Exam (elaborations)
SCM 300 Exam 1 with correct Answers 100%
- Course
- Institution
SCM 300 Exam 1 with correct Answers
[Show more]
Content preview
SCM 300 Exam 1 with correct Answers3 branches of supply chain - Answer -procurement (purchasing), operation, logistics,
reverse
Procurement (purchasing) - Answer -the branch of supply chain where deals happen,
negotiations for the best price on materials, equipment, goods, and services. acquiring
materials and placing orders.
Operations - Answer -the branch responsible for making business processes effective
and efficient (help create high quality products/services using fewest resources
possible).
Logistics - Answer -is concerned with transportation, finding the right partners or best
ways to get the product or service from origin to consumption.
Key variable in elementary inventory calculations - Answer -Q - lot size
D - annual demand
C - cost to purchase one unite
H - cost to hold on unit of inventory in one year
S - cost to place a single order
Annual cost to purchase inventory - Answer -DC
Annual Holding Cost (AHC) - Answer -(Q/2)*H
Annual Ordering Cost (AOC) - Answer -(D/Q)S
Equation for total cost - Answer -DC + AHC + AOC
Economic Order Quantity (EOQ) - Answer -the lot size that minimizes total annual
inventory holding and ordering costs, making it the optimal lot size
= SQRT (2DS/H)
if a manager is looking to minimize inventory costs and maximize total annual savings
then he would calculate optimal lot size through this formula.
Cycle time - Answer -the pace at which product must move through the assembly line in
order for the assembly line to keep pace with demand.
= Operating Time/D
, Theoretical Minimum number of workstations calculations (TM) - Answer -total task time
/ cycle time
3 Supply Chain Flows - Answer -Money, material, information
downstream supply chain - Answer -the direction that points towards the end customer
Ex: delivering goods from a manufacturer to a distributor. main suppliers s1 working to
get parts prepared in time for manufacturer.
Upstream Supply Chain - Answer -going backwards, moving towards the supplier.
ex: finding ways to maximize efficiency coming back. see if all the boxes that have
arrived at the retailer are empty and not damaged to send them beck for reuse.
developing relationships with the companies first tier supplier to enhance and better
communication.
Supply chain competitive priorities - Answer -cost, quality, speed, flexibility
For example, a fast food restaurant will customize these priorities differently from a
higher up restaunt
Cost - Answer -material, energy, waste, transportation
Quality - Answer -design, reliability, consistency, materials or fabrics
speed - Answer -delivery, on time, innovative time
flexibility - Answer -customization, size of orders, design
Types of inventory - Answer --raw materials
-work in process
-finished goods
-maintenance, repair, and operating
-market inventory
-safety stock (buffer stock)
-anticipation inventory
-pipeline inventory
-inventory visibility
Raw materials - Answer -materials that will be used to create an item or a service. Have
not yet begun
their manufacture to create them into a good or a service.
Work in Process (WIP) - Answer -Items that have gone through the manufacturing but
have not been
completed. Example, a partially assembled shovel.
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 $11.49. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
74534 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now