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Questions and Answers

What is a supply chain?

A supply chain constitutes a complex network of organizations engaged in the creation and delivery of products or services to customers.

This network encompasses all stages, from the extraction of raw materials to the final delivery of the product.

Entities that furnish raw materials

Suppliers

Businesses that convert raw material into finished products

Manufacturers

Companies responsible for transporting and storing products to ensure they reach customers

<p>Distributors</p> Signup and view all the answers

Businesses that sell products directly to consumers

<p>Retailers</p> Signup and view all the answers

The end users of the product or service

<p>Customers</p> Signup and view all the answers

What is supply chain management?

<p>Supply chain management involves the strategic oversight and coordination of all activities necessary to produce and deliver the product or service to customers. This comprehensive process starts with sourcing raw materials and culminates in the delivery of the final product.</p> Signup and view all the answers

Key focal points within supply chain management

<p>Supplier relationship management, demand planning, inventory management, project management, performance measurement</p> Signup and view all the answers

Objectives of supply chain management

<p>Reduced costs, improved customer satisfaction, increased competitiveness, enhanced risk management</p> Signup and view all the answers

It refers to the systematic process of predicting forthcoming events, trends, or outcomes by utilizing historical data

<p>Forecasting</p> Signup and view all the answers

This methodology involves the analysis of past patterns, the identification of underlying relationships, and the calculation of these insights to make informed predictions.

<p>Forecasting</p> Signup and view all the answers

Forecasting is used to?

<p>Predict future needs, better financial planning, risk management, informed decisions.</p> Signup and view all the answers

It entail expert opinion, survey, and other related subjective methods.

<p>Qualitative Approach</p> Signup and view all the answers

This method gathers insights from a panel of industry experts, such as healthcare professionals, technology experts, and industry analysts.

<p>Delphi method</p> Signup and view all the answers

Surveys, interviews, and focus groups can provide valuable insights into consumer preferences and market trends

<p>Market research</p> Signup and view all the answers

Creating hypothetical scenarios can help to identify potential risks and opportunities.

<p>Scenario Planning</p> Signup and view all the answers

Utilize statistical models and historical data to make predictions.

<p>Quantitative Approach</p> Signup and view all the answers

This technique analyzes data such as monthly, quarterly, or yearly sales figures collected over time to forecast sales

<p>Time series analysis</p> Signup and view all the answers

This method can be used to predict a dependent variable based on independent variables

<p>Regression Analysis</p> Signup and view all the answers

This approach identifies cause-and-effect relationships between variables to forecast future outcomes

<p>Causal Modeling</p> Signup and view all the answers

it involves creating a representation of a real-world system to simulate different scenarios and assess potential outcomes.

<p>Simulation Modeling</p> Signup and view all the answers

This method integrates both qualitative and quantitative methods to provide a more accurate forecast

<p>Hybrid Approach</p> Signup and view all the answers

Combining multiple forecasting models can reduce bias and improve accuracy

<p>Ensemble Forecasting</p> Signup and view all the answers

Combining methods like the Delphi method (qualitative) with time series analysis (quantitative) can provide a comprehensive view of future trends.

<p>Combining Qualitative and Quantitative Methods</p> Signup and view all the answers

Forecasting is an important function for businesses, as it helps them plan, However, forecasting is not without its challenges.

<p>True</p> Signup and view all the answers

It is the process of planning and controlling the level of demand for a product or service

It consists of a wide range of activities related to customer demand, such as pricing strategies, promotions.

<p>Demand Management</p> Signup and view all the answers

Forecasting and demand management are intricately linked, serving as essential elements of effective business planning.

<p>True</p> Signup and view all the answers

Forecasting establishes the groundwork for demand management

<p>True</p> Signup and view all the answers

strategies in demand management can shape future forecasts.

<p>True</p> Signup and view all the answers

It is an essential process that encompasses the planning, organization, and control of acquiring, storing, and distributing inventory.

<p>Inventory management</p> Signup and view all the answers

Its primary goal is to ensure that the right quantity of inventory is available at the appropriate time and location to fulfill customer demands while keeping costs to a minimum.

<p>Inventory management</p> Signup and view all the answers

A mathematical formula designed to identify the most efficient order quantity that minimizes total inventory costs

<p>Economic Order Quantity</p> Signup and view all the answers

A strategy focused on reducing inventory levels by having supplies delivered precisely when needed for production

<p>Just-in-Time</p> Signup and view all the answers

This is a classification method for inventory items based on their value and usage, helping companies prioritize management efforts.

<p>ABC Analysis</p> Signup and view all the answers

An additional reserve of inventory kept to compensate for unforeseen spikes in demand or supply interruptions.

<p>Safety Stock</p> Signup and view all the answers

A metric indicating the efficiency of inventory usage and replenishment. A high turnover rate signifies that products are selling quickly

<p>Inventory Turnover</p> Signup and view all the answers

The specific inventory level that triggers a reorder to replenish stock.

<p>Reorder Point</p> Signup and view all the answers

A collaborative approach where suppliers take responsibility for managing their products’ inventory levels at a client’s location.

<p>Vendor-Managed Inventory</p> Signup and view all the answers

The process of leveraging historical data and statistical analysis to project future product demand.

<p>Demand forecasting</p> Signup and view all the answers

It is the discipline of organizing and managing resources to achieve specific goals within a defined scope, schedule, and budget.

<p>Project management</p> Signup and view all the answers

It involves planning, organizing, motivating, and controlling resources.

<p>Project management</p> Signup and view all the answers

Defining the project's purpose, scope, and goals. (Wants)

<p>Step 1: Initiation</p> Signup and view all the answers

Developing a detailed plan outlining tasks, resources, and timelines (creates)

<p>Step 2: Planning</p> Signup and view all the answers

Carrying out the planned activities and managing the project team.

<p>Step 3: Executing</p> Signup and view all the answers

Tracking progress, identifying issues, and taking corrective actions. (reviews)

<p>Step 4: Monitoring and Controlling</p> Signup and view all the answers

Completing the project, evaluating results, and documenting lessons learned.

<p>Step 5: Closing</p> Signup and view all the answers

Project management encompasses a diverse range of tools and methodologies that empower organizations to plan, execute, and monitor projects with efficacy.

<p>True</p> Signup and view all the answers

This tool organizes a project into a hierarchical structure of smaller, manageable tasks.

<p>Work Breakdown Structure</p> Signup and view all the answers

A visual timeline illustrating a project schedule, including task durations and dependencies.

<p>Gantt Chart</p> Signup and view all the answers

This probabilistic method estimates project duration by analyzing optimistic, pessimistic, and most likely scenarios for each activity.

<p>Program Evaluation and Review Technique</p> Signup and view all the answers

Strategies are developed here to mitigate, avoid, transfer, or accept risks.

<p>Risk Response Planning</p> Signup and view all the answers

This formal document establishes the project's scope, objectives, and deliverables

<p>Project Charter</p> Signup and view all the answers

It is a structured methodology for analyzing and optimizing business processes to boost efficiency, effectiveness, and quality.

<p>Process Review and Improvement</p> Signup and view all the answers

It involves pinpointing areas that need enhancement, implementