SCO 3001 Exam Questions With 100% Verified
Answers!!
What is Supply Chain?
consists of a network of organizations outside the firm that supply the materials and services to
the firm and distribute the product or service to the ultimate customer
What is Operations Management?
managing the production of goods and services
What is Supply Chain Management?
deals with managing the flow of materials, information, and money across multiple organizations
from the suppliers to operations to distribution to the final customer, along with reverse flows
What is Operations and Supply Chain Management?
deals with the sourcing, production and distribution of the product or service along with
managing the relationships with supply chain partners
What is Sourcing?
works with manufacturing and service suppliers of the firm and is part of the larger definition of
operations and supply chain management
What is Distribution?
concerned with transporting materials into operations and taking the output of operations to the
ultimate customer
What is Productivity?
- the amount of output form a given amount of inputs or vice versa
- output divided by inputs, all in constant dollars
- productivity = output / (capital + labor)
Three aspects of Operations and Supply Chain Management
,1. Decisions
2. Function
3. Process
Five Major Decision Responsibilities
process, quality, capacity, inventory, and supply chain
4 Ps of Marketing
Product, Price, Place, Promotion
What is Analytics?
the analysis of data to make better decisions; used in operations and supply chains for a variety
of decisions, including quality control, forecasting, capacity, scheduling, inventory, logistics, and
sourcing
Three Primary Functions in an Organization
1. Marketing
- typically responsible for creating demand and generating sales revenue
2. Operations
- responsible for the production and distribution of goods or services (generating supply)
3. Finance
- responsible for the acquisition and allocation of capital
What are example of Social Sustainability?
hiring diverse workforce, ethical practices, providing equal opportunity, and safe working
conditions
What is Economic Sustainability?
making a sufficient profit for firm survival into the future
Operations Strategy
, is a consistent pattern of decisions for operations and the associated supply chain that are linked
to the business strategy and other functional strategies, leading to a competitive advantage for the
firm
What is Corporate Strategy?
defines the business that the company is pursuing
What is Business Strategy?
follows from the corporate strategy and defines how each particular business will compete
3 Generic Business Strategies
Differentiation: associated with a unique and frequently innovative product or service
Low cost: pursued in commodity
Focus: refers to the geographical or product portfolio being narrow or broad in nature; can be
combined with either a differentiation of a low-cost strategy
4 common objectives of operations
Cost: a measure of the resources used by operations, typically the unit cost of production or the
cost of goods or services sold
Quality: the conformance of the product or service to the customers' requirements
Delivery: providing the product or service quickly and on time
Flexibility: ability to rapidly change operations
* should be long range oriented (5 tp 10 years) to be strategic in nature and should be treated as
goals
What are Strategic Decisions?
determine how the operations objectives will be achieved
What is a Product Imitator (low cost) Business Strategy?
typical of a mature, price-sensitive market with a standardized product or service
What is a Product Innovator Business Strategy?
Answers!!
What is Supply Chain?
consists of a network of organizations outside the firm that supply the materials and services to
the firm and distribute the product or service to the ultimate customer
What is Operations Management?
managing the production of goods and services
What is Supply Chain Management?
deals with managing the flow of materials, information, and money across multiple organizations
from the suppliers to operations to distribution to the final customer, along with reverse flows
What is Operations and Supply Chain Management?
deals with the sourcing, production and distribution of the product or service along with
managing the relationships with supply chain partners
What is Sourcing?
works with manufacturing and service suppliers of the firm and is part of the larger definition of
operations and supply chain management
What is Distribution?
concerned with transporting materials into operations and taking the output of operations to the
ultimate customer
What is Productivity?
- the amount of output form a given amount of inputs or vice versa
- output divided by inputs, all in constant dollars
- productivity = output / (capital + labor)
Three aspects of Operations and Supply Chain Management
,1. Decisions
2. Function
3. Process
Five Major Decision Responsibilities
process, quality, capacity, inventory, and supply chain
4 Ps of Marketing
Product, Price, Place, Promotion
What is Analytics?
the analysis of data to make better decisions; used in operations and supply chains for a variety
of decisions, including quality control, forecasting, capacity, scheduling, inventory, logistics, and
sourcing
Three Primary Functions in an Organization
1. Marketing
- typically responsible for creating demand and generating sales revenue
2. Operations
- responsible for the production and distribution of goods or services (generating supply)
3. Finance
- responsible for the acquisition and allocation of capital
What are example of Social Sustainability?
hiring diverse workforce, ethical practices, providing equal opportunity, and safe working
conditions
What is Economic Sustainability?
making a sufficient profit for firm survival into the future
Operations Strategy
, is a consistent pattern of decisions for operations and the associated supply chain that are linked
to the business strategy and other functional strategies, leading to a competitive advantage for the
firm
What is Corporate Strategy?
defines the business that the company is pursuing
What is Business Strategy?
follows from the corporate strategy and defines how each particular business will compete
3 Generic Business Strategies
Differentiation: associated with a unique and frequently innovative product or service
Low cost: pursued in commodity
Focus: refers to the geographical or product portfolio being narrow or broad in nature; can be
combined with either a differentiation of a low-cost strategy
4 common objectives of operations
Cost: a measure of the resources used by operations, typically the unit cost of production or the
cost of goods or services sold
Quality: the conformance of the product or service to the customers' requirements
Delivery: providing the product or service quickly and on time
Flexibility: ability to rapidly change operations
* should be long range oriented (5 tp 10 years) to be strategic in nature and should be treated as
goals
What are Strategic Decisions?
determine how the operations objectives will be achieved
What is a Product Imitator (low cost) Business Strategy?
typical of a mature, price-sensitive market with a standardized product or service
What is a Product Innovator Business Strategy?
