Exam 3 SCM 303 Questions and Correct Answers the Latest Update
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Course
SCM 303
Institution
SCM 303
Functions within an organization that provides effective and efficient materials
and services management
o Supply chain management
o Procurement
o Purchasing
Inventory reduction and purchasing savings
· direct contributions that are measurable and tangible
In manufacturing, supply cost...
Exam 3 SCM 303 Questions and Correct
Answers the Latest Update
Functions within an organization that provides effective and efficient materials
and services management
✓ o Supply chain management
✓ o Procurement
✓ o Purchasing
Inventory reduction and purchasing savings
✓ · direct contributions that are measurable and tangible
In manufacturing, supply costs range from
✓ 50% to 80% of revenue
Operational Decision Examples
✓ o Keep certain frequently used items in stock to ensure that production is not halted
✓ o Negotiate with a supplier to create a product with higher quality`
Strategic Decision Examples
✓ o Using purchasing power to take advantage of the best values in the marketplace of
suppliers
✓ o Remain aware of purchasing trends and be able to choose the once that best fit
your company's goals
✓ providers fulfill both a provider and service role
Key drivers for an organizations supply decisions
✓ mission, vision, and strategy
Suppliers and supply function are vital to an organization's
✓ success, customer satisfaction, and competitive advantage
Organizational success relies considerably on
✓ effective purchasing and supply chain management
Standard Steps of the Procurement Process
✓ o 1) The recognition of need
✓ o 2) The translation of that need into a commercially equivalent description
✓ o 3) the search for potential suppliers
✓ o 4) the selection of a suitable source
✓ o 5) the agreement on order or contract details
✓ o 6) the delivery of the products or services
✓ o 7) the payment of suppliers
✓ o Supply chain management, measurement, risk management, sustainability, growth
and influence, technology, and effective contribution to corporate success
✓ · Small organization supply chains do not have the same luxuries as larger
organizations
✓ · Contributions from supply can be viewed from operational and strategic contexts
✓ · Companies must increase revenue, decrease costs, or do both to increase long-
term shareholder value
✓ · Logistics includes inbound, outbound, internal, and external movements of goods,
services, and related information.
✓ · When making decisions, supply managers must balance risk and reward
· Stages of supply chain involvement
✓ o None-the lowest level of involvement
✓ o Documentary- transaction involvement only
✓ o Professional-personnel use expertise to assess acquisition decisions
✓ o Meaningful- true team member status
Specific supply objectives
✓ quality, quantity, delivery, price, service, flexibility, and continuous improvement
To be competitive, an organization must
✓ deliver goods to consumers on time, that meet quality standards, and that have fair
price to consumers
Organizations where unethical supply decisions are made can have an increase
Strategic management decisions can have an impact on
✓ · supply functions, gains can be made in technology advancements
When the supply function can provide information about
✓ new advertising techniques, distribution systems, this may be useful to the marketing
department
Profit-leverage effect and ROA express supply savings that are
✓ direct
Profit leverage effect
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