Introduction to Supply Chain Management

All stages involved directly, or indirectly, in fulfilling a customer request.

False (B)

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All stages, directly or indirectly involved in fulfilling a customer request.

The management of the flow of products, information, and funds across the supply chain stages to satisfy customer needs and generate profit.

The difference between the value of the final product to the customer and the cost incurred by the entire supply chain to fulfill the customer's request.

Decisions that define the long-term configuration of the supply chain.

Decisions that relate to the planning horizon, often quarterly or annually.

Decisions made on a daily or weekly basis, focusing on the immediate execution of tasks.

A process where goods are produced based on anticipated demand, often using forecasts.

A process where goods are produced only in response to a customer order.

A production strategy where finished goods are held in stock, ready to be delivered quickly.

A production strategy where basic parts are assembled to order based on customer specifications.

A production strategy where manufacturing begins only after a customer order is received.

A production strategy where the product is designed and manufactured based on highly specific customer requirements.

The process of acquiring goods and services from suppliers.

The entire set of business processes involved in purchasing goods and services from suppliers.

A supply chain function being performed by a third party instead of the company itself.

The total cost of acquiring, owning, and using a product or service throughout its life cycle.

A competitive strategy focused on providing products or services that are superior in quality, features, or performance.

A competitive strategy focused on delivering products or services at the lowest possible cost.

A competitive strategy focused on building strong relationships with customers and providing tailored solutions to meet their individual needs.

Capabilities that make a customer prefer a company over its competitors, assuming the company meets basic qualifications.

Capabilities that are essential for a company to be considered by customers, but do not offer competitive advantage.

Capabilities that are not relevant to the market, not influencing customer choices.

A process that aligns business plans with operational execution, ensuring that the supply chain is aligned with the overall strategy.

The costs associated with placing an order for a product.

The costs associated with holding inventory over a period of time.

The cost of not having the product available when a customer needs it.

A formula used to calculate the optimal quantity of a product to order at a time, minimizing the total cost of holding and ordering.

A buffer of inventory held to protect against uncertainties in demand or lead time.

A method of managing inventory where orders are placed on a fixed schedule to replenish stock to a fixed level.

A method of managing inventory where an order is placed when stock reaches a predetermined reorder point.

A method of managing inventory where orders are placed on a fixed schedule, but only triggered when stock falls below a reorder point.

A tool used to classify customer needs based on their importance and level of satisfaction.

A property of a product or service that is critical to a customer’s satisfaction.

The process of gathering and analyzing information about customer needs and expectations.

A tool used to visually represent the flow of a process, showing the steps, inputs, outputs, and stakeholders.

A framework used to guide a project, focusing on defining, measuring, analyzing, improving, and controlling a process to achieve desired outcomes.

A framework that aims to identify and eliminate waste in a process, optimizing the flow of value to the customer.

A process that leverages statistical methods to identify and eliminate defects in a process, aiming for near-perfect quality.

A production methodology that combines Lean and Six Sigma methodologies, optimizing both efficiency and quality.

A type of artificial intelligence that focuses on mimicking the human brain's ability to learn and make decisions.

A subfield of AI that uses algorithms to identify patterns in data and make predictions.

A subset of ML that utilizes deep neural networks to process complex data, achieving high accuracy in tasks like image recognition and language processing.

A type of AI that focuses on enabling computers to understand and process human language.

A type of AI that uses software to automate repetitive tasks that are typically performed manually.

A type of AI that generates human-like text based on user prompts.

A type of AI that combines generative AI models with search and knowledge management systems, providing a more comprehensive and accurate response to queries.

A term that signifies the importance of analytical skills in the age of AI and big data.