Supply Chain Exam 5 Questions With Detailed Answers
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Module
Supply Chain
Institution
Supply Chain
Supply Chain Exam 5 Questions With Detailed Answers
___________ is now created by supply chains that enable companies to better collaborate and coordinate their activities so as to keep up with changing markets and keep delivering new products that customers want and will pay profitable prices t...
___________ is now created by supply chains that enable companies to better
collaborate and coordinate their activities so as to keep up with changing markets and
keep delivering new products that customers want and will pay profitable prices to
acquire. Successful and profitable companies understand that customers want a good
price but that doesn't mean they want the lowest price as long as they get other features
they want. People want products that keep responding to their changing desires and
circumstances. - Answer-Wealth
/._________________ is a network of independently owned and operated databases
that can exchange data with each other and the GS1 Global Registry. The GS1 Global
Registry acts as a central coordinator between all the other databases to provide for
timely and traceable distribution of verified product descriptive information between all
the databases. It is the locator and routing mechanism for finding source data and
sending requested data between databases. - Answer-The Global Data Synchronization
Network (GDSN)
/._________________ is an effective approach for a global supply chain to deal with a
variety of risks and uncertainties. Whereas, some flexibility is valuable, too much
flexibility may not be worth the cost. - Answer-Appropriate flexibility
/._____________________ makes it possible for a wide audience of people from
different companies and from different areas within a company (finance, sales,
operations, procurement) to actively participate in supply chain collaboration projects.
This application is delivered via cloud-based software-as-a-service so people only need
a laptop, Internet connection, and a password to log on. And once simulations are
turned into actual operating plans, it also enables ongoing collaboration activities. By
displaying real-time operations data and using simulation results as a baseline for
comparison, people can monitor and manage their common supply chains so as to
quickly and effectively respond to changing business conditions and customer
demands. - Answer-An intuitive, map-based user interface and the ease of use
/._______________________ call for better ways to manage supply chains. As more
and more products follow a trajectory similar to the mobile phone there's a need for
online collaboration platforms where all parties in a supply chain come together and get
better and better at doing what they do to create and deliver new products. There's an
opportunity to reinvent supply chains by supplementing traditional supply chain
practices with collaboration and coordination practices. - Answer-Continuous volatility
and uncertainty in global markets plus rapid rates of technology innovation
/.__________________________ are used by many large companies, but those
systems are expensive and complicated. In some instances EDI has been replaced by
,XML, yet those systems too are often expensive and complicated. The cost and
complexity involved in implementing electronic data connections become barriers that
prevent significant supply chain operating improvements. - Answer-Electronic data
interchange (EDI) systems
/._________________, in his book, The Fifth Discipline, devotes a chapter to exploring
how the bullwhip effect gathers momentum and what can be done to avoid it. The beer
game starts with retailers experiencing a sudden but small increase in customer
demand for a certain brand of beer called Lover's Beer. Orders are batched up by
retailers and passed on to the distributors who deliver the beer. Initially, these orders
exceed the inventory that distributors have on hand so they ration out their supplies of
Lover's Beer to the retailers and place even larger orders for the beer with the brewery
that makes Lover's Beer. The brewery cannot instantly increase production of the beer
so it rations out the beer it can produce to the distributors and begins building additional
production capacity. - Answer-Peter Senge
/."But if you have a humble eagerness to learn something from everybody, your learning
opportunities will be _____________." - Answer-unlimited
/."Doing deals doesn't yield the deep _________ that come from building up people." -
Answer-rewards
/."First, how can I be sure that I'll be happy in my career? Second, how can I be sure
that my relationships with my spouse and my family become an enduring source of
____________? Third, how can I be sure I'll stay out of jail?" - Answer-happiness
/."I've concluded that the metric by which God will assess my life isn't ___________ but
the individual people whose lives I've touched." - Answer-dollars
/."If a company's resource allocation process is not managed ____________, what
emerges from it can be very different from what management intended." - Answer-
masterfully
/."If you want your kids to have strong self-esteem and confidence that they can solve
hard problems, those qualities won't magically materialize in high school. You have to
design them into your family's culture—and you have to think about this very early on.
Like employees, children build ______________ by doing things that are hard and
learning what works." - Answer-self-esteem
/."One characteristic of these humble people stood out: They had a ___________ of
self-esteem. They knew who they were, and they felt good about who they were. We
also decided that humility was defined not by self-deprecating behavior or attitudes but
by the esteem with which you regard others. Good behavior flows naturally from that
kind of humility." - Answer-high level
, /."There's an important model in our class called the Tools of Cooperation, which
basically says that being a visionary manager isn't all it's cracked up to be. It's one thing
to see into the foggy future with acuity and chart the _____________ that the company
must make." - Answer-course corrections
/.7 principles of SCM - Answer-1. Adapt supply chain based on service needs of each
customer segment
2. Customize logistics network for each segment
3. Align demand planning across the supply chain
4. Differentiate product closer to customer
5. Outsource strategically
6. Develop information technology that support multi-level decision making
7. Adopt both service and financial metrics
/.95% of U.S. trade is handled at ports similar to the one on New York Stanton Island.
But only 5% of these containers are: - Answer-visually inspected.
/.a framework for making decisions about how you will play the game of business, this
framework establishes what the organization will do to deliver value to customers and
how it expects to hit revenue and profit goals. - Answer-strategy
/.A huge opportunity exists right now in global and local supply chains to
________________ companies from the largest to the smallest. And since simple
solutions are the only ones that will work for the small and medium companies, they are
the only ones that will work at all. - Answer-electronically connect
/.A smartphone like the iPhone is a __________________________ delivered via a mix
of hardware and software that is responsive to evolving desires of its growing customer
base. There are profits to be made by everybody in the iPhone supply chain because
customers will pay more for the product. The iPhone is a like a symphony orchestra;
Apple is the conductor of the orchestra but it's only one party in the process that creates
the popularity and success the product is enjoying. Companies in the iPhone orchestra
pay attention to Apple and coordinate their actions with each other to keep up with the
fast pace of change because they are all making money (or at least believe they soon
will be). - Answer-rapidly changing mix of tangible and intangible values and features
/.A streamlined five-step S&OP process provides an effective framework to guide
collaboration and help companies work through the continuous process of responding to
change. Collaboration is also enhanced by the right combination of people and
computers. Instead of attempting to automate all supply chain activities and turn over
the operation of supply chains to complex computer systems and AI machines, it is best
to employ people and computers so that each are used for what they do best. People
are better than AI machines at creative thinking and problem solving; computers are
best at performing the mass of calculations needed to monitor operations and to
simulate different possible responses to new challenges. Powerful online collaboration
platforms can be created by use of cloud computing and combinations of existing
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