Supply Chain Management Overview
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Questions and Answers

What are the three main flows in a supply chain?

  • Funds, inventory, procurement
  • Information, product, funds (correct)
  • Product, demand, logistics
  • Information, transportation, pricing

What type of decision is involved in the operational phase of supply chain management?

  • Long-term strategic decisions
  • Demand allocation strategies
  • Short-term order processing (correct)
  • Facility location planning

Which of the following best describes the Cycle View of supply chains?

  • Responsive design to customer demands
  • Processes categorized into distinct cycles (correct)
  • Focus on long-term planning for facility locations
  • Primarily concerned with financial metrics

What is the primary goal of aligning supply chain capabilities with product and market characteristics?

<p>Achieve strategic fit (B)</p> Signup and view all the answers

In the context of supply chains, which of the following is NOT considered a key driver?

<p>Customer service levels (C)</p> Signup and view all the answers

What does omni-channel retailing aim to achieve?

<p>Integrate online and offline shopping experiences (A)</p> Signup and view all the answers

Which method of forecasting involves collecting subjective opinions like market surveys?

<p>Qualitative forecasting (C)</p> Signup and view all the answers

What strategic decision is closely associated with the planning phase of supply chain management?

<p>Inventory policies (C)</p> Signup and view all the answers

What is the primary focus of strategic decisions in supply chain management?

<p>Overall design of the supply chain network (C)</p> Signup and view all the answers

Which metric is used to evaluate the accuracy of a forecast?

<p>Mean Absolute Deviation (MAD) (A)</p> Signup and view all the answers

What technique is commonly used to optimize production plans?

<p>Linear programming models (B)</p> Signup and view all the answers

Which of the following is an example of operational decision making?

<p>Prioritizing fulfillment of online orders (C)</p> Signup and view all the answers

What is the purpose of aggregate planning in supply chain management?

<p>To balance supply and demand in the medium term (D)</p> Signup and view all the answers

Which forecasting method would involve calculating a three-month moving average based on previous sales data?

<p>Time-series analysis (A)</p> Signup and view all the answers

What is a common trade-off considered in aggregate planning?

<p>Inventory levels versus workforce stability (C)</p> Signup and view all the answers

What type of decisions typically involve setting production schedules for the next quarter?

<p>Planning decisions (D)</p> Signup and view all the answers

What is a key advantage of a just-in-time (JIT) inventory system?

<p>It reduces storage costs. (C)</p> Signup and view all the answers

How does Zara's supply chain strategy differ from traditional apparel companies?

<p>Zara focuses on rapid product introduction rather than cost. (C)</p> Signup and view all the answers

What is one trade-off companies must consider in supply chain management?

<p>Balancing responsiveness against inventory costs. (C)</p> Signup and view all the answers

What visual tool is beneficial for clarifying the flow of materials and information within a supply chain?

<p>Supply chain map. (A)</p> Signup and view all the answers

Which of the following is a significant challenge Amazon faces in maintaining high customer service levels?

<p>Costs associated with warehousing and delivery. (B)</p> Signup and view all the answers

Which strategy would involve a higher risk of stockouts during demand surges?

<p>Implementing a just-in-time (JIT) system. (C)</p> Signup and view all the answers

What is one reason a company might choose to decentralize its facilities?

<p>To enhance responsiveness to regional markets. (D)</p> Signup and view all the answers

Utilizing Excel for modeling in supply chain management helps with which of the following?

<p>Creating accurate forecasts and optimizing inventory. (B)</p> Signup and view all the answers

Flashcards

Forecasting

A method of estimating future demand based on historical data.

Forecast Accuracy

A measure of how well a forecast predicts actual demand.

Aggregate Planning

A planning process that balances supply and demand over a medium-term horizon (typically 3-18 months).

Mean Absolute Deviation (MAD)

A metric that measures the average absolute difference between the forecast and actual demand.

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Mean Absolute Percentage Error (MAPE)

A metric that measures the percentage difference between the forecast and actual demand.

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Linear Programming

A mathematical optimization technique used in aggregate planning to find the best production plan that minimizes costs and meets demand.

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Strategic Decision

A decision that sets the overall direction of the supply chain.

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Planning Decision

A decision that focuses on allocating resources for the upcoming quarter or year.

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What is a supply chain?

A supply chain encompasses all participants involved in fulfilling a customer request, including manufacturers, suppliers, transporters, retailers, and more.

