SCMN 3730 EXAM 1 LATEST 2024-2025 WITH ACTUAL
QUESTIONS AND CORRECT VERIFIED ANSWERS
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The Language of Business - ANSWER--Accounting is the backbone of
procurement
-Return on Capital (consists of the Income Statement and Balance Sheet)
-Balance Sheet shows the costs of materials
-Income Statement shows the sales of materials
Components of the transformational model of a business - ANSWER--Owner's
Capital
-Input (machines, labor, and materials)
-Transformation Process
-Output (finished goods)
Primary objective of a business - ANSWER-to make PROFIT for the OWNERS of
the business by minimizing the impact of constraints on the operating system
that prevent it from increased profitability AND achieving competitively
superior performance from a best-in-class transformation proces
Productivity - ANSWER-Output/Input
,Procurement Organization - ANSWER-Effects the impact of a business'
productivity by selecting suppliers
Best-in-class - ANSWER-assessment of how well one is doing in process vs.
competitors
World class - ANSWER-regardless of industry, being the best at it (Amazon,
McDonalds)
Downsize - ANSWER-Output remains the same and input is reduced;
sometimes necessary to increase profitability and cut costs
zero-based budgeting - ANSWER-offset cost reduction; method of budgeting in
which all expenses must be justified for each new period; starts from a "_____
_____" and every function within an organization is analyzed for its needs and
costs.
Operational Excellence Key Components - ANSWER--Implement the right
organizational model
-Integrate the S/C business processes
-Invest in technology
-Achieve superior financials
-Be an effective communicator
20th century vs 21st century leadership change - ANSWER--20th century =
dogmatic (opinionated, assertive, authoritarian
-21st century = inspirational (developmental, influential)
, Supply Chain - ANSWER-sequence of processes involved in the production and
distribution of a commodity; components: extractor, converter, manufacturer,
assembler, distributor, retailer, consumer; flows downward
nodes - ANSWER-value added to product
linkages - ANSWER-connectivity between nodes
vertical integration - ANSWER-one of the basic customer/supplier business
relationships within the supply chain; being integrated on supply chain leading
from extraction; very few today
joint venture - ANSWER-one of the basic customer/supplier business
relationships within the supply chain; rather than buying from supplier, ensures
a continued supply by merging; also declining in today's supply chains
Strategic partnership/relationship - ANSWER-one of the basic
customer/supplier business relationships within the supply chain; relationship
whereby the relationship between nodes is intended to be a long lasting
relationship that mutually benefits one another
Transactional Solution - ANSWER-one of the basic customer/supplier business
relationships within the supply chain; buying from different nodes
Procurement - ANSWER-Cross-functional processes used by organizations to
acquire goods and services
Purchasing - ANSWER-Activity of item buying (transaction); how goods and
services are ordered
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