Exam (elaborations)
Comprehensive SCM 300 Exam 1 study guide 2024
- Course
- Institution
Comprehensive SCM 300 Exam 1 study guide
[Show more]
Content preview
Comprehensive SCM 300 Exam 1 studyguide
Supply Chain Management (SCM) - Answer -the effective and efficient integration of the
suppliers, manufacturers, transportation organizations, and any other party responsible
for collectively bringing products to market
Procurement - 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 - 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 - 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 - 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 - Answer -Effective and efficient management of supply chain partners
across multiple countries
1st-tier suppliers - Answer -a company's direct suppliers. A firm that directly provides
goods/services to a company.
Downstream supply chain - 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 _________________. - Answer -Materials,
Money, and Information
Business Model - 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 - 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 - Answer -Profit = Revenue - Cost
Costs involved in Supply chain include: materials, labor, energy, transportation,
packaging, storage, defects, insurance...
Competitive priorities - 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 - Answer -primary advantages a company has over its competitors.
Typically a core competency is extremely difficult or near impossible to replicate
Productivity vs. Value - 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 - 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 - Answer -Defects, overproduction, transportation, motion,
waiting, inventory, overprocessing
Keys to being a successful SC Manager - Answer -Satisfy the needs of the customer,
satisfy the needs of the company, be prepared for the future
SC Strategy - Answer -Understand the product/service and the market desires, develop
a business model, organize the right group of supply chain partners
SC Tools - Answer -supply chain metrics, information technology tools, relationship
management skills, financial resources, organizational integration
Anatomy story: - 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= - 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? - Answer -purchasing,
operations, and logistics are what matters.
Supply chain managers think about what? - Answer -buying things, making things,
moving things making them better, making them faster, and doing it with minimal waste.
, 2nd-tier suppliers - Answer -A firm that provides goods/services to a company's first-tier
supplier
____ tier suppliers get the stuff first then transport that to ____ tier suppliers - Answer -
2nd; 1st
Upstream supply chain - Answer -the direction that points toward the suppliers in a
supply chain (the left/backwards)
ROI's relationship to SCM: - Answer -ROI= An economic measure that helps evaluate
the return of an investment.
ROI = Total profit/ Total investment
SCM involves the costs aspects of a product (the investment side of the equation) as
well as the delivery/quality aspect of a product in that people will be willing to pay more
for a better made product (this involves the profit side of the equation)
4 competitive priorities:
1. _______: materials, energy, wages, transportation, rent...
2. ________: Design, reliability, consistency, materials and fabrics...
3. _________: Delivery, on-time, innovation time...
4. ___________: customization, size of order, design... - Answer -1. Cost
2. Quality
3. Speed
4. Flexibility
Efficient Integration of:
• Suppliers and Manufacturers
• Transporters, Distribution Centers, Warehouses
• Retailers and all other parties associated tasked with the
successful delivery of the final product and/or service. - Answer -Supply chain
management
Operations management= - Answer -Design, operations, and improvement of the
production systems that efficiently transform INPUTS into Finished Goods & Services,
maximizing productivity.
Logistics - Answer -is the COORDINATED Planning and Execution of the following:
-Preparation of Packaged Product
-Movement Itinerary (Transport)
-Storage Itinerary (Warehousing)
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 millyphilip. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $12.99. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
70840 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now