Supply Chain Management Overview
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Supply Chain Management Overview

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Questions and Answers

What is the primary goal of Supply Chain Management (SCM)?

To create net value, streamline processes, and synchronize supply with demand.

Which of the following is NOT one of the key elements of SCM?

  • Logistics
  • Financial Elements (correct)
  • Cost Structure
  • Performance Management
  • How does effective SCM enhance customer satisfaction?

    By improving product availability.

    Where and when did the concept of Supply Chain Management emerge?

    <p>U.S. in the late 20th century.</p> Signup and view all the answers

    Which trend is focused on reducing the environmental impact of the supply chain?

    <p>The Greening of Supply Chains</p> Signup and view all the answers

    What does the logistics element of SCM primarily deal with?

    <p>Movement and storage of goods.</p> Signup and view all the answers

    Which of the following is a challenge faced by companies managing global supply chains?

    <p>Logistics across different time zones</p> Signup and view all the answers

    Which component of SCM involves the day-to-day activities of manufacturing and production scheduling?

    <p>Operations Elements.</p> Signup and view all the answers

    What technology is improving supply chain responsiveness by predicting demand more accurately?

    <p>Artificial Intelligence and Automation.</p> Signup and view all the answers

    Why is supply chain integration important?

    <p>It allows for the seamless flow of information, materials, and products between suppliers and consumers.</p> Signup and view all the answers

    What is VMI?

    <p>Vendor Managed Inventory.</p> Signup and view all the answers

    What is the purpose of strategic sourcing?

    <p>Managing the firm’s external resources to support the firm’s long-term goals.</p> Signup and view all the answers

    What does ethical sourcing ensure?

    <p>Products and services are obtained in a way that adheres to ethical standards.</p> Signup and view all the answers

    What is the function of E-procurement systems?

    <p>Enable the concentration of a large volume of small purchases with a few suppliers in electronic catalogues.</p> Signup and view all the answers

    Study Notes

    Supply Chain Management (SCM)

    • Goal: Create net value, streamline processes, and synchronize supply with demand.
    • Key Elements: Purchasing, logistics, operations, information systems, and customer service.
    • Enhances Customer Satisfaction: Improves product availability, reduces lead time, and increases product quality.
    • Emergence: Late 20th century in the U.S.
    • The Greening of Supply Chains: Trend focused on reducing environmental impact.
    • Logistics: Deals with the movement and storage of goods.
    • Challenges of Global Supply Chains: Logistics across different time zones, language barriers, and cultural differences.
    • Operations Elements: Day-to-day activities of manufacturing and production scheduling.
    • Artificial Intelligence and Automation: Technology improving supply chain responsiveness by predicting demand more accurately.
    • Importance of Integration: Seamless flow of information, materials, and products between suppliers and customers.

    Purchasing

    • Key Business Function: Acquiring materials, services, and equipment.
    • Supply Management: Expanded set of responsibilities for purchasing professionals.
    • Purchase Order: Buyer's offer that becomes a binding contract when accepted by the supplier.
    • Outsourcing: Buying materials and components from suppliers instead of making them in-house.
    • Quality: Suppliers have better technology, processes, skilled labor, and economies of scale.
    • Cost Advantage: Suppliers may have economies of scale for non-vital components.
    • Purchasing Organization: Dependent on market conditions and types of materials required.
    • Tariff: Official list of duties, taxes, or customs imposed by a host country on imports or exports.
    • Incoterms (International Commercial Terms): Uniform rules simplifying international transactions of goods, defining costs, risks, and responsibilities.
    • Counter purchase: Exporter agrees to sell goods or services and simultaneously agrees to buy specific goods or services from the importer.

    Strategic Sourcing

    • Managing External Resources: Supporting firm's long-term goals.
    • Ethical Sourcing: Ensuring procurement adheres to ethical standards.
    • E-Procurement Systems: Enable concentration of small purchases with few suppliers using electronic catalogues.
    • Vendor Managed Inventory (VMI): Supplier manages inventory levels at the customer's site.
    • Trust: Essential for successful collaboration between partners.
    • Shared Vision: Partners must have mutually agreeable objectives.
    • SRM Software: Software modules providing information for managing supplier relationships.

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    Description

    This quiz explores the fundamentals of Supply Chain Management, including its key elements such as logistics, operations, and information systems. Gain insights on how SCM enhances customer satisfaction and the impact of emerging trends like the greening of supply chains and AI technology. Perfect for those looking to deepen their understanding of SCM principles.

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