Podcast
Questions and Answers
Supply chain management lowers shipping and warehouse ______
Supply chain management lowers shipping and warehouse ______
costs
One function of supply chain management is to enhance asset management and encourage the effective implementation of ______ inventory models.
One function of supply chain management is to enhance asset management and encourage the effective implementation of ______ inventory models.
just in time
At the strategic level, supply chain management focuses on optimizing the ______ of warehouses and fulfillment centers.
At the strategic level, supply chain management focuses on optimizing the ______ of warehouses and fulfillment centers.
network
Sourcing and procurement involves making decisions about acquiring ______ and resources.
Sourcing and procurement involves making decisions about acquiring ______ and resources.
Customer focus at the tactical level addresses customer ______ and habits.
Customer focus at the tactical level addresses customer ______ and habits.
Operational level activities include managing daily output ______ at each plant.
Operational level activities include managing daily output ______ at each plant.
Demand preparation and ______ align customer needs with suppliers.
Demand preparation and ______ align customer needs with suppliers.
Cost management at the tactical level involves monitoring ______ and setting milestones.
Cost management at the tactical level involves monitoring ______ and setting milestones.
A supply chain involves a network of suppliers, manufacturers, assemblers, delivery centers, and ______ installations that perform functions like material sourcing.
A supply chain involves a network of suppliers, manufacturers, assemblers, delivery centers, and ______ installations that perform functions like material sourcing.
Integrated behavior in supply chain management means that client and provider work closely together, sharing ______.
Integrated behavior in supply chain management means that client and provider work closely together, sharing ______.
Outbound operations manage customer efficiency, warehousing, and ______ tasks.
Outbound operations manage customer efficiency, warehousing, and ______ tasks.
In a supply chain, partners share both the potential losses and the ______ to maintain long-term success.
In a supply chain, partners share both the potential losses and the ______ to maintain long-term success.
In the hotel industry, guests are highly valued and sometimes referred to as '______.'
In the hotel industry, guests are highly valued and sometimes referred to as '______.'
Cooperation in a supply chain means that all participants align their efforts and operations to achieve better overall ______.
Cooperation in a supply chain means that all participants align their efforts and operations to achieve better overall ______.
All members of the supply chain work together with a shared goal of meeting customer ______.
All members of the supply chain work together with a shared goal of meeting customer ______.
Different hotel management models, such as operators, franchisees, and ______ hotels, have different effects on supply chain management.
Different hotel management models, such as operators, franchisees, and ______ hotels, have different effects on supply chain management.
In the hotel industry, raw material costs are high, especially for ______ consumables.
In the hotel industry, raw material costs are high, especially for ______ consumables.
Integration processes involve aligning and connecting all systems and functions within the supply chain, from production to ______.
Integration processes involve aligning and connecting all systems and functions within the supply chain, from production to ______.
Successful partnerships in supply chain management focus on aligning ______ and reducing overlap.
Successful partnerships in supply chain management focus on aligning ______ and reducing overlap.
Uncertain product forecasts often lead to ______.
Uncertain product forecasts often lead to ______.
One benefit of supply chain management is that it ______ stronger partnerships and supports clients.
One benefit of supply chain management is that it ______ stronger partnerships and supports clients.
Lack of preparation leads to frequent ______ purchases, made on-the-spot.
Lack of preparation leads to frequent ______ purchases, made on-the-spot.
Hospitality management involves strategic, tactical, and operational supply chain ______ that impact the entire business.
Hospitality management involves strategic, tactical, and operational supply chain ______ that impact the entire business.
Emergency purchases are often formalized with ______ later.
Emergency purchases are often formalized with ______ later.
When sales drop or product cycles mature, management may choose to launch new versions, streamline the product portfolio, or expand the range of ______.
When sales drop or product cycles mature, management may choose to launch new versions, streamline the product portfolio, or expand the range of ______.
At the strategic stage, an organization must identify and understand its ______ for its goods and services.
At the strategic stage, an organization must identify and understand its ______ for its goods and services.
Decisions at the strategic level involve choosing the right manufacturing ______ and technologies.
Decisions at the strategic level involve choosing the right manufacturing ______ and technologies.
The company’s management must settle on strategic supply chain plans for ______.
The company’s management must settle on strategic supply chain plans for ______.
Effective order delivery and distribution network decisions are key for ______ leaders.
Effective order delivery and distribution network decisions are key for ______ leaders.
