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Questions and Answers
What is Supply Chain Management (SCM)?
What is Supply Chain Management (SCM)?
The management of the flow of goods and services, involving planning, sourcing, production, and logistics.
What does a typical supply chain involve?
What does a typical supply chain involve?
The series of companies making products and services available to consumers, including production, delivery, and recycling.
The bullwhip effect results in lower safety stocks.
The bullwhip effect results in lower safety stocks.
False
Generative AI can bring benefits to _____ management.
Generative AI can bring benefits to _____ management.
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Which of the following are benefits of successful Supply Chain Management? (Select all that apply)
Which of the following are benefits of successful Supply Chain Management? (Select all that apply)
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What is the Bullwhip Effect?
What is the Bullwhip Effect?
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Match the following supply chain management components with their functions:
Match the following supply chain management components with their functions:
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What is the SCOR DS model?
What is the SCOR DS model?
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Study Notes
Definition of Supply Chain Management (SCM)
- Infrastructure for delivering products/services from suppliers to customers.
- Involves a network of companies enabling production, delivery, recycling of materials, components, and services.
- Encompasses planning and management of sourcing, procurement, conversion, and logistics activities.
- Coordination with suppliers, intermediaries, third-party service providers, and customers is essential.
- Designed to create seamless, value-added processes across organizational boundaries to meet end customer needs.
- Focus on designing, planning, executing, controlling, and monitoring supply chain activities for competitive advantage.
A Typical Supply Chain
- Ensure product and service flow through effective management practices.
- Incorporate recycling and returns as part of the supply chain process.
- Management serves as the primary source of income integration, ensuring information and planning activities align.
Supply Chain Operations Reference Digital Standard (SCOR DS)
- SCOR DS is a model aiding organizations in improving supply chain processes via methodology and benchmarking tools.
- Updates include versions released in 2005 (v.07), 2017 (v.12), and 2022 (v.14).
Importance of Successful Supply Chain Management
- Helps reduce purchasing and inventory carrying costs.
- Enhances product quality, leading to higher sales and profits.
- Improves customer service levels while mitigating the bullwhip effect.
Bullwhip Effect
- Defined as erratic market demand leading to increased safety stocks and production planning issues across the supply chain.
- Results in excess inventory, inventory costs, quality problems, raw material cost increase, and material shortages.
- Can lead to overtime expenses, increased transport costs, reduced customer service, longer lead times, and stockouts.
Impact of the Bullwhip Effect
- Causes excessive inventories and potential obsolescence costs.
- Deteriorates product quality and raises raw material costs.
- Strains resources with material shortages and overtime expenses.
- Increases transport costs and diminishes customer service levels.
- Results in longer lead times and stockouts, leading to lost sales and inadequate capacity adjustments.
Career Opportunities in Supply Chain
- Roles include purchasing/procurement, transportation (domestic/international), logistics, warehouse management, production planning, and operations management.
- Responsibilities span across import/export and customs procedures to ensure efficient supply chain operations.
Tech Corner: Generative AI in Supply Chain Management
- Explore how generative AI can enhance supply chain management processes.
- Discuss benefits such as improved efficiency, responsiveness, and data analysis capabilities.
- Engage in collaborative discussions about the value generative AI brings to supply chain practices.
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Description
An introduction to Supply Chain Management, including its definition, strategy, planning, and operations. Based on Chapter 1 of Supply Chain Management by S. Chopra.
