IB 439 Final Exam | Questions and Answers

IB 439 Final Exam | Questions and Answers These current business characteristics have increased the need for better management of the suppliers who provide goods and service to the organization EXCEPT reduced risk The ISM defines Supply Management at the identification, acquisition, access, positioning, management of _______ and related ______ the organization needs or potentially needs in the attainment of its _______ objectives. resources, capabilities, strategic which of the following statements is a reason to purchase a product from an external supplier? insufficient capacity which of the following statements is a reason to manufacture a product in house? better control of costs development and management of supplier relationships to acquire goods and services in a way that aids in achieving the immediate needs of the business strategic sourcing there are 3 primary procurement strategies, these strategies are listed below EXCEPT low cost supplier prioritization (correct ones are supplier integration, value management, volume consolidation) the ____________ analysis extends the breakeven analysis. It does not only consider purchase cost. It also considers qualitative factors and other quantitative factors. total cost of ownership materials with HIGH supply risk and HIGH profit impact are categorized as strategic items many alternative products and services, many sources of supply, low value, small individual transactions and everyday use non critical items Trent & Monczka article presents the characteristics of outstanding global sourcing initiatives. These characteristics are listed below EXCEPT informal and non structured approaches to communication in terms of importance of warehousing to overall operations, indicate which one of the following statements answers the question: why do companies primarily hold inventories to achieve transportation economies by looking at the graph below, identify which one of the following options correctly describes the relationship between cost components and the number of warehouses 1. facility cost 2. inventory cost 3. transportation cost indicate which of the following factors DOES NOT affect the decision regarding warehousing size type of transportation mode used as customer service levels increase, requirements for warehousing space increase as inventory turns increase, requirements for warehousing space decrease __________________ is an operational strategy where product is received in a facility, generally combined with other products going to the same destination and then shipped at the earliest opportunity without going into long term storage cross docking warehousing has different functions in typical logistics systems, the picture below is an example of break bulk warehousing has different functions in typical logistics systems. one service benefit is _______, typically used to support customer accommodation. under this concept, select inventory is positioned in a local market in anticipation of responding to customer need during high sales period spot stocking warehouse operations provide three important functions. indicate from the list below which one IS NOT one of these functions promotion and advertising the effective use of a warehouse if influenced by all of the alternatives are correct (cube utilization and accessibility, order picking and assembly, stock location) challenges for the transportation industry include these statements except excess capacity identify which transportation mode is the best in each of the following categories: speed, availability, dependability, capability, frequency air, truck, pipeline, water, pipeline in 2019, most of the freight shipments within the US were performed by truck indicate which of the following statements best describes the primary reason for performing intermodal shipments because intermodal movements combine the cost and service advantages of two or more modes balancing trade offs all of the following are important when determining product freight costs EXCEPT product aesthetics market related factors such as the _______________ are examples of economic drivers that influence transportation costs degree of competition as you increase shipment size, transportation unit costs ($ per pound) decrease in a non linear way ________________ is a holistic process focused on managing distribution operations - mode/carrier selection, load tendering, tracking, scheduling and payment in a manner which ensures shared risk and benefits for all parties involved collaborative transportation management according to the UT GSCI - bridging the divide breakthrough transportation article, transportation challenges include the following items EXCEPT vehicle automation according to UT GSCI - transportation 2025 megatrends and current best practices article, there are differences between shipper and carrier goals, shipper goals include the following objectives EXCEPT consistent volume ___________________ is a philosophy that considers the expenditure of resources in any aspect other than the direct creation of value for the end customer to be wasteful and thus a target for elimination lean manufacturing ____________ is a set of techniques and tools for process improvement. its basic objective is variance reduction six sigma an agile supply chain takes care of a high level of both demand and supply uncertainty products in the fashion goods industry and the high technology industry suffer from forecast inaccuracy due to high level of demand uncertainty, a wide range of product variety and short life cycle of the products Complete the sentence: "Modularization is a_______ approach in which the product is assembled from a set of________ constituent units. Different assembly combinations from a given set of units give rise to different end-product models and variations. Modularization is therefore associated with ____ logistics and is also closed linked to the capability of ______" product design; standardized; inbound; outsourcing Complete the sentence: "Postponement is a value-addition process for a set of _______ that ______ the common processing requirements shared by the set. The customization of the product is performed ________ as possible in the value-addition process. this approach allows companies to exploit scale advantages without compromising product variety and make demand patterns more predictable Postponement is therefore associated with _______ logistics. end products, maximizes: as late; outbound In the article (2004) Lee - The Triple-A Supply Chain, the author presents the requirements for a global supply chain to attain high speed at low cost. _______ has the objective of adjusting supply chain design to accommodate market changes. Adaptability In the article (2004) Lee - The Triple-A Supply Chain, the author presents the requirements for a global supply chain to attain high speed at low cost. ____ has the objective of responding to short term changes in demand or supply quickly Agility In terms of product packaging, individual products are typically grouped into master cartons, which are in turn grouped into larger units such as pallets or containers. This unitization is done primarily to improve handling and transportation efficiencies Design for Logistics is a series of concepts in the field of supply chain management involving product and design approaches that help to control logistics costs and increase customer service levels. DFL uses the following three key components Economic Packaging and Transportation, Concurrent and Parallel Processing. and Standardization indicate which one of the following statements does not explain why timely and accurate information has become more critical for effective logistics systems design and operations. Because information can be used to increase resource requirements which one of the following statements is true regarding information technology Information Technology combined with appropriate business processes is a strategic resource _______ are characterized by formalized rules, procedures, and standardized communications; a large volume of records; and an operational day-to-day focus transaction systems _______are the backbone of most firms supply chain information systems. This backbone maintains current and historical data and processes transactions to initiate and track performance. enterprise resource planning (ERP) or legacy systems Warehouse Management Systems (WMS), Transportation Management Systems (TMS), and Customer Relationship Management (CRM) Systems are all examples of: execution systems Transaction systems in general don't evaluate alternative strategies or assist with decision making. Systems commonly referred as _______, are designed to assist in strategic decision making advanced planning and scheduling systems (APS) firms are using ________ to transition from treating customers as income sources to be exploited to treating customers as assets to be nurtured. It involves sales tracking, sales history analysis, pricing management, promotion management, product mix management, and category management. customer relationship management systems (CRM) ________is the wireless use of electromagnetic fields to transfer data, for the purposes of automatically identifying and tracking tags attached to objects. radio frequency identification ________is a secure, digital ledger of data, organized in blocks that are linked together sequentially (hence the name). It is a growing list of records, called blocks, that are linked using cryptography. Each block contains a cryptographic hash of the previous block, a timestamp, and transaction data. Blockchain The list below includes benefits of Radio Frequency Identification (RFID) utilization EXCEPT: transmission distance and tag/reader sensitivity _______ is the identification, assessment, treatment, and monitoring of supply chain risks, with the aid of the internal implementation of tools, techniques, and strategies and of external coordination and collaboration with supply chain members so as to reduce