Exam (elaborations)
Comprehensive SCM 300 Exam 1 study guide.
- Course
- Institution
Comprehensive SCM 300 Exam 1 study guide.
[Show more]
Seller
Follow
modockochieng06
Content preview
Comprehensive SCM 300 Exam 1 studyguide
Supply Chain Management (SCM) - CORRECT ANSWER-the effective and
efficient integration of the suppliers, manufacturers, transportation organizations,
and any other party responsible for collectively bringing products to market
Procurement - CORRECT ANSWER-This is known as the purchasing branch of
a company. They're responsible for getting materials, equipment, products, and
services for their company. They have to find suppliers, choose the one that
gives the best value, negotiate purchase terms, place orders, and develop a long
term relationship with supplier so that consistent quality can be expected from
the supplier over a long period of time
Operations - CORRECT ANSWER-Branch of the supply chain responsible for
making business processes effective and efficient. They seek to help the
company create high quality products/services while using the fewest resources
possible.
They have to try to do things faster with as few workers and machines as
possible and they need to have things done right before the customer needs
them
Logistics - CORRECT ANSWER-branch responsible for finding the right
transportation and storage partners to successfully navigate the flow of materials
from the point of origin to the final destination
Reverse Logistics - CORRECT ANSWER-the management of products that flow
backward in the supply chain, away from the consumer and back in the direction
of manufacturers. (the management of materials moving upstream in the supply
chain)
Global SCM - CORRECT ANSWER-Effective and efficient management of
supply chain partners across multiple countries
,1st-tier suppliers - CORRECT ANSWER-a company's direct suppliers. A firm that
directly provides goods/services to a company.
Downstream supply chain - CORRECT ANSWER-the direction that points toward
the end consumer in a supply chain. (it goes to the right in the chain)
In order for supply chains to function and develop, three things must continuously
flow: ____________, _____________, and _________________. - CORRECT
ANSWER-Materials, Money, and Information
Business Model - CORRECT ANSWER-a company's plan for how it will
purchase items, transform them, deliver them, and sell them in an effort to
produce a profit
Supply Chain visibility - CORRECT ANSWER-the ability to see what is
happening with inventory upstream and downstream in a supply chain.
You want to be able to predict and account for the demand before you need it
and how much will get there by a certain time. the ability to do this is
inventory/supply chain visibility
Profit's relationship to SCM - CORRECT ANSWER-Profit = Revenue - Cost
Costs involved in Supply chain include: materials, labor, energy, transportation,
packaging, storage, defects, insurance...
Competitive priorities - CORRECT ANSWER-Cost, Quality, Speed, and Flexibility
Tracking performance in cost, quality, speed, and flexibility is vital to knowing
whether the company is meeting its goals in the present and working towards
better performance in the future.
Each industry has different competitive priorities.
For example fast food places focus on low cost, average but consistent quality,
quick delivery, and flexibility regarding what you put on a burger.
,While sit down restaurants focus on high quality burgers, reasonable delivery
times, specialty burger, and charge a higher price
Core competencies - CORRECT ANSWER-primary advantages a company has
over its competitors. Typically a core competency is extremely difficult or near
impossible to replicate
Productivity vs. Value - CORRECT ANSWER-Value= output purchased / inputs
used to purchase the products or service.
Value can be increased by giving the customer more for the same price, or by
giving them the same amount at a lower price.
Ex: amt of soup / $ paid for the soup
Productivity= The ratio of outputs to inputs. From a manufacturing perspective
companies seek to maximize the amount of outputs that can be produced and
delivered to market while minimizing the required inputs. Productivity is a relative
term, so typically it can only be compared to the productivity of periods that
precede the present productivity.
Ex: if you make 200 of something and each one of it valued at $10 and the
material cost were $1000 total to create them all the productivity would be the
{amt (200) * the value ($10)} / the total cost to make them ($1000) = 2000/1000=
Productivity = 2
Primary Supply Chain Goals - CORRECT ANSWER-goal is effectiveness,
efficiency, and adaptability. To make high quality products in a timely fashion
while meeting the needs of a customer.
Seven types of waste - CORRECT ANSWER-Defects, overproduction,
transportation, motion, waiting, inventory, overprocessing
Keys to being a successful SC Manager - CORRECT ANSWER-Satisfy the
needs of the customer, satisfy the needs of the company, be prepared for the
future
, SC Strategy - CORRECT ANSWER-Understand the product/service and the
market desires, develop a business model, organize the right group of supply
chain partners
SC Tools - CORRECT ANSWER-supply chain metrics, information technology
tools, relationship management skills, financial resources, organizational
integration
Anatomy story: - CORRECT ANSWER-The human body is a system where each
part of the body functions interdependently. The body is strong, lean, and flexible.
By understanding the anatomy of the human body scientist have been able to
prolong human life and increase athletic performance.
Supply chain is just like this because the supply chain focuses on getting thins,
making, things, and moving things and to understand how to build a better chain
you also need to know and understand the parts and how they interact with each
other.
For sandwich factors to consider= - CORRECT ANSWER-Purchasing: where will
we buy stuff for it
Manufacturing and Operations: if we have all of the ingredients, how will we
make the sandwich, what will it take, how will we clean it up, will we save some
for tomorrow
Transportation and Logistics: Now we need to prep that sandwich to travel. what
will we use, how will we keep it cool etc.
Supply chain management is a place where what matters? - CORRECT
ANSWER-purchasing, operations, and logistics are what matters.
Supply chain managers think about what? - CORRECT ANSWER-buying things,
making things, moving things making them better, making them faster, and doing
it with minimal waste.
2nd-tier suppliers - CORRECT ANSWER-A firm that provides goods/services to
a company's first-tier supplier
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller modockochieng06. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $7.99. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
76710 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now