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SCMT 335 Exam 1 || Already Passed.

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Typical purchasing cycle - 8 steps correct answers 1. Recognize, define, and describe the need 2. Transmit the need 3. Investigate, qualify, & select the supplier 4. Prepare & issue the purchase order 5. Follow up the order( including expediting and de-expediting) 6. Receive & inspect the mate...

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SCMT 335 Exam 1 || Already Passed.
Typical purchasing cycle - 8 steps correct answers 1. Recognize, define, and describe the need
2. Transmit the need
3. Investigate, qualify, & select the supplier
4. Prepare & issue the purchase order
5. Follow up the order( including expediting and de-expediting)
6. Receive & inspect the material
7. Audit the invoice
8. Close the order

Recognize, define, and describe the need correct answers -notification through 3 methods

1. Standard purchase requisition (PR)
-Common info includes:
description of material, quantity & date required, estimated unit cost, account to be charged
date, authorized signature,
-Electronic requisitions
-Reorder point

2. MRP: looks at MPS and determines material acquisition plan for production

3. Engineering Bill of Materials
-explode requirements to entire demand to get gross requirements

* Definition & Description of need
-Clear, complete and appropriate definition & description
-Check for accuracy & completeness
-Make sure that need has been adequately defined
-Appropriate method of description

*Stock Check

Six Key Business Functions correct answers 1. Creation, the idea or design function, frequently
based on research and development

2. Finance, the capital acquisition, financial planning and control function

3. Personnel, the human resources and labor relations function

4. Supply, the acquisition of required materials, services, and equipment

5. Conversion, the transformation of materials into economic goods and services

6. Distribution, the marketing and selling of goods and services produced

,A Five Stage Process of Supply Management correct answers 1. Identification of item or service
required

2. Identification of best supplier

3. Establishment of a fair and reasonable price

4. Creation of an enforceable agreement

5. Management of the relationship

Four Principles of Strategic Sourcing correct answers 1. Define the total value of the relationship
between purchaser and suppler,

2. Develop solutions based on a deep understanding of the supplier's economics and business
dynamics,

3. Use differentiated purchasing tactics in order to optimize the economic relationship for both
purchaser and suppliers, and

4. Imbed the required changes in the organization so the purchaser achieves not only a near-term
measurable performance improvement but also the ability to continuously improve

The Five Ms of Business -Increasing Importance of Purchased Materials correct answers 1.
Machines
2. Man/Womanpower 3. Material
4. Money
5. Management

-Materials costs are increasingly the focus of management

-Labor costs have decreased

-Purchased items account for a large percentage of the cost of goods sold.

-Outsourcing allows firms to focus on their core competencies.

-A dollar saved in materials cost is usually considered a dollar increase in profit

Supply Management's Impact on Net
Income and the Bottom Line correct answers -Much easier to increase profits by reducing
purchasing cost than by increasing sales

INCREASED SALES:
-Faster to Market
-Improved Quality

, -Pricing Flexibility
-Innovation

-READ DESCRIPTIONS (pg 10)

LOWER TOTAL COST:
-Acquisition Cost
-Processing Cost
-Quality Cost
-Downtime Cost
-Risk Cost
-Cycle Time Cost
-Conversion Cost
-Non-value Added Cost
-Supply Chain Cost
-Post Ownership Cost

Strategic Sourcing correct answers Formalizes three activities:
1. periodic analysis of an organization's spending

2. analysis of the supply market

3. development of a sourcing strategy which supports the corporate strategy while minimizing
risks and costs

Three elements of Value correct answers -VALUE CREATION: through the innovation,
development and launch of new products and services

-VALUE DELIVERY: through the order fulfillment process

-VALUE MAINTENANCE:
through processes to provide after sale service and support maintenance

Four factors of placement of supply management within the organization correct answers 1.
Availability of materials and services: are they readily available or prone to shortages or price
instability?

2. Absolute dollar volume of purchases: large amount of money spent can enable large savings,
small savings can add up when thousands of units are ordered

3. Percent of product cost represented by materials and services: small reductions in costs
increase profit significantly

4. Types of materials and services purchased: wider ranges of materials and services enable
greater savings opportunities

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