SCM 305 Exam 3 || with Complete Solutions.

Operations Management correct answers - Add value. - Involves decision making. 4 Components to Positioning a Firm correct answers 1. Cost 2. Speed 3. Quality 4. Flexibility Order Winner vs Order Qualifiers correct answers Winner: gets the sale Qualifiers: get you in the game Henry Ford correct answers Location analysis Eli Whitney correct answers Father of interchangeable parts Supply Chain correct answers Is the integration of all activities with the flow of transportation. Life or death for a company. Supply Chain vs Logistics correct answers Logistics, or distribution, is a sub set of supply chain op. Modes of Transportation correct answers Global Supply Chain - Free trade and global opportunities. Distribution Warehouses - Sell to seller, smaller orders. Pipelines - Used for oil. Railroads - Slow, with large bulky loads. Trucking - Most used in U.S., flexible, small loads. Water - Old, low cost, high volume. Air - Rapidly growing, small items, expensive. Intermodal correct answers Combination of several methods of transportation. Importance of Forecasting correct answers - Predict future events. - Essential for smooth operations. - Estimates occurrence, timing and magnitude of uncertain events. Principles of Forecasting correct answers - Forecasting is usually wrong. - Every forecast should include an estimate of error. - Forecasts are more accurate for product families (groups). - Forecasts are more accurate for close periods of time. Factors to Improve Forecasting correct answers - Record data in same terms as needed in forecast. - Record circumstances related to data.