Podcast
Questions and Answers
What are the key steps in the order fulfillment process?
What are the key steps in the order fulfillment process?
- Shipping, Inventory storage, Returns processing, Order generation
- Order processing, Receiving inventory shipments, Inventory storage, Inventory tracking
- Inventory storage, Order processing, Receiving inventory shipments, Returns management
- Receiving inventory shipments, Order processing, Shipping, Returns processing (correct)
What does FIFO stand for in inventory management?
What does FIFO stand for in inventory management?
- First inside, first out
- Final in, first out
- First in, first out (correct)
- Fast in, fast out
Which statement is true regarding Just-in-time manufacturing?
Which statement is true regarding Just-in-time manufacturing?
- It focuses on storing large amounts of inventory.
- It was developed by Ford in the 1950s.
- It leads to increased inventory costs for producers.
- It was adopted by Toyota in the 1970s. (correct)
What is the primary goal of back ordering?
What is the primary goal of back ordering?
What does LIFO stand for in inventory management?
What does LIFO stand for in inventory management?
Which of the following is included in the landed cost of an item?
Which of the following is included in the landed cost of an item?
Which of the following best describes the concept of scope in supply chain management?
Which of the following best describes the concept of scope in supply chain management?
What is one of the main requirements for Just-in-time manufacturing?
What is one of the main requirements for Just-in-time manufacturing?
What is the primary function of a Bill of Lading?
What is the primary function of a Bill of Lading?
In which Incoterm does the seller fulfill their obligation by making goods ready for pickup at their premises?
In which Incoterm does the seller fulfill their obligation by making goods ready for pickup at their premises?
Which Incoterm requires the seller to pay for insurance during the transport of goods?
Which Incoterm requires the seller to pay for insurance during the transport of goods?
What additional responsibility does DAP impose on the seller compared to DAT?
What additional responsibility does DAP impose on the seller compared to DAT?
What does the Incoterm DDP entail for the seller?
What does the Incoterm DDP entail for the seller?
Which method allows a business to ship goods with minimal to no storage time?
Which method allows a business to ship goods with minimal to no storage time?
In the FCA Incoterm, who is responsible for the goods once the seller delivers them to the carrier?
In the FCA Incoterm, who is responsible for the goods once the seller delivers them to the carrier?
What is the implication of the CPT Incoterm for a seller?
What is the implication of the CPT Incoterm for a seller?
Study Notes
Supply Chain Management
- A network connecting a company with its suppliers to produce and distribute a specific product to the final buyer
- Involves numerous activities, individuals, entities, information, and resources
Work-Flow of Supply Chain at TSM
- Includes processes like procurement, production, warehousing, and distribution
Supply Chain Processes
- Focuses on activities like planning, sourcing, making, delivering, and returning
Scope of Supply Chain in a Firm
- Covers the entire production process from raw material procurement to final customer delivery
Key Activities in Macro Processes Under Supply Chain Management
- Includes order generation, order fulfillment, inventory management, transportation, and customer service
Order Generation & Fulfillment
- Five steps in the order fulfillment process:
- Receiving inventory shipments
- Inventory storage
- Order processing
- Shipping
- Returns processing
Important Concepts in Supply Chain
- Just-in-time (JIT) Manufacturing: Increases efficiency and reduces waste by receiving materials only when needed
- Also known as the Toyota Production System (TPS)
- Requires accurate demand forecasting
- FIFO (First In, First Out): Valuing and selling items in the order they were purchased
- LIFO (Last In, First Out): Selling the most recent purchases first
- Landed Cost: Total cost of ownership including purchase price, shipping, customs, taxes, and other charges
- Back Ordering: Placing an order for a product temporarily out of stock, typically during high demand
- Bill of Lading: Shipping document detailing goods, quantity, and destination address
- Serves as a receipt of payment and is signed by the seller, carrier, and buyer
- Cross Docking: Shipping goods directly from vendors to customers with minimal storage time
Different Incoterms in Supply Chain
- Incoterms are internationally recognized rules defining responsibilities in export transactions
- EXW (Ex Works): Seller fulfills obligation by placing goods on their premises ready for buyer pickup
- FCA (Free Carrier): Seller delivers goods to the carrier identified by the buyer at the seller’s premises
- CPT (Carriage Paid To): Seller pays for transport costs to an agreed upon location
- CIP (Carriage and Insurance Paid To): Seller pays for minimum insurance to cover buyer’s risk during transit
- DAT (Delivered At Terminal): Seller delivers and unloads goods at a specified terminal
- DAP (Delivered At Place): Seller delivers and unloads goods at the buyer’s named destination
- DDP (Delivered Duty Paid): Seller delivers goods to a destination, clears import, and pays duties/tariffs
- FAS (Free Alongside Ship): Seller delivers goods alongside the nominated ship at the port of loading
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Description
Explore the essential concepts and processes involved in Supply Chain Management. This quiz highlights the workflow at TSM, key supply chain activities, and the overall scope within a firm. Test your understanding of procurement, production, warehousing, and order fulfillment.
