Exam (elaborations)
CIPs L4M1 LO1 WITH ANSWERS GRADED A+
- Course
- Institution
CIPs L4M1 LO1 WITH ANSWERS GRADED A+
[Show more]
Seller
Follow
Content preview
10/2/24, 7:03 AMEUNICE
CIPs L4M1 LO1WITH QUESTIONS AND 100% SURE ANSWERS
Terms in this set (77)
Involves obtaining something either tangible (goods) or intangible (services). The
Procurement process begins by identifying a need and is complete once that need is delivered. It is
a strategic function.
tangible capable of being touched; real, concrete
intangible unable to be touched or grasped; not having physical presence
1. Added Value
2. Cost
3. Inventory
4. Logistics
Procurement elements
5. Purchasing
6. Quality
7. Supply
8. Waste Management
Strategic High level planning including setting direction and long term goals.
Primary - raw materials
Secondary - manufacturing
A typical Supply Chain Tertiary - services
Each sector adds value.
The infrastructure involved in physically getting the products and services delivered.
A channel of goods distribution.
Supply Chain Definition Starts with raw material supplier.
Moves through a operational process to the distributor and retailer.
And finally to the customer.
Upstream Supply Chain Supply of raw materials, components, parts etc that are needed for production.
downstream supply chain the supply chain from the production facility to the end-customer
a management system that coordinates and integrates all of the activities performed by
Supply Chain Management supply chain members into a seamless process, from the source to the point of
consumption, resulting in enhanced customer and economic value
1. Price
2. Delivery
3. Stoarge
4. Ethics
Value/Supply Chain
5. Environment
6. Sustainability
7. Communication
8. Quality
1/7
, 10/2/24, 7:03 AM
Principles governing the behavior of an individual or a group. These principles establish
Ethics definition
appropriate behavior indicating what is right and wrong.
Evolution of basic supply chain to include all other parties involved in the entire supply
Supply Chain Network process rather than just one element. A two-way exchange of information. A one-way
flow of goods.
The movement and storage of goods and materials within a supply chain. These are the
Physical flows
tangible parts of supply chain network. Goods flow one way only.
Organisational strategies and the way they are communicated, the control processes
Informational flows within the network and the standards to which the chain should work. Information flows
two ways.
Scope: Supply Chain System: Focuses on the processes, activities, and functions that
make up the operational and tactical aspects of the supply chain. It deals with the day-
to-day execution of tasks. Supply Chain Network: Focuses on the structural and
strategic aspects of the supply chain, including the design and configuration of the
supply chain's physical and logistical components.
Difference between supply chain and supply Timeframe: Supply Chain System: Concerned with immediate and short-term tasks
chain networks related to the flow of goods and information.Supply Chain Network: Addresses longer-
term planning and strategic decisions regarding the setup of the supply chain.
Decision-Making Level: Supply Chain System: Involves decisions made at the
operational and tactical levels by supply chain managers and practitioners.
Supply Chain Network: Involves decisions made at the strategic level by top
management, such as network design, location planning, and partnership strategies.
Non-cash releasing benefits generated via procurement processes and supplier
What is added value? relationship management. Also defined as product and service mix features which the
customer values and is therefore prepared to pay extra for.
What is cost? The amount of money used to make a product or deliver a service
Components, raw materials, work in progress, finished goods and supplies required for
What is inventory? the creation of goods and services for the customer. It can also refer to the number of
units and/or value of the stock of goods held by a company
What is logistics? The movement of something from one place to another
What is purchasing? The buying of goods and services for a business.
The ability of a product or service to consistently meet or exceed customer
What is quality?
expectations by following set standards.
Planned and systematic activities necessary to provide adequate confidence that the
What is quality assurance?
product or service will meet given requirements.
A channel of goods distribution, which starts with the supplier of raw materials or
What is supply chain? components, moves through a operational process to the distributor and retailer, and
finally to the consumer
The handling of waste materials resulting from industry, municipal processes, and
What is waste management?
human consumption as well as efforts to minimize waste production
What is a fixed cost? Business costs that remain the same irrespective of the volume of activity of a business
Costs that change in proportion to the output of the business. They increase as the
volume of the product or service produced is increased. As sales increase, variable
What is a variable cost?
costs increase. As sales go down, variable costs go down. For example, the amount of
materials that are used or the cost of hours worked
Costs that are directly associated with the production of a good or service. For
What is a direct cost?
example, raw materials.
2/7
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 mbitheeunice2015. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $8.99. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
77764 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now