Podcast
Questions and Answers
What is the primary objective of supply chain management according to the APICS Dictionary?
What is the primary objective of supply chain management according to the APICS Dictionary?
- Ensuring global logistics and synchronizing supply with demand
- Optimizing raw material procurement and physical distribution
- Maximizing profit and minimizing costs
- Creating net value and building a competitive infrastructure (correct)
How does the APICS Dictionary define a supply chain?
How does the APICS Dictionary define a supply chain?
- A local network for delivering products and services through physical distribution only
- A network of entities without any engineered flow of information
- A global network for delivering products and services through information flow only
- A global network for delivering products and services through an engineered flow of information, physical distribution, and cash (correct)
What characterizes the supply chains that interest the course according to the text?
What characterizes the supply chains that interest the course according to the text?
- They are exclusively local in scope
- They are decidedly global in scope (correct)
- They are primarily focused on physical distribution
- They are limited to specific entities within the chain
What is essential for companies to guarantee in their supply chains according to the text?
What is essential for companies to guarantee in their supply chains according to the text?
According to the APICS Dictionary, what does supply chain management involve?
According to the APICS Dictionary, what does supply chain management involve?
What does the engineered flow within a supply chain comprise according to the APICS Dictionary?
What does the engineered flow within a supply chain comprise according to the APICS Dictionary?
What can companies improve by employing the right supply chain structure according to the text?
What can companies improve by employing the right supply chain structure according to the text?
What is the favored approach to managing complex supply chains according to the text?
What is the favored approach to managing complex supply chains according to the text?
What is the primary reason for relying on a lateral supply chain according to the text?
What is the primary reason for relying on a lateral supply chain according to the text?
What is keiretsu according to the APICS Dictionary, 16th edition?
What is keiretsu according to the APICS Dictionary, 16th edition?
What do many Japanese companies favor as an intermediate form of integration according to the text?
What do many Japanese companies favor as an intermediate form of integration according to the text?
Why do many clothing companies in Europe work through Dutch logistics centers according to the text?
Why do many clothing companies in Europe work through Dutch logistics centers according to the text?
What has replaced vertical integration as the favored approach to managing complex supply chains according to the text?
What has replaced vertical integration as the favored approach to managing complex supply chains according to the text?
What are the four basic flows that connect the supply chain entities?
What are the four basic flows that connect the supply chain entities?
What does the cash-to-cash cycle time measure in a supply chain?
What does the cash-to-cash cycle time measure in a supply chain?
What is the main focus of supply chain management according to the text?
What is the main focus of supply chain management according to the text?
What is the direction of the flow of money in a supply chain according to the text?
What is the direction of the flow of money in a supply chain according to the text?
What does improving the flow of funds within a supply chain lead to according to the text?
What does improving the flow of funds within a supply chain lead to according to the text?
What does the cash-to-cash cycle time measure in a supply chain according to the text?
What does the cash-to-cash cycle time measure in a supply chain according to the text?
What characterizes global supply chains according to the text?
What characterizes global supply chains according to the text?
What does a supply chain involve?
What does a supply chain involve?
What is a key challenge in managing global supply chains?
What is a key challenge in managing global supply chains?
What does vertical integration provide?
What does vertical integration provide?
What is the role of Gartner in the context of supply chains?
What is the role of Gartner in the context of supply chains?
Why do companies generally pursue lateral integration?
Why do companies generally pursue lateral integration?
What are the various flows involved in supply chains?
What are the various flows involved in supply chains?
What is one reason corporations turn to outsourcing in their supply chains?
What is one reason corporations turn to outsourcing in their supply chains?
Study Notes
Supply Chain Management and Integration
- Supply chains are typically organized by a strong company, such as a manufacturer or retailer, which manages value-creating activities for stakeholders.
- Balancing competing interests is crucial in managing supply chains, especially in global supply chains with complex group dynamics.
- A supply chain involves everyone and everything required to extract materials, transform them into a product, and sell the product to a user.
- Supply chains include entities like raw material extractors, service and component suppliers, manufacturers, distributors, and end customers.
- Supply chain structures vary based on demand history, business focus, connectivity needs, and technology.
- Supply chains involve various processes like marketing data gathering, distribution, payment, and order fulfillment, cutting across entities.
- They also encompass various flows, including materials, funds, and information, in both directions.
- Gartner conducts an annual survey to identify the top 25 supply chain leaders, reflecting the importance of supply chain expertise in today's business world.
- Companies generally pursue vertical integration (bringing the supply chain inside one organization) or lateral integration (outsourcing aspects of the supply chain).
- Vertical integration provides control and can address supply risks, illustrated by examples such as McDonald's and Ikea.
- Lateral integration allows organizations to specialize in core competencies and rely on other specialists for the rest of the supply chain, reducing risk.
- It is challenging to be fully integrated end to end, leading many corporations to turn to outsourcing for the elements of the supply chain in which they judge themselves to be least effective.
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Description
Test your knowledge on the organization and value creation in supply chains, as defined by the APICS Dictionary, 16th edition. Explore how stakeholders are impacted and the generation of value for consumers and investors.
