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Scm 300 Exam 3 With 100% Correct And Verified Answers
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Scm 300 Exam 3 With 100% Correct AndVerified Answers
Performance metric (PM) - Correct Answer-a single performance
measurement used to evaluate, motivate, and improve performance.
System of metrics - Correct Answer-A group of metrics that
collectively attempt to provide a multi-dimensional view of a
resource or outcome.
Reasons organizations use PMs - Correct Answer-(a) Helps to
establish and support standards,
(b) Motivate good behavior,
(c) Identify trends,
(d) Managing large numbers of resources,
(e) Performance data can facilitate decision making and planning
Importance of Goals and Stakeholders - Correct Answer-key to
developing metrics that meet stakeholder goals is first recognizing
all the stakeholders and then understanding their individual goals.
Consequences of poor metrics - Correct Answer-ill-conceived
metrics can motivate bad behavior: (ex) SC goals are not met, poor
output, waste, undesirable employee behaviors, managers may make
poor decisions, employee victimization, undeserved winners, lack of
contentment.
Requirements of a good metric - Correct Answer-measureable,
easily understood, attainable, strategically oriented, easy to
measure, provides value, provides guidance, cheater proof
SMART metrics - Correct Answer-a metric that is Specific,
Measurable, Attainable, Relevant, and Timely. A helpful device that
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,can guide managers in the development of useful managerial
metrics.
3 Key measurement system attributes - Correct Answer-(1)
Effective: were the desired goals met?
(2) Efficient: A measure of the resources used in the process.
(3) Adaptable: measure of the conditions under which the tasks
were completed.
Keys to designing a system of metrics - Correct Answer-
Stakeholders and goals, Good metrics, Simplicity, Completeness,
Redundancy (avoid), Continuous improvement, Leadership
KPIs (Key Performance Indicators) - Correct Answer-Individual
performance metrics identified by the company as being imperative
to achieving the organization's most important goals.
Executive dashboards - Correct Answer-computer-generated visual
representation of a company's performance that is often available to
executives on any of their digital devices. Often include KPIs, real-
time and historical data, and color-coded performances centers that
helps them quickly identify positive, negative, and neutral output.
Managerial paralysis - Correct Answer-situation where managers
are inundated with data. This slows decision-making and may result
in managers stalling or avoiding decision-making.
Common measurement pitfalls - Correct Answer-Managers fail to use the
data, Blind belief in institutional metrics, incomplete measurements,
Utilizing too many metrics, Driving toward perfection may waste
resources, What do those numbers really mean?
Shared metrics - Correct Answer-A metric that impacted by two related
parties.
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, Balanced scorecard (BSC) - Correct Answer-performance
management tool that focuses on strategic activity and outcomes.
(tracks 4 different traditional output areas.)
(1) Financial results
(2) Customer-related results
(3) Internal business process results,
(4) Learning and growth results.
-All of these are used to locate problems before
they impact financial results.
SCOR Model (Supply Chain Operations Reference
Model) - Correct Answer-Measurement tool that
allows SC partners to track performance,
communicate progress, and develop opportunities
for improvement. (5 primary SC processes: Plan,
Source, Make, Deliver, Return) This is a tool used
to integrate the SC.
Total SCM Costs - Correct Answer-cost of every
process, material, fee, defect, etc. that runs
through the SC.
Cash-to-cash cycle - Correct Answer-measure of the
number of days b/t the time a company pays their
supplier for inventory and the time that same
company is paid for the same inventory by their
customer.
-Formula: (Days of Inventory on hand) + (Days of
A/R owed to your company by your customer) -
(Days of A/P your company owes to suppliers).
Capacity utilization - Correct Answer-ratio of the
amount of product produced by a manufacturing
process vs. the max. capacity of that
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