Exam (elaborations)
SCMN 2150 Test 2 Auburn University (1)
- Course
- Institution
SCMN 2150 Test 2 Auburn University (1)
[Show more]
Seller
Follow
modockochieng06
Content preview
SCMN 2150 Test 2 Auburn UniversityThe purchase of merchandise at the optimum total cost, at the right time, in the right
quantity - ANS-Procurement
A company process that continuously re-evaluates and improves upon the companies
procurement process - ANS-Strategic Sourcing
The identification use and management of the resources a company needs to meet its
goals - ANS-Supply management
What is the goal of the procurement process? - ANS-higher quality
lower cost
better service
MRO - ANS-Maintenance Repair Operations
TCO - ANS-Total Cost of Ownership
What are the 5 steps in the procurement cycle? - ANS-1. Identify needs
2. Evaluate suppliers
3. Select supplier
4. Order
5. Evaluate order and supplier
Moving internal activities to someone else - ANS-outsourcing
What are the reasons to choose to buy a product rather than make it? - ANS-Price - It
might be cheaper to just buy it
Capacity - Company might not have the room to make it
Skills - Company lacks internal skill to make the product
Inventory/fixed costs - You don't have to pay fixed manufacturing costs or costs that
come with increased inventory
Core Competencies - it gives the company the chance to focus on what they are
actually good at
What are the reasons to choose to make a product rather than just buying it? -
ANS-Cost - it might be cheaper to make it
, Competition - one step ahead of the competition
Leverage
External skills - there may be a lack of skills outside of the company so the best option
is to make it
Internal skills - if a company is good at making it or has the skill to then it makes sense
What are the risks of outsourcing? - ANS--insufficient supply
-poor quality
-long supply lead time
KPI - ANS-Key Performance Indicators
What are the 3 supplier performance metrics that companies use to score suppliers? -
ANS-Fill Rate
Defective Rate
On Time Delivery
The process by which inputs are processed into outputs - ANS-Production
What are the 3 components of production? - ANS-1. how much output to make
2. Which production process to use
3. How much of each input is required
What is the focus of lean production? - ANS-reduce waste, increase quality, and low
cost
What is the focus of mass customization? - ANS-holding off on making the final product
as long as you can for orders to be placed and customized
What are the key drivers of the production strategy? - ANS-- Product features and
demand
- make vs buy inputs
- product flexibility
- quality and service
- degree of automation
What are the 5 production processes available to companies? - ANS-1. project focus
2. work center
3. cell
4. assembly line
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 or Stuvia-credit 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 modockochieng06. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $7.99. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
77254 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now