SCMN-2150-Test 1- Barry Russell Questions & Answers

SCMN-2150-Test 1- Barry Russell Questions & Answers What is a supply chain? - ANS-Organizations and activities involved with the flow of products from raw materials to the customer What is supply chain management? - ANS-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 ? - ANS-helps companies outpace the competition by managing their materials, product, and information flows Importance of scm to companies - ANS--BETTER,FASTER,CHEAPER -Greater profits=Higher sales+Lower costs What value does SCM provide - ANS-Customer care, competitiveness, efficiency, responsiveness, resiliency What are the essential activities in a supply chain - ANS--Planning and forecasting - Supply management and Procurement - Operations management and Production - Logistics and Transportation What are the challenges of SCM ? - ANS-- 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 ? - ANS-Product Availability -Time And Place Utility Fulfillment Accuracy Seven Rights - ANS-- Right Product - Right Customer - Right Time - Right Place - Right Condition - Right Quantity - Right Cost Who is the most important participant of a supply chain? - ANS-The consumer What companies have the top supply chains - ANS-Cisco---Johnson & Johnson---Colgate-Palmolive What are the three key flows of a supply chain - ANS-1.Product 2.Information 3.Money What is the logistics network ? - CONTINUES...