Exam (elaborations)

Final Exam MGT301 NAU Exam Questions and Answers

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North Arizona University Tests 2024

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North Arizona University Tests 2024

Final Exam MGT301 NAU Exam Questions and Answers 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 b...

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Uploaded on October 30, 2024
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final exam mgt301 nau exam questions and answers

Institution North Arizona University Tests 2024
Course North Arizona University Tests 2024

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Final Exam MGT301 NAU Exam Questions

and Answers

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" 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

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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 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.

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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 integration. These manufacturers are often financial supporters of

suppliers through ownership or loans. Adv: long-term relationships, collaboration as partners, technical

expertise, and stable quality production

sourcing strategy: virtual companies - ANSWER✔✔-In a virtual company the supply chain is the company.

Virtual companies rely on a variety of supplier relationships to provide services on demand. Also known

as hollow corporations or network companies. Adv: specialized management expertise, low capital

investment, flexibility, and speed resulting in efficiency.

Supply chain risk - ANSWER✔✔--supplier failure to deliver

-supplier quality failures

-outsourcing

-logistics delays or damage

-distribution

-information loss or distortion

-political

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