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Questions and Answers
What is the main idea behind the operations resource perspective?
What is the main idea behind the operations resource perspective?
Which of the following is NOT a step in the formulation of operations strategy?
Which of the following is NOT a step in the formulation of operations strategy?
Why is developing organisational resources essential for operational success?
Why is developing organisational resources essential for operational success?
What should be evaluated to control the rollout of an operations strategy?
What should be evaluated to control the rollout of an operations strategy?
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How do intangible assets contribute to a business's success?
How do intangible assets contribute to a business's success?
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What is a key characteristic of a good strategy according to the provided content?
What is a key characteristic of a good strategy according to the provided content?
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Which phase comes after monitoring in the strategy formulation process?
Which phase comes after monitoring in the strategy formulation process?
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What is the commitment regarding response time for queries?
What is the commitment regarding response time for queries?
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What impact does effective operations management have on a business?
What impact does effective operations management have on a business?
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Who should you contact for any administrative query?
Who should you contact for any administrative query?
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What service is promised by the tutor line?
What service is promised by the tutor line?
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What is the suggested method for academic queries?
What is the suggested method for academic queries?
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When is it advised to contact support if struggling with course content?
When is it advised to contact support if struggling with course content?
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What types of queries should not be forwarded to programme managers?
What types of queries should not be forwarded to programme managers?
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What should students do if they require academic assistance?
What should students do if they require academic assistance?
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What is the purpose of the tutor forums in myCourses?
What is the purpose of the tutor forums in myCourses?
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What does supply chain management primarily focus on?
What does supply chain management primarily focus on?
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Which of the following activities is NOT included in supply chain management?
Which of the following activities is NOT included in supply chain management?
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How is the internal supply chain defined?
How is the internal supply chain defined?
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What is one of the roles of supply chain managers?
What is one of the roles of supply chain managers?
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What is the importance of accurate inventory and demand information in supply chain management?
What is the importance of accurate inventory and demand information in supply chain management?
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What does the term 'downstream' refer to in the context of supply chain management?
What does the term 'downstream' refer to in the context of supply chain management?
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What is one factor that complicates supply chain management in a global economy?
What is one factor that complicates supply chain management in a global economy?
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What does developing processes across the entire supply chain ensure?
What does developing processes across the entire supply chain ensure?
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What is the primary responsibility of a business in supply chain management?
What is the primary responsibility of a business in supply chain management?
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What is the bullwhip effect in supply chain management?
What is the bullwhip effect in supply chain management?
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How should supply chain policies differ based on the product life cycle stage?
How should supply chain policies differ based on the product life cycle stage?
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What is a crucial skill that supply chain managers must possess?
What is a crucial skill that supply chain managers must possess?
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What technology is typically used to track customer specifications in supply chain management?
What technology is typically used to track customer specifications in supply chain management?
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What type of supply chain policy emphasizes maintaining high service levels?
What type of supply chain policy emphasizes maintaining high service levels?
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Which of the following trends poses a threat to supply chain stability?
Which of the following trends poses a threat to supply chain stability?
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Which statement best describes efficient supply chain policies?
Which statement best describes efficient supply chain policies?
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What is a key benefit of e-business in supply chain management?
What is a key benefit of e-business in supply chain management?
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What is a significant risk faced by supply chains?
What is a significant risk faced by supply chains?
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What does the co-opetition approach identify as players surrounding a business?
What does the co-opetition approach identify as players surrounding a business?
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Which trend in supply network configuration aims to minimize complexity?
Which trend in supply network configuration aims to minimize complexity?
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What is one advantage of outsourcing in supply chain management?
What is one advantage of outsourcing in supply chain management?
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What aspect of supply chain network design provides a holistic view of the entire operation?
What aspect of supply chain network design provides a holistic view of the entire operation?
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Which is NOT a goal of embracing technology in supply chain management?
Which is NOT a goal of embracing technology in supply chain management?
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What does the design of the supply chain network primarily focus on?
What does the design of the supply chain network primarily focus on?
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Study Notes
Operations Resource Perspective
- Firms should focus on strategically developing their resources to achieve success.
- Resource capabilities are crucial for strategic success, comparable to market positioning.
- The focus should be on understanding and exploiting the potential of intangible assets, like transforming inputs and unlocking capital.
- Firms that accumulate better or more appropriate resources gain a sustainable competitive advantage.
Strategy Formulation
- Operations strategy is formulated in four steps:
- Formulation
- Implementation
- Monitoring
- Control
- A comprehensive, coherent, and corresponding strategy that identifies critical issues is crucial for success.
- Implementation operationalizes the strategy to achieve vision and objectives.
- Ongoing performance monitoring ensures necessary adjustments.
- Control evaluates the strategy's rollout results.
Supply Chain Management Definition
- Supply chain management (SCM) involves managing the chain of suppliers and customers.
- It emphasizes managing various supply operations across functional units.
- SCM focuses on the flow of raw materials, information, and customers, and distribution of finished goods.
- The supply chain is divided into internal and external components, with external being upstream (towards the organization) and downstream (from the organization to the end customer).
- The internal supply chain comprises the material flow within the organization.
- SCM involves coordinating, managing, and improving collaboration among supply chain partners.
- Standard product or service delivery requires developing processes across the entire supply chain.
Activities of Supply Chain Management
- Supply chain activities include:
- Purchasing
- Physical distribution management
- Logistics
- Materials management
- Customer relationship management (CRM)
- SCM managers make crucial decisions, including:
- Location decisions
- Forecasting
- Supplier selection
- Distribution network choices
Supply Chain Management Benefits
- Benefits of transactional and partnership supply chain relationships are detailed in Table 12.1 on page 415 of the prescribed textbook.
- The aim is to build strong relationships with customers.
- Customer relationship management (CRM) helps understand customer needs and develop solutions while maximizing profitability.
Supply Chain Management Challenges
- Supply chain management faces numerous challenges, including:
- Trends
- Fashions
- Varying demand
- Material scarcity
- Supply chain managers must understand the macro environment and prepare for contingencies.
- The competitive environment, including direct competitors and substitute products, poses significant disruptions and threats.
- Supply chain managers often face products in various stages of the product lifecycle.
The Bullwhip Effect
- The bullwhip effect describes how a small disturbance at the downstream end of a supply chain creates increasingly larger disruptions and volatility upstream.
- SCM managers must be aware of potential disturbances and mitigate their impact.
- E-business in SCM enhances:
- Real-time information sharing
- Channel alignment
- Operational efficiency
- The focus is on accuracy, delivery speed, and efficiency.
Supply Chain Network Design
- Understanding the entire supply network provides a holistic view of customer satisfaction.
- It helps identify network links and address long-term issues.
- Figure 5.2 on page 146 of the prescribed textbook depicts a network for a plastic hardware company and a shopping mall.
- Network design involves decisions on:
- Configuration
- Location of parts
- Capacity requirements
- Network configuration involves the overall pattern, encompassing decisions on shape, arrangement, and ownership.
- Recent trends include:
- Minimizing suppliers to reduce complexity.
- Disintermediation, where organizations bypass supply chain partners to reach end customers directly.
- The co-opetition approach recognizes four types of players:
- Suppliers
- Customers
- Competition
- Complementors
Outsourcing
- Outsourcing can increase capacity without capital investment.
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Description
This quiz covers the essential concepts of operations strategy formulation, resource capability development, and the principles of supply chain management. It emphasizes the importance of intangible assets and a coherent strategic approach for achieving competitive advantage. Test your understanding of these key elements crucial for organizational success.