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Questions and Answers
What is a primary characteristic of Just-in-time manufacturing?
What is a primary characteristic of Just-in-time manufacturing?
Which process is included in the five steps of order fulfillment?
Which process is included in the five steps of order fulfillment?
What method does FIFO represent in inventory management?
What method does FIFO represent in inventory management?
How does LIFO differ from FIFO in inventory management?
How does LIFO differ from FIFO in inventory management?
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What is the definition of Landed Cost?
What is the definition of Landed Cost?
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What practice does back ordering facilitate?
What practice does back ordering facilitate?
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Why is accurate demand forecasting essential in a Just-in-Time system?
Why is accurate demand forecasting essential in a Just-in-Time system?
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What can be inferred about the importance of the supply chain network?
What can be inferred about the importance of the supply chain network?
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What is the primary function of a bill of lading?
What is the primary function of a bill of lading?
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Which Incoterm requires the seller to deliver goods to a carrier identified by the buyer?
Which Incoterm requires the seller to deliver goods to a carrier identified by the buyer?
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What does the term DDP stand for in Incoterms?
What does the term DDP stand for in Incoterms?
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In which scenario does the seller have the least responsibility under Incoterms?
In which scenario does the seller have the least responsibility under Incoterms?
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Which Incoterm is an expansion of CPT that includes insurance coverage for the buyer?
Which Incoterm is an expansion of CPT that includes insurance coverage for the buyer?
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What does Cross Docking refer to in logistics?
What does Cross Docking refer to in logistics?
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Under which Incoterm is the seller obligated to deliver and unload goods at a terminal?
Under which Incoterm is the seller obligated to deliver and unload goods at a terminal?
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Which of the following Incoterms indicates that the seller pays for transportation costs to a specified location?
Which of the following Incoterms indicates that the seller pays for transportation costs to a specified location?
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Study Notes
Supply Chain Management
- A network between a company and its supplier to produce and distribute a specific product to the final buyer.
- This includes activities, people, entities, information, and resources.
What is Supply Chain Management?
- Effective management of the flow of information, material, and funds from the supplier's supplier to the final consumer and vice versa.
Supply Chain at Tata Steel (TSM)
- Work-flow: Procurement, Transporter Contract, Tracking, Processing at Plant, Placement of Transport, Loading of Materials, QA Check, Documentation, Planning for Transport, Packaging, Despatch, and Customer Order Fulfillment.
Supply Chain Processes (Push/Pull View)
- Push Processes: Execution is initiated in anticipation of customer orders (speculative).
- Pull Processes: Execution is initiated in response to a customer order (reactive).
- Push/pull boundary separates push processes from pull processes.
Scope of Supply Chain in a Firm
- Internal Supply Chain: Includes company activities like purchasing, production, and distribution.
- External Supply Chain: Includes suppliers and customers.
- Communication and information flow between suppliers, the company, and customers are essential.
- Different types of relationships (arm's length, collaborative, strategic) exist within external supply chains.
- CRM, SCM, and SRM are key activities in macro-process under supply chain management.
Order Generation & Fulfillment
- Five steps in the order fulfillment process: Receiving inventory shipments, Inventory storage, Order processing, Shipping, and Returns processing.
Important Concepts
-
Just-in-Time (JIT):
- Also known as Toyota Production System (TPS).
- Aligns raw-material orders with production schedules.
- Aims to increase efficiency, decrease waste, and reduce inventory costs.
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Vendor Managed Inventory (VMI):
- Increases efficiency and decreases waste by receiving; Reduces inventory costs; Requires producers to forecast demand accurately.
- FIFO (First In, First Out): Method of cost lot tracking where items are valued and sold in order of purchase.
- LIFO (Last In, First Out): Method of cost lot tracking where most recent purchases are sold first. Opposed to FIFO.
- Landed Cost: Total cost of ownership of an item (price, shipping, customs, taxes).
- Back Ordering: Placing a purchase order for a product temporarily out-of-stock. Typically used in high-demand situations.
- Bill of Lading: Shipping document showing quantity, type of goods, and destination. Legally binds all parties involved.
- Cross Docking: Method of shipping goods directly from vendors to customers with minimal storage time.
Different Incoterms
- Internationally recognized rules defining responsibilities of sellers and buyers in export transactions.
- Examples include EXW, FCA, FAS, FOB, CFR, DAT, DAP, and DDP
Different Types of Logistics
- Different levels (1PL to 5PL) of logistics service providers.
- Activities across the different PLs, from manufacturing, storage, packing to delivery.
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Description
Explore the fundamentals of Supply Chain Management, including key processes and the roles of various entities involved. Delve into the push and pull processes and learn how companies like Tata Steel efficiently manage their supply chains. Test your knowledge with this comprehensive quiz!
