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UARK Supply Chain Management Final 2024 Exam!!
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UARK Supply Chain Management Final 2024 Exam!!
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Name: Score:94 Multiple choice questions
Definition 1 of 94
Tracks the number of days between your company receiving a purchase order and completing
customer delivery.
Run out time
Customer order cycle time
Jit - just in time
Inventory turnover
Definition 2 of 94
• Shipments between 10,000 and 48,000 pounds
Delivery shipment sizes: parcel
Eoq (economic order quantity)
Fob destination (just extra information)
Delivery shipment sizes: truckload (TL)
,Term 3 of 94
Moving Average Method
Perpetual inventory method where the company computes a new average cost after each
purchase by dividing the cost of goods available for sale by the units on hand.
• Generally, a company seeks to narrow down the number of suppliers it does business with:
purchasing power,
• Consider: Risk of centralized supplier power
In-full delivery = [(total orders - orders that aren't complete or are incorrect in first
shipment) / total orders] x 100
Production scheduling allocates available capacity [equipment, labor, and facilities] to the
work that needs to be done.The goal is to use available capacity in the most efficient and
profitable manner
Definition 4 of 94
The percentage of orders that arrive as scheduled
In full delivery
Run out time
Supply chain visibility
On time delivery
Term 5 of 94
In full delivery: objective
A measure of a dimension of customer service
The act of delivering a product without any missing items
The time taken to manufacture a product
The process of ordering a product online
,Term 6 of 94
Logistic strategy: capital reduction
Recognizing that revenues depend on the level of logistics services provided
Minimizing the level of investment in the logistics system
Maximizing return on logistic assets
•Items instock across all items in a category
•Calculated: Items Instock/items in Category
•50 out of 100 items in stock = 50% PIIS
(Number of Days Out of StockAverage Units Sold per DayPrice per Unit (Profit per Unit is
also used) + Cost of Consequences
Term 7 of 94
Goal of SCM
Achieve both efficiency and effectiveness
The percentage of orders that arrive as scheduled
Shape, volume, weight
Achieve both competitve advantage and cost reduction
Term 8 of 94
Transportation advantage
Minimizing the variable cost associated with movement and storage
Having a lower combined inbound and outbound transportation cost vs another company
• Production runs in small batches [frequent]
• Low levels of inventory
• Higher production costs [frequent set ups]
Forecasting method that assumes next period's forecast is equal to the current period's
actual value
, Term 9 of 94
GMROII (gross margin return on investment)
*Sales or Cost of Goods Sold/ Inventory (Average)
*Example:
- $10, 000 iPhones per year
- Average Inventory = $1,000
- Turn = $10,000/$1,000 = 10
- Supplier records a sale at that point
(Customer's receiving dock)
- Customer records shipment to inventory (Inventory increases upon receipt at receiving
dock)
*Ownership of product is not transferred until it reaches its destination
*seller is liable for any damages
Seller is responsible for paying shipping costs as well as any liability's or any damages to
the product
A gross margin return on investment (GMROI) is an inventory profitability evaluation ratio
that analyzes a firm's ability to turn inventory into cash above the cost of the inventory.
Definition 10 of 94
* Minimize Costs + Maximize Service
* Allocation of Scarce Resources
Logistic strategy: capital reduction
Logistics Mgmt Focus
Inventory turn performance
Three types of buys
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