Podcast
Questions and Answers
What is represented by the acronym FIFO in inventory management?
What is represented by the acronym FIFO in inventory management?
Which of the following is NOT a step in the order fulfillment process?
Which of the following is NOT a step in the order fulfillment process?
What does the term 'landed cost' refer to?
What does the term 'landed cost' refer to?
In what context is the term 'back ordering' typically used?
In what context is the term 'back ordering' typically used?
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What aspect of Just-in-time manufacturing greatly influences inventory management?
What aspect of Just-in-time manufacturing greatly influences inventory management?
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How does LIFO inventory management function?
How does LIFO inventory management function?
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What is a primary goal of the Toyota Production System?
What is a primary goal of the Toyota Production System?
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Which of the following correctly describes the relationship between the supply chain and its elements?
Which of the following correctly describes the relationship between the supply chain and its elements?
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What does the term 'FCA' stand for in Incoterms?
What does the term 'FCA' stand for in Incoterms?
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Which of the following is included in the responsibilities of the seller under 'CIP'?
Which of the following is included in the responsibilities of the seller under 'CIP'?
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In which scenario does the seller retain responsibilities under DDP?
In which scenario does the seller retain responsibilities under DDP?
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What distinguishes 'DAP' from 'DAT' in Incoterms?
What distinguishes 'DAP' from 'DAT' in Incoterms?
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Which statement correctly defines the term 'EXW'?
Which statement correctly defines the term 'EXW'?
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What does 'DAT' require the seller to do?
What does 'DAT' require the seller to do?
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Which Incoterm indicates that the seller pays for both transport and minimum insurance?
Which Incoterm indicates that the seller pays for both transport and minimum insurance?
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What is a key characteristic of 'Cross docking'?
What is a key characteristic of 'Cross docking'?
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What is the primary focus of order fulfillment in a supply chain context?
What is the primary focus of order fulfillment in a supply chain context?
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What distinguishes Just-in-Time manufacturing from traditional inventory systems?
What distinguishes Just-in-Time manufacturing from traditional inventory systems?
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Which of the following accurately describes the functioning of FIFO in inventory management?
Which of the following accurately describes the functioning of FIFO in inventory management?
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What is a potential drawback of LIFO as a cost tracking method?
What is a potential drawback of LIFO as a cost tracking method?
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Which of the following best describes the concept of back ordering?
Which of the following best describes the concept of back ordering?
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In the context of landed cost, which of the following costs is included?
In the context of landed cost, which of the following costs is included?
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What is a critical requirement for implementing Just-in-Time manufacturing effectively?
What is a critical requirement for implementing Just-in-Time manufacturing effectively?
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Which statement correctly outlines the five steps in the order fulfillment process?
Which statement correctly outlines the five steps in the order fulfillment process?
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What is the primary role of a Bill of Lading in shipping?
What is the primary role of a Bill of Lading in shipping?
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Which Incoterm requires the seller to clear goods for import, including payment of duties?
Which Incoterm requires the seller to clear goods for import, including payment of duties?
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What does the term 'CPT' indicate regarding the seller's responsibilities?
What does the term 'CPT' indicate regarding the seller's responsibilities?
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Which of the following best describes 'Cross docking'?
Which of the following best describes 'Cross docking'?
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In the FCA Incoterm, what does the seller need to do?
In the FCA Incoterm, what does the seller need to do?
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What does 'Delivered At Terminal' (DAT) primarily obligate the seller to do?
What does 'Delivered At Terminal' (DAT) primarily obligate the seller to do?
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Which characteristic is unique to ‘CIP’ compared to ‘CPT’ in Incoterms?
Which characteristic is unique to ‘CIP’ compared to ‘CPT’ in Incoterms?
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Under the EXW Incoterm, when has the seller fulfilled their obligations?
Under the EXW Incoterm, when has the seller fulfilled their obligations?
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Study Notes
Supply Chain Management
- A network between a company and its supplier to produce and distribute a specific product
- It involves different activities, people, entities, information, and resources (to the final buyer)
- Includes management, logistics, analysis, time to market, plan, distribution, procurement, and profit
- Effective management of flow of information, material, and funds from supplier's supplier to final consumer
Key Activities in Macro Process
- CRM (Customer Relationship Management)
- SCM (Supply Chain Management)
- SRM (Supplier Relationship Management)
Order Fulfillment Process
- Five steps in the process:
- Receiving inventory shipments
- Inventory storage
- Order processing
- Shipping
- Returns processing
Important Concepts in Supply Chain
- Just-in-Time (JIT): A production system aligned with production schedules
- Vendor Managed Inventory (VMI): Increase efficiency, decrease waste, and reduce inventory costs
- Kanban: Inventory control system in JIT manufacturing to trace production and materials.
Important Concepts in Supply Chain
- FIFO (First In, First Out): Items valued and sold in the order of purchase
- LIFO (Last In, First Out): Most recent purchases are sold first
- Landed Cost: Total cost of ownership of an item. Includes cost, shipping, and duties.
- Back Ordering: Placing an order for a temporarily out of stock item. Suitable for high-demand or fast-moving products.
- Bill of Lading: Shipping document; required for transportation; specifies goods, quantity, and destination. Acts as legal receipt of payment.
- Cross Docking: Shipping goods to customers with little to no storage time.
Different Incoterms in Supply Chain
- Incoterms are internationally recognized rules for export transactions. These rules define the responsibilities of sellers and buyers. Various terms are included, such as EXW, FCA, FAS, FOB, CFR, DAT, DAP, and DDP.
Different Types of Logistics
- 1PL: Manufacturer or Trader managing own logistics
- 2PL: Storage and Transport
- 3PL: Contract logistics
- 4PL: Solution optimization; SCM solution
- 5PL: Obtain higher degree of resource utilization.
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Description
This quiz explores the fundamental concepts and processes within Supply Chain Management (SCM). Key topics include the relationship between suppliers and companies, order fulfillment steps, and essential practices like Just-in-Time and Vendor Managed Inventory. Test your knowledge on the critical activities involved in SCM.