A supply chain that is demand-driven and customer-focused is both productive and ______.
A supply chain that is demand-driven and customer-focused is both productive and ______.
Organizations must use a coordinated supply chain approach to identify key ______ and determine solutions for each.
Organizations must use a coordinated supply chain approach to identify key ______ and determine solutions for each.
Weak risk identification, priority setting, management, and ______ pose a significant challenge to an enterprise's supply chain and policies.
Weak risk identification, priority setting, management, and ______ pose a significant challenge to an enterprise's supply chain and policies.
Study Notes
Overview of Supply Chain Management
- Supply chain encompasses suppliers, manufacturers, assemblers, delivery centers, and logistics that source, process, and ship materials to various buyers, including manufacturers and consumers.
Features of Supply Chain Management
- Integrated behavior fosters teamwork between clients and providers, encouraging information sharing and joint decision-making.
- Sharing information among participants enhances efficiency in supply chain management (SCM).
- Partners share risks and rewards to maintain competitiveness and long-term success.
- Cooperation among all supply chain participants leads to better outcomes than independent efforts.
- Focus on serving customers aligns all members towards meeting customer needs effectively.
- Integration processes connect all systems and functions from production to delivery, requiring collaboration across departments and services.
- Long-term partnerships should share compatible management strategies and cultures for efficiency.
Benefits of Supply Chain Management
- Strengthens partnerships and client support.
- Improves distribution processes, reducing delays.
- Enhances overall efficiency within companies.
- Lowers shipping and warehouse costs.
- Eliminates both direct and indirect costs.
- Ensures goods are delivered correctly and on time.
- Supports asset management and promotes just-in-time inventory models.
- Helps businesses adapt to global market dynamics.
- Reduces duplication and risks within the supply chain.
Functions of Supply Chain Management
-
Strategic Level:
- Optimize network layouts for warehouses and facilities.
- Build relationships and integrate technologies, like third-party logistics.
- Manage inventory levels and supply chain capacity.
- Oversee IT systems supporting operations.
- Align supply chain strategies with corporate goals.
-
Tactical Level:
- Source and procure materials and resources.
- Plan production schedules and contracts.
- Make decisions about inventory sizing and location.
- Develop transport strategies, including speed and routing.
- Benchmark processes against competitors for performance improvement.
- Focus on customer demand management.
-
Operational Level:
- Coordinate daily production outputs and requirements.
- Forecast demand based on customer needs and share with suppliers.
- Handle inbound activities and manage inventory logistics.
- Oversee production processes and outbound operations.
- Ensure efficient order fulfillment from various centers.
Factors Affecting Supply Chain in Hospitality Industry
- Customer satisfaction is crucial, with guests being highly valued and often prioritized.
- Management systems vary by hotel type, impacting supply chain strategies.
- Market trends indicate a shift towards computerized property management systems in the hospitality sector.
Challenges in Hospitality Supply Chain Management
- High raw material costs, particularly for perishable organic items, can lead to waste.
- Material ordering often relies on outdated practices like handwritten transactions.
- Uncertain forecasting leads to overstocking and increasing operational costs.
- Emergency purchasing due to inadequate preparation results in costly, last-minute decisions.
Supply Chain Management Strategy
- Strategic, tactical, and operational decisions must align with overall business plans and affect all processes within hospitality management.
Decision Areas in Strategic Supply Chain Processes
- Product development involves launching new versions or streamlining existing products during sales downturns.
- Identifying and understanding target customers is crucial for strategic planning.
- Manufacturing decisions include selecting appropriate facilities and technologies.
- Strategic plans for suppliers are essential for effective supply chain management.
- Logistics management is key for optimal order delivery and network efficiency.
Development of Supply Chain Strategy
- A customer-focused supply chain is vital for productivity and reliability.
- Review of internal capabilities identifies gaps between current performance and customer demands.
- Coordinated approaches help analyze supply chain trends for effective decision-making.
- Competitive analysis allows companies to evaluate their market position and strategize accordingly.
- Technology integration is crucial for sustaining innovative supply chain processes.
- Effective risk assessment and management are necessary to mitigate potential challenges in supply chain operations.
Studying That Suits You
Use AI to generate personalized quizzes and flashcards to suit your learning preferences.
Related Documents
Description
This quiz covers the basic concepts and overview of supply chain management as outlined in Chapter 1. It explores the roles of various entities in a supply chain and highlights the integrated behavior between clients and providers. Test your understanding of these foundational principles.
