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SCM 300 EXAM 1 QUESTIONS AND ANSWERS
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SCM 300 EXAM 1 QUESTIONS AND ANSWERS
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SCM 300 EXAM 1 QUESTIONS AND ANSWERSSupply Chain Management (SCM) - Answers -the effective and efficient integration of
the suppliers, manufacturers, transportation organizations as well as the other parties
responsible for collectively bringing products and services to market.
Procurement - Answers -branch of an organization responsible for acquiring materials,
equipment, products and services. (Purchasing)
Operations - Answers -responsible for making business processes effective and
efficient
Logistics - Answers -responsible for developing the transportation itinerary and finding
the appropriate transportation and storage partners to successfully navigate the flow of
materials from the point of origin to the final destination.
Supply Chain Visibility - Answers -ability to see what is happening w/ inventory
upstream and downstream in a supply chain.
Profit's relationship to SCM - Answers -Profit: SC plays a role in controlling types of
costs that ensure manufacturing and delivery, which can increase profit.
ROI's relationship to SCM - Answers -ROI: SC seek to help maximize ROI, by creating
great products and delivering them quickly, customers may be willing to pay more.
Competitive priorities - Answers -tracking cost, quality, speed, and flexibility is vital to
knowing whether the company is meeting its goals and working towards better
performance in the future.
Core competencies - Answers -primary advantage a company has over its competitors;
difficult, if not impossible, to replicate.
Productivity vs. Value - Answers --Productivity: maximize the amount of outputs that can
be produced and delivered to market while minimizing the required inputs.
-Value: ratio of "output purchased"/ "inputs used to purchase"
Primary Supply Chain Goals - Answers -Effectiveness, efficiency, and adaptability - to
make high quality products and services in a timely fashion that meet the needs of the
customer. In a way that utilized minimal resources, and changes in the market.
Seven types of waste - Answers -(1) Defects: poorly manufactured products are
garbage
(2) Overproduction: making products no one needs is a waste of time, money, and effort
(3) Transportation: moving products doesn't make the product better, it incr. the
possibility of theft, damage, and loss
, (4) Motion: if employees move too much in a SC they could get tired, injured, or be
wasting time
(5) Waiting: Work-in-process waiting to be finished was made too early. Items should
not be produced too far in advance
(6) Inventory: shelf items are not providing an immediate return, could be lost, broken,
or stolen
(7) Over-processing: doing work that is unnecessary or undesired is a waste of time and
resources.
Keys to being a successful SC Manager - Answers -(1) Satisfy the needs of the
customer
(2) Satisfy the needs of the company
(3) Be prepared for the future.
Supply Chain Strategy - Answers -(a) Understand the product/service and the market's
desires
(b) Developing a business model
(c) Organizing the right group of supply chain partners
Supply Chain Tools (5 of them) - Answers -(a) Supply chain metrics
(b) Information technology tools
(c) Relationship management skills
(d) Financial resources
(e) Organizational integration
Inventory - Answers -items that are owned by a company for the purpose of present or
future sale or for use in day-to- day operations.
Lead Time - Answers -period of time between when an order is placed and when the
order is received.
Lot Size - Answers -A possible order size increment
Inventory and Risk - Answers -carrying inventory can come at a hefty price, thus there is
risk. Not carrying inventory also comes at a risk, the risk of not having any inventory.
Demand Forecasting - Answers -a predictive analysis and/or estimation of consumer
demand in a future period.
Reverse Logistics - Answers -management of products that flow backwards in the
supply chain (upstream), away from the consumer and back in the direction of
manufacturers
Global SCM - Answers -suppliers, manufacturers, transportation companies, warehouse
distribution centers, retailers, and other supply chain partners span across multiple
countries and/or continents.
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