Exam (elaborations)
SCM 300 Exam 1 MODULE 1 Questions and Answers
- Module
- Institution
SCM 300 Exam 1 MODULE 1 Questions and Answers
[Show more]
Seller
Follow
millyphilip
Reviews received
Content preview
SCM 300 Exam 1 MODULE 1 Questionsand Answers
Supply Chain Management (SCM): - Answer -"The effective and efficient integration of
the suppliers, manufacturers, transportation organizations as well as the other parties
responsible for collectively bringing products and services to market."
Procurement - Answer -"The branch of an organization responsible for acquiring
materials, equipment, products, and services. This would entail finding suppliers,
choosing the supplier that offers the best value, negotiating the terms of the purchase,
placing orders, and developing long-term relationships with suppliers so that consistent
and improved quality can be expected from their suppliers over a long period of time."
Operations - Answer -"The branch of the supply chain responsible for making business
processes effective and efficient. In essence, operations seeks to help the organization
create high quality products and/or services using the fewest resources possible."
Logistics - Answer -"The branch of the supply chain responsible for developing the
transportation itinerary and finding the appropriate transportation and storage partners
to successfully navigate the flow of materials from the point of origin to the final
destination."
Reverse Logistics - Answer -"The management of products that flow backward in the
supply chain, away from the consumer and back in the direction of manufacturers. (The
management of materials moving upstream in the supply chain)"
Global SCM - Answer -"When suppliers, manufacturers, transportation companies,
warehouse and distribution centers, retailers, and other supply chain partners span
across multiple countries and/or continents, those are considered global supply chains.
Effective and efficient management of supply chain partners across multiple countries
can offer both competitive advantages as well as complicating circumstances."
1st-tier and 2nd-tier suppliers - Answer -"A company's direct suppliers. A firm that
directly provides goods and/or services to a company."
2nd trier "A firm that provides goods and/or services to a company's first-tier supplier."
, Upstream - Answer -"In a supply chain, the direction that points toward the suppliers."
Downstream - Answer -"In a supply chain, the direction that points toward the end
consumer."
Three SCM Flows - Answer -"In order for supply chains to function and develop, three
things must continuously flow: Materials, Money, and Information"
Business Model - Answer -"A company's plan for how it will purchase items, transform
them, deliver them, and sell them in an effort to produce a profit."
Supply Chain visibility - Answer -"The ability to see what is happening with inventory
upstream and downstream in a supply chain."
Profit - Answer -"Companies invest money to make and deliver products and/or
services. These expenditures are called costs. They then sell the products and/or
services for money. That money is revenue. The difference between Revenue and Cost
is Profit."
ROI's - Answer -"Return on Investment - An economic measure that helps evaluate the
return of an investment. In its most simple form it is a ratio of total profit to total invest
money. (ROI = Total profit / Total investment)"
Competitive priorities - Answer -"Companies, and supply chains more specifically, are
very often competing in these four areas. As a result, tracking performance in cost,
quality, speed, and flexibility is vital to knowing whether the company is meeting its
goals in the present and working towards better performance in the future."
Core competencies - Answer -"The primary advantage a company has over its
competitors. Typically, a core competency would be difficult, if not impossible, to
replicate.
Productivity - Answer -"The ratio of outputs to inputs. From a manufacturing perspective
companies seek to maximize the amount of outputs that can be produced and delivered
to market while minimizing the required inputs.
Productivity is a relative term, so typically it can only be compared to the productivity of
periods that precede the present productivity."
Value - Answer -"Value is the ratio of "output purchased" divided by "inputs used to
purchase" the product or service. Customers seek value. Value can be increased by
giving the customer more for the same price, or by giving them the same amount at a
lower price."
Primary Supply Chain Goals - Answer -"Effectiveness, efficiency, and adaptability -- To
make high quality products and services in a timely fashion that meet the needs of the
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 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 millyphilip. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for £8.36. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
79271 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy revision notes and other study material for 14 years now