FBLA Supply Chain Management Exam Study Guide with Complete Solutions

FBLA Supply Chain Management Exam Study Guide with Complete Solutions forward integration - Correct Answer a business strategy that involves expanding a company's activities to include the direct distribution of its products. Acquiring a business further up in the supply chain. backward integration - Correct Answer occurs when a firm owns or controls the inputs it uses merger - Correct Answer Combination of two or more companies into a single firm. Merger example - Correct Answer Facebook and Instagram Disney and 21st Century Fox Six Sigma - Correct Answer A business process for improving quality, reducing costs, and increasing customer satisfaction. a set of management techniques intended to improve business processes by greatly reducing the probability that an error or defect will occur. Chase Strategy - Correct Answer a strategy that involves hiring and laying off employees to match the demand rates. If customer buys a lot, hire if customer buys little, fire Freight Bill - Correct Answer represents a carrier's method of charging for transportation services rendered Landed costs - Correct Answer the sum of all expenses in the supply chain for a particular product. Includes: freight, transportation, raw goods, energy, utilities, etc... DPMO (defects per million opportunities) - Correct Answer A metric used to describe the variabili