Deals with the planning, process, and flow of
finished goods inventory, packaging materials, and parts of finished product back from
the end customer to the product company as sales return, warranty return, or unsold
inventory with trading partners. All in order to recapture value from those materials.
Components of a Supply Chain Design process - Correct Answer Procurement strategy,
manufacturing location selection, design and development of distribution networks, and
a strategy for finished goods, etc. Logistics planning deals with procurement logistics,
finished goods distribution, sales order fulfillment, and inventory management, etc.
4 reasons Supply Chain management is Dynamic - Correct Answer 1. Supply chain
projects involve technology implementation, including infrastructure and software
2. They also involve multiple logistical modules involving transportation, international
freight, and warehousing.
3. Span of control over project implementation is very important in logistics projects
involving multiple channels and external and internal agencies.
4. If the project involves setting up a distribution center or warehouse, the
implementation focus should be at the region or country level
Inventory turnaround - Correct Answer The number of times the inventory is sold and
replaced in a period of 12 months. The health of the inventory turn relates to the health
of the business.
The retail industry and inventory accounting - Correct Answer Inventory is typically a
retail companies largest asset. therefore it requires careful attention. Merchandise
inventory is the cost assigned to unsold units. Only one inventory account, merchandise
inventory, appears in the financials.
Manufacturing companies and inventory accounting - Correct Answer Manufacturing
companies have 3 inventory accounts
1. Raw materials: cost assigned to goods and materials on hand but not yet placed into
production.
2. work in process: units that are not completely processed at any point in a continuous
process. Includes cost of labor and overhead.
