What is procurement? How does it differ from strategic sourcing? correct answers Procurement can be defined as the purchase of merchandise or services at the optimum possible total cost in the correct amount and quality. Strategic sourcing is an institutional procurement process that continuously i...
SCMN 3150 test 2 || with Complete Solutions.
What is procurement? How does it differ from strategic sourcing? correct answers Procurement
can be defined as the purchase of merchandise or services at the optimum possible total cost in
the correct amount and quality. Strategic sourcing is an institutional procurement process that
continuously improves and re-evaluates the purchasing activities of a company
Strategic Sourcing correct answers Strategic sourcing is an institutional procurement process that
continuously improves and re-evaluates the purchasing activities of a company.
Focus of procurement correct answers WHAT
•Buy products and services
-At the right price
-From the right source
-At the right specification
-In the right quantity
-For delivery at the right time
-To the right internal customer
HOW
•Understand business requirements
•Streamline purchasing processes
•Identify better sources of supply
Procurement Process correct answers Step 1: Identify material & service needs
Step 2: Evaluate supplier options
Step 3: Select supplier
Step 4: Release orders and receive products
Step 5: Measure and manage performance
What is outsourcing? What costs and challenges are involved in outsourcing? correct answers
Outsourcing is purchasing a product, part, or component from an outside supplier vs.
manufacturing it in-house. It is the act of moving a company's internal activities and decision
responsibility to outside providers. Some challenges to outsourcing include lack of capable
suppliers, inadequate supply, competitive issues, and core competencies, poor quality supply,
expensive supply, long lead-time of supply
Why is it important to evaluate suppliers? correct answers •Monitor KPIs and take corrective
action, to ensure value is provided by suppliers
•Create visibility into process and performance across the entire supply management life cycle
Be prepared to evaluate a basic supplier scorecard and evaluate basic procurement performance
metrics. correct answers Score based off of product quality(5), order fill rate(5), on-time
delivery(3), loss and damage rate(3) and target price met(4). Results are based off a score and
mulitplied by the weight factor.
, Perfect Purchase Order Percent correct answers Order arrives on time, without defects, and with
perfect documentation at the right location with correct quantities of all SKUs ordered
Supplier Scorecards correct answers Monitor performance across multiple metrics over extended
time period
Make or Buy analysis - correct answers the process of determining the most attractive alternative
involves comparing the costs avoided to costs of outsourcing
What is production? What are its three key components? correct answers Production is the
process in which inputs are combined, transformed, and turned into outputs
i. Input- a resource used in the creation of output
ii. Transformation- the operation or action that takes place
iii. Output- what is created by transforming the inputs
Manufacturing: correct answers to transform materials via assembly, fabrication, conversion
processes into a finished product, especially by means of a large-scale industrial operation.
What's the focus of lean production and mass customization? correct answers Lean production is
a business model that emphasizes eliminating "waste" while delivering quality products at the
least cost to the manufacturer and customers. It focuses on the elimination of waste in production
effort.
-Mass production emphasizes high production rates at a low cost.
The Eight DeadlyWastes correct answers 1. Overproduction
2. Motion
3. Inventory
4. Waiting
5. Transportation
6. Defects
7. Extra processing
8. Under-utilized people
What production processes are available for companies to use? What issues and factors drive the
production layout decision? correct answers Job Production, batch production, and continuous
production are the primary options.
Key primary production performance objectives are
quality, speed, dependability, flexibility and cost. In addition, reduce waste
What is the purpose of break-even analysis and assembly line balancing? correct answers Break-
even analysis is a basic mathematical technique that allows a comparison of total costs for
different processes. This technique takes the fixed costs and variable costs and finds the break-
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