33 Questions
What is the primary purpose of a supply chain?
To integrate the demand and supply
Which of the following is NOT a flow in the supply chain?
Materials
What is the key characteristic of value addition in the supply chain?
Each activity/process results in incremental value addition
What is a common challenge faced by traditional supply chains?
Siloed/Isolated Mindset
What distinguishes a digital supply chain from a traditional one?
Automation based on real-time data and input
What is the ultimate result of excellence in supply chain management?
Higher economic returns for organizations
What aspect of data does 'velocity' refer to?
The rate at which data is generated
What does 'veracity' refer to in the context of Big Data Analytics?
The accuracy and consistency of the collected and stored data
How should supply chain leaders treat Big Data according to the text?
As an asset
Which step is crucial in the Big Data Analytics process according to the text?
Detailed problem statement
In the Big Data Analytics process, what should be done if results are unresolved?
Return to the detailed problem statement
What does 'value' refer to in the context of collected data?
The whole cost of collection, storage, selection, cleansing, analysis, and decision making adding value to the organization
What is the key to achieving Supply Chain (SC) excellence according to the text?
Competent application of relevant SC analytics
What is highlighted as a key factor for SC excellence to be achieved in a supply chain?
Competent and experienced SC personnel
Why is it mentioned that SC analytics do not exist in a vacuum in the text?
To highlight the importance of applying analytics to improve SC processes
What is unlikely to be achieved if any of the three factors (SC analytics, SC processes, SC people) is missing in SC management?
Achieving true SC excellence
What enables Supply Chain Excellence (SCE) according to the text?
SC Analytical tools applied to improve key supply chain processes
Why are skilled and experienced people considered essential for achieving Supply Chain (SC) excellence?
To enable competent application of relevant SC analytics
What is Data Science a sub-set of?
Computer Science
What does Data Analytics encompass?
Statistical Analysis
Which methodology can be used to establish patterns in a data set?
Support Vector Machines
What is the primary focus of Statistics and Probability in data analytics?
To forecast future events
What does Big Data represent in terms of data processing equipment?
Data sets that are too large for conventional equipment
Which of the following is NOT one of the dimensions typically used to describe Big Data?
Visualization
What is the main purpose of Data Mining?
Forecasting future events accurately
'Data analytics' includes which of the following techniques?
'Probability'
'Big Data' refers to data sets that are too large for what type of processing equipment?
'Traditional data processing equipment'
What is a key characteristic of modern-day supply chains mentioned in the text?
Reliable with minimal in-chain inventory
What is the role of SC professionals in managing supply chains effectively?
Proactively creating value-add while managing the present
What profile do modern supply chains exhibit, according to the text?
Heightened Volatility, Uncertainty, Complexity, and Ambiguity (VUCA)
Which aspect of supply chain analytics enables professionals to predict future trends?
Coalescing improvements in ICT, data access, and pattern recognition
What is the main focus of descriptive analytics in the context of supply chains?
Looking back through history to understand past events
How do improvements in data analytics impact supply chain decision-making?
They enable better problem resolution and quality decision-making
Study Notes
Supply Chain Excellence
- A healthy supply chain benefits all partners, achieved through supply chain fitness, enabled by competent, motivated, and energetic people.
- The key to achieving supply chain excellence is the competent application of relevant analytics to key supply chain processes by skilled and experienced people.
Supply Chain
- A supply chain is a complete process for producing and supplying a product or service, from obtaining raw materials to delivering the product or service to end customers.
- It involves all the stages in fulfilling customer demand, including suppliers, manufacturers, retailers, transporters, warehouses, and the customer.
- The purpose of the supply chain is to integrate demand and supply.
Flows in the Supply Chain
- There are three flows in the supply chain: information, goods, and funds.
- The flow of funds is in the opposite direction to the flow of the product.
- Information flow is independent and can be bi-directional.
Value Addition in Supply Chain
- Value addition happens at each point in the supply chain.
- Each activity or process results in incremental value addition.
- The customer is willing to pay for each value addition.
Traditional Supply Chain Challenges
- Accessing the right data in a timely manner is a challenge.
- There is a lack of end-to-end data visibility.
- There is no information integration.
- There is a lack of involvement and direction from leadership.
- There is a siloed/isolated mindset and mentality.
Digital Supply Chain
- A digital supply chain is an intelligent, value-driven network where supply chain entities are connected and use digital technologies and data analytics to create value.
- Documents are digital, and processes are automated based on real-time data and input.
- Digital supply chains support improved planning and are flexible to change.
Supply Chain Analytics
- Supply chain analytics involves describing what has happened, predicting what might happen, and prescribing the most suitable response.
- There are three main supply chain analytic components: descriptive analytics, predictive analytics, and prescriptive analytics.
- Data analytics is a super-set of techniques that includes data mining, statistics, probability, and mathematical programming.
Data Science
- Data science is a scientific field that covers many data-related subjects, methods, and approaches.
- Data science is a subset of computer science.
- Data analytics is the practice of collecting, cleaning, analyzing, and interpreting data to provide insights and draw conclusions.
Big Data
- Big Data refers to the large and complex data sets that are too large for conventional data processing equipment and methods to manage.
- Big Data is characterized by volume, variety, velocity, value, and veracity.
- Big Data analytics can be used to solve problems and optimize supply chain processes.
Learn about the wide collaboration possibilities in the supply chain, including remote access via the internet. Understand the stages involved in the supply chain process, from raw materials to end customers, and the key players such as suppliers, manufacturers, retailers, and more.
Make Your Own Quizzes and Flashcards
Convert your notes into interactive study material.
Get started for free
