Podcast
Questions and Answers
What is the primary objective of procurement in supply chain management?
What is the primary objective of procurement in supply chain management?
Which logistics activity is responsible for receiving, storing, and shipping goods?
Which logistics activity is responsible for receiving, storing, and shipping goods?
What is the primary goal of inventory management in supply chain management?
What is the primary goal of inventory management in supply chain management?
Which transportation mode is a combination of land, air, and sea transportation?
Which transportation mode is a combination of land, air, and sea transportation?
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What is the primary objective of supplier relationship management in supply chain management?
What is the primary objective of supplier relationship management in supply chain management?
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What is the process of acquiring goods, services, or works from an external source?
What is the process of acquiring goods, services, or works from an external source?
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Which inventory management strategy involves ordering and receiving inventory just in time to meet customer demand?
Which inventory management strategy involves ordering and receiving inventory just in time to meet customer demand?
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What is the process of planning, coordinating, and executing the movement of goods from one place to another?
What is the process of planning, coordinating, and executing the movement of goods from one place to another?
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Which logistics activity is responsible for picking, packing, and shipping customer orders?
Which logistics activity is responsible for picking, packing, and shipping customer orders?
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What is the primary objective of supplier selection and evaluation in supplier relationship management?
What is the primary objective of supplier selection and evaluation in supplier relationship management?
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Study Notes
Supply Chain Management
Procurement
- Process of acquiring goods, services, or works from an external source
- Involves sourcing, negotiating, and contracting with suppliers
- Objectives:
- Obtain goods and services at the right quality, quantity, and price
- Ensure timely delivery
- Minimize risks and costs
- Procurement methods:
- Competitive bidding
- Negotiation
- Sole sourcing
Logistics
- Planning, coordination, and execution of activities to move goods from one place to another
- Involves transportation, inventory management, and warehousing
- Objectives:
- Ensure timely and cost-effective delivery
- Minimize inventory levels and transportation costs
- Improve customer satisfaction
- Logistics activities:
- Freight transportation
- Warehousing and storage
- Order fulfillment
Inventory Management
- Process of planning, organizing, and controlling inventory levels
- Objectives:
- Maintain optimal inventory levels
- Minimize stockouts and overstocking
- Reduce inventory costs
- Inventory management strategies:
- Just-in-time (JIT)
- Economic order quantity (EOQ)
- Vendor-managed inventory (VMI)
Transportation Management
- Process of planning, coordinating, and executing the movement of goods
- Objectives:
- Ensure timely and cost-effective transportation
- Improve delivery reliability and speed
- Reduce transportation costs
- Transportation modes:
- Land (road, rail)
- Air
- Sea
- Intermodal (combination of modes)
Supplier Relationship Management
- Process of developing and maintaining relationships with suppliers
- Objectives:
- Improve supply chain efficiency
- Reduce costs and risks
- Enhance collaboration and innovation
- SRM strategies:
- Supplier selection and evaluation
- Contract management
- Communication and collaboration
- Performance measurement and evaluation
Supply Chain Management
- Acquiring goods, services, or works from an external source involves sourcing, negotiating, and contracting with suppliers
- Procurement objectives include obtaining goods and services at the right quality, quantity, and price, ensuring timely delivery, and minimizing risks and costs
Procurement Methods
- Competitive bidding involves soliciting bids from multiple suppliers
- Negotiation involves direct communication with suppliers to agree on terms
- Sole sourcing involves selecting a single supplier without competition
Logistics
- Planning, coordinating, and executing activities to move goods from one place to another involves transportation, inventory management, and warehousing
- Logistics objectives include ensuring timely and cost-effective delivery, minimizing inventory levels and transportation costs, and improving customer satisfaction
Logistics Activities
- Freight transportation involves moving goods from one place to another
- Warehousing and storage involve holding and protecting goods
- Order fulfillment involves processing and delivering customer orders
Inventory Management
- Planning, organizing, and controlling inventory levels involves maintaining optimal inventory levels, minimizing stockouts and overstocking, and reducing inventory costs
Inventory Management Strategies
- Just-in-time (JIT) involves ordering and receiving inventory just in time to meet customer demand
- Economic order quantity (EOQ) involves ordering the optimal quantity of inventory to minimize costs
- Vendor-managed inventory (VMI) involves suppliers managing inventory levels on behalf of the buyer
Transportation Management
- Planning, coordinating, and executing the movement of goods involves ensuring timely and cost-effective transportation, improving delivery reliability and speed, and reducing transportation costs
Transportation Modes
- Land transportation involves moving goods by road or rail
- Air transportation involves moving goods by air
- Sea transportation involves moving goods by sea
- Intermodal transportation involves combining multiple modes of transportation
Supplier Relationship Management
- Developing and maintaining relationships with suppliers involves improving supply chain efficiency, reducing costs and risks, and enhancing collaboration and innovation
SRM Strategies
- Supplier selection and evaluation involve identifying and assessing potential suppliers
- Contract management involves negotiating and agreeing on terms with suppliers
- Communication and collaboration involve working closely with suppliers to achieve shared goals
- Performance measurement and evaluation involve monitoring and assessing supplier performance
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Description
Test your knowledge of supply chain management concepts, including procurement methods and logistics management.
