Podcast
Questions and Answers
Which of the following is a key consideration for procurement professionals in managing supply chains?
Which of the following is a key consideration for procurement professionals in managing supply chains?
- Ignoring supply chain risks
- Ensuring inputs are up to specification (correct)
- Maximizing profits for the organization
- Minimizing communication with suppliers
What is supply chain resilience?
What is supply chain resilience?
- The extension of the supply chain to external suppliers
- The ability to respond to disruptions (correct)
- The visibility of every tier of the supply chain
- The predictability of the supply chain outcome
What should procurement professionals consider when developing sourcing strategies?
What should procurement professionals consider when developing sourcing strategies?
- Environmental risks only
- Only micro environmental risks
- Macro environmental risks (correct)
- Social and economic risks only
What is the focus of logistics management?
What is the focus of logistics management?
What is the core principle of closed loop supply chains?
What is the core principle of closed loop supply chains?
What did a BBC report on electronic waste highlight?
What did a BBC report on electronic waste highlight?
Which of the following is a key component of a requisition document?
Which of the following is a key component of a requisition document?
What triggers a series of sourcing activities in response to a requisition?
What triggers a series of sourcing activities in response to a requisition?
What is a key consideration when developing a requisition document?
What is a key consideration when developing a requisition document?
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Study Notes
Understanding and Managing Supply Chains: Key Considerations for Procurement Professionals
- The supply chain for bread starts at the wheat farm and ends with the consumer purchasing the bread.
- Each player in the supply chain relies on the output of the preceding organization as an input, making them dependent on one another.
- Procurement professionals need to engage and work with suppliers to ensure inputs are up to specification and avoid delays that could impact service delivery.
- Supply chains need to be optimized through addressing any supply chain risks and ensuring demand and supply are synchronized.
- Supply chain networks are extensions of supply chains, showing all parties involved in the process, including external suppliers, manufacturers, and logistics.
- Supply chain visibility is important to track every tier of the supply chain and avoid reputational risks from unethical practices.
- Supply chain resilience is crucial in responding to disruptions, as failing to meet consumer needs presents lost opportunities for the entire chain.
- Supply chain reliability refers to how predictable the outcome of the supply chain is, with more complex networks presenting higher risks.
- Value-adding relationships between supply chain partners are crucial to managing supply risk and require collaborative efforts.
- Supply chain tiering presents additional complexities from global supply chains with different partners exposed to different risks.
- Procurement professionals need to consider macro environmental risks such as social, economic, technological, ethical, environmental, legal, political, and demographic issues when developing sourcing strategies.
- A more complex supply chain results in a more complex supply network, with challenges ranging from logistics to geopolitical risks that need to be managed by procurement professionals.
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