SCM 455: Final Exam Question an answers 100% correct 2024/2025
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SCM 455:
Institution
SCM 455:
SCM 455: Final Exam Question an answers 100% correct 2024/2025 SCM 455: Final Exam
Project Management - correct answer the application of knowledge, skills, tools, and techniques to project activities in order to meet or exceed stakeholder needs and expectations from a project.
Project - c...
SCM 455: Final Exam
Project Management - correct answer ✔the application of knowledge, skills,
tools, and techniques to project activities in order to meet or exceed
stakeholder needs and expectations from a project.
Project - correct answer ✔A project is a series of tasks with:
-specific objectives, defined start and stop dates
-limited resources, time, personnel, and budgets
What are typical supply management projects? - correct answer ✔○
Developing new products within / across organizations .
○ Supplier development / improvement
○ New internal systems (e.g. information technology)
○ Developing sourcing / category strategy
○ Define requirements
Dimensions of a Project - correct answer ✔1) Defined scope: project
overview, start/end points, agreed-upon tasks, responsibilities, deliverables,
and costs.
2) Defined success: attainment of objectives, minimal
modifications/distruptions, and stakeholder satisfaction
Work Breakdown Structure (WBS) - correct answer ✔-Is the summation of
activities and resources required.
- Broken down into tasks, subtasks, responsibilities, precedents, and costs.
-Like a BOM
,Gantt Chart - correct answer ✔Visually displays tasks and times associated
with a project. A horizontal bar chart with activities listed vertically and
times/dates displayed horizontally. Relatively inexpensive to use/develop, can
convey a great deal of info. Hard to keep up to date for larger projects.
The Critical Path Method (CPM) - correct answer ✔Apply to projects where
there is a single known time for each activity with no variance.
Rules for Constructing a CPM Network - correct answer ✔1) Identify each
unique activity.
2) "Arc" is relationship, "node" is an activity.
3) Connect arcs and nodes by precedence.
4) Arcs show progression.
5) Networks generally start and stop at single node.
Program evaluation and review technique (PERT) definitions - correct answer
✔- Early start (ES) - Earliest date task can begin
- Early finish (EF) - Earliest date task can finish (ES + task time)
- Late finish (LF) - Latest date task can finish without delaying entire project
-Late start (LS) - Latest date a task can begin without delaying entire project
(LF - task time)
Category
(Interchangeable with the term commodity.) - correct answer ✔Refers to a
specific family of products or services that are used in delivering value to the
end customer.
Grouped by:
-Inherent characteristics.
-Sourcing location (LCGs) or process.
, -Volume or value.
-Use.
Spend Category - correct answer ✔- A convenient grouping of like-spend
items.
- Commodities are categories with limited differentiation (ex: office supplies).
- We categorize to structure, simplify, relate, and to understand entities, but
also to improve control.
Category Strategy - correct answer ✔Specifies how a group tasked with
developing the strategy for the specific commodity being purchased will
achieve goals that in turn will support the supply management-, business unit,
and ultimately corporate-level strategies.
Category strategy development (strategic sourcing) - correct answer ✔A
decision process used
to identify which suppliers should provide a group of products/services, the
form of the contract, the performance measures used to measure supplier
performance, and the appropriate level of price, quality, and delivery
arrangements that should be negotiated. The steps include:
1) build the team.
2) market research.
3) strategy development.
4) contract negotiation.
5) supplier relationship management.
Step 1: Build the Team and Project the Charter
(category strategy development) - correct answer ✔1) Identify key cross-
functional team members.
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