OMIS 320 Exam 2
Sourcing - correct answer ✔all of firm's activities used to manage external
resources
Strategic sourcing - correct answer ✔managing the firm's external resources
to support firm's long term goals
Divers of Strategic Sourcing - correct answer ✔-Reduce costs & delivery
cycle times
-Improve quality & long-term financial performance
-Increase number of goal competitiors
-Increase customer focus
-Reduce high costs of globalization & materials
-Deliver more innovative products more frequently & cheaply than
competitiors
Functional Products - correct answer ✔MRO items and other commonly low
profit margins with relatively stable demands and high levels of competition
Innovative Products - correct answer ✔characterized by short product life
cycles, volatile demand, high profit margins, and relatively less competition
Supply Chain Strategy Framework - correct answer ✔Step 1- Classify
purchased items & their suppliers
Step 2- Define supply chain goals for each item
Step 3- Idenitify capabilities & improvement opportunities
Step 4 -Develop work plans linked to goals
, Step 5-Execute plans to achieve results
Step 6- Monitor progress & make adjustments
Supplier evaluation and selection criteria can.... - correct answer ✔initially
allow firms to screen out undesirable suppliers but are also used to build
better ongoing supplier relationships, improve the overall performance of the
supply base, and provide competitive advantage to the organization and its
supply chain
Substainability - correct answer ✔Meeting current needs without hindering
future needs in terms of economic, envirmental and social chanllenges
Green Sourcing - correct answer ✔Making environmentally conscious
decisions throughout the purchasing process, beginning with product and
process design, and through product disposal
Outsourcing allows firms to... - correct answer ✔-Concentrate on core
capabilities
-Reduce staffing levels
-Accelerate reengineering efforts
-Reduce management problems
-Improve manufacturing flexibility
Outsourcing risks - correct answer ✔-loss of control
-Increased realiance on suppliers
-Incrased need for supplier management
Incourcing (backsourcing) - correct answer ✔reverting to in-house production
when quality, delivery, and services do not meet expectations
Sourcing - correct answer ✔all of firm's activities used to manage external
resources
Strategic sourcing - correct answer ✔managing the firm's external resources
to support firm's long term goals
Divers of Strategic Sourcing - correct answer ✔-Reduce costs & delivery
cycle times
-Improve quality & long-term financial performance
-Increase number of goal competitiors
-Increase customer focus
-Reduce high costs of globalization & materials
-Deliver more innovative products more frequently & cheaply than
competitiors
Functional Products - correct answer ✔MRO items and other commonly low
profit margins with relatively stable demands and high levels of competition
Innovative Products - correct answer ✔characterized by short product life
cycles, volatile demand, high profit margins, and relatively less competition
Supply Chain Strategy Framework - correct answer ✔Step 1- Classify
purchased items & their suppliers
Step 2- Define supply chain goals for each item
Step 3- Idenitify capabilities & improvement opportunities
Step 4 -Develop work plans linked to goals
, Step 5-Execute plans to achieve results
Step 6- Monitor progress & make adjustments
Supplier evaluation and selection criteria can.... - correct answer ✔initially
allow firms to screen out undesirable suppliers but are also used to build
better ongoing supplier relationships, improve the overall performance of the
supply base, and provide competitive advantage to the organization and its
supply chain
Substainability - correct answer ✔Meeting current needs without hindering
future needs in terms of economic, envirmental and social chanllenges
Green Sourcing - correct answer ✔Making environmentally conscious
decisions throughout the purchasing process, beginning with product and
process design, and through product disposal
Outsourcing allows firms to... - correct answer ✔-Concentrate on core
capabilities
-Reduce staffing levels
-Accelerate reengineering efforts
-Reduce management problems
-Improve manufacturing flexibility
Outsourcing risks - correct answer ✔-loss of control
-Increased realiance on suppliers
-Incrased need for supplier management
Incourcing (backsourcing) - correct answer ✔reverting to in-house production
when quality, delivery, and services do not meet expectations
