BUAD 331 Exam 1 Questions and Answers 100% Correct

BUAD 331 Exam 1 Questions and Answers 100% CorrectBUAD 331 Exam 1 Questions and Answers 100% CorrectBUAD 331 Exam 1 Questions and Answers 100% CorrectBUAD 331 Exam 1 Questions and Answers 100% CorrectBUAD 331 Exam 1 Questions and Answers 100% Correct What is a supply chain? - ANSWER-A supply chain consists of the organizations, people, activities, information, and resources involved in moving a product or service from the origins of supply all the way to point of final consumption, and, increasingly, re-entering material that was not consumed back into the supply chain for reuse or recycling. How long have supply chains been around? - ANSWER-They have been in existence for many centuries, although the term "supply chain" was not commonplace until the mid 1990's. Examples of ancient supply chains - ANSWER-Well-known supply chains of antiquity include the trading networks established by the ancient Phoenicians, Egyptians, Greeks, Chinese and Indian empires. How were goods transported before proper roads and routes were established? - ANSWER-In the absence of proper roads, goods were primarily transported by water. What was the supply chain traditionally conceived? - ANSWER-Classical conceptions of the supply chain are generally limited to the operational activities involved in mining, extracting or growing raw materials, moving them to locations where they are converted into sub-components and then finished goods, and then distributing them to markets for sale and consumption What sparked the creation of the modern, manufacturing-based supply chain? - ANSWER-The technological advances of the Industrial Revolution fostered the explosion of such "manufacturing" supply chains, with a consequent focus on the physical transformation, movement and storage of goods Name the core supply chain activities - ANSWER-Core supply chain activities are procurement, inbound logistics, manufacturing and service operations, order management, outbound logistics, customer service and after sales support, and returns management What is Procurement? - ANSWER-The identification, acquisition and management of the goods and services needed to run a business or other organization