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What is supply chain surplus?

Supply chain surplus is a measure of efficiency – the difference between customer perceived value and total supply chain costs. A higher surplus indicates greater efficiency.

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What are strategic supply chain decisions?

Strategic decisions in supply chains focus on long-term goals, such as facility locations and overall network design.

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What are operational supply chain decisions?

Operational decisions in supply chains involve short-term tasks like order processing and daily logistics.

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What is strategic fit in supply chains?

Strategic fit in supply chain management means aligning supply chain capabilities with the specific requirements of the product and its target market.

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What are key drivers in supply chain management?

Inventory, transportation, facilities, information, pricing and sourcing are key drivers of supply chain effectiveness. It's important to understand how each driver impacts performance.

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What are key supply chain performance metrics?

Financial measures such as profitability & revenue are vital to understand the financial health of the supply chain. Operational metrics highlight efficiency like delivery speed & inventory turnover.

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What are key factors in distribution network design?

Distribution network design factors include customer service levels, costs, product variety, and responsiveness. Understanding these factors is essential for optimizing the network's effectiveness.

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Relating Theory to Case Studies

Using real-world examples, like Zara's fast fashion model or Amazon's complex supply chain, to understand how theoretical supply chain concepts work in practice.

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Supply Chain Trade-Offs

Analyzing the trade-offs inherent in supply chain decisions. For example, keeping large inventories increases responsiveness but raises storage costs.

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Visual Tools in Supply Chain

Visual representations like maps, diagrams, and graphs that help you visualize and analyze the complexities of supply chains.

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Push vs. Pull Systems

Understanding the difference between push and pull systems in supply chains. Push systems operate based on forecasts, while pull systems react to actual customer demand.

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Hands-on Learning with Excel

Using Excel models to practice real-world supply chain scenarios, such as optimizing inventory or forecasting demand.

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Supply Chain Map

A visual representation of the flow of materials, information, and funds throughout a supply chain. It maps the key actors and stages involved.

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Push/Pull Boundary

The point in a supply chain where production changes from speculative (push) to reactive (pull) based on actual customer demand.

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Supply Chain Performance Metrics

Metrics that measure the performance of a supply chain. Examples include on-time delivery rate, inventory turnover, and customer satisfaction.

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Study Notes

Supply Chain Management Study Notes

  • Definition of supply chain: All parties involved in fulfilling a customer request (manufacturers, suppliers, transporters, retailers, etc.)
  • Key flows: Information, product, funds
  • Supply chain surplus: Customer value minus supply chain costs
  • Decision phases:
    • Strategic: Long-term decisions (facility locations)
    • Planning: Mid-term decisions (inventory policies)
    • Operational: Short-term decisions (order processing)
  • Views of supply chains:
    • Cycle view: Divided into cycles (customer order, replenishment, manufacturing, procurement)
    • Push/pull view: Processes categorized by anticipating or reacting to customer demand
  • Strategic Fit: Aligning supply chain capabilities with product and market characteristics, focusing on responsiveness vs. efficiency, and strategies for managing uncertainty
  • Key supply chain drivers and metrics: Facilities, inventory, transportation, information, sourcing, pricing, profitability, revenue, costs, cycle times, fill rates, inventory turnover
  • Network design factors: Facility location, capacity planning, demand allocation, and transportation strategies within regional configurations, site selection, plant locations
  • Globalization impacts: Risk management, decision trees, offshoring vs. onshoring, flexibility, supply chain adaptations for uncertain markets
  • Demand forecasting methods: Qualitative (e.g., market surveys), Quantitative (e.g., time-series analysis); Metrics like forecast accuracy, error measurements (MAD, MAPE)
  • Aggregate planning: Balancing supply and demand over the medium term, trade-offs: inventory levels, workforce, production rates
  • Excel models and hands-on learning: Calculating economic order quantity (EOQ).
  • Critical thinking and problem-solving: Evaluating decisions and strategies based on supply chain surplus
  • Connecting supply chain to broader business objectives: Impact on profitability, customer satisfaction, and competitive advantage.

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Supply Chain Management Midterm Study Guide PDF

Description

Explore the foundational concepts of supply chain management, including key flows, decision phases, and strategic alignment. This quiz will test your understanding of how supply chains operate and the various metrics that drive performance. Perfect for students looking to deepen their knowledge in this critical business area.

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