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Final Exam MGT301 NAU Study Guide Solutions
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Final Exam MGT301 NAU Study Guide Solutions Outsourcing - ANSWER-Transferring a firm's activities that have traditionally been internal to external suppliers Vendor-managed inventory - ANSWER-a system in which a supplier maintains material for the buyer, often delivering directly to the buyer'...

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  • November 25, 2024
  • 22
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • final exam mgt301 nau study guide solutions

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Final Exam MGT301 NAU Study
Guide Solutions


Outsourcing - ANSWER✔✔-Transferring a firm's activities that have

traditionally been internal to external suppliers


Vendor-managed inventory - ANSWER✔✔-a system in which a supplier

maintains material for the buyer, often delivering directly to the buyer's

using department.


Postponement - ANSWER✔✔-Delaying any modifications or

customization to a product as long as possible in the production process.

The concept is to minimize internal variety while maximizing external

variety.


Blanket order - ANSWER✔✔-A long-term purchase commitment to a

supplier that are to be delivered against short-term releases to ship. Blanket

orders are unfilled orders with a vendor and are also called "open orders"




Copyright ©EMILLYCHARLOTE 2025 ACADEMIC YEAR, ALL RIGHTS RESERVED. Page 1/22

,or "incomplete orders". It is a contract to purchase certain items from a

vendor. It is not an authorization to ship anything.


Drop shipping - ANSWER✔✔-Shipping directly from the supplier to the

end consumer rather than from the seller, saving both time and reshipping

costs


Reverse logisitics - ANSWER✔✔-The process of sending returned products

back up the supply chain for value recovery or disposal. Reverse logistics

involves resale, repair, reuse, remanufacture recycling, and disposal. The

operations manager's goal should be to limit disposal and strive for reuse.


The supply chain management's strategic importance - ANSWER✔✔-The

objective is to build a chain of suppliers that focuses on maximizing value

to the ultimate customer.


Make-or-buy decision - ANSWER✔✔-a choice between producing a

component or service within the firm or purchasing it from an outside

source.


sourcing strategy: many suppliers - ANSWER✔✔-The order goes to the

lowest bidder. One supplier is put against another. In order to receive the

Copyright ©EMILLYCHARLOTE 2025 ACADEMIC YEAR, ALL RIGHTS RESERVED. Page 2/22

, order, the supplier must meet the buyer's needs in terms of technology,

expertise, forecasting abilities, as well as cost, quality, and delivery

competencies. Long term partnering is not the goal.


sourcing strategy: few suppliers - ANSWER✔✔-a strategy of few suppliers

implies that rather than looking for short-term attributes, such as low cost,

a buyer is better off forming a long-term relationship with a few dedicated

suppliers. Disadv: the cost of changing partners is huge, so both supplier

and buyer run the risk of becoming captives of the other. Also, trade secrets

and supplier alliances.


sourcing strategy: Vertical integration - ANSWER✔✔-developing the

ability to produce goods or services previously purchased or actually

buying a supplier or a distributor.


sourcing strategy: joint ventures - ANSWER✔✔-Formal collaboration. Adv:

secure supply or reduce costs. Disadv: could dilute the brand or lose

competitive advantage


sourcing strategy: Keiretsu - ANSWER✔✔-Company coalition that is part

collaboration, part purchasing from few suppliers, and part vertical


Copyright ©EMILLYCHARLOTE 2025 ACADEMIC YEAR, ALL RIGHTS RESERVED. Page 3/22

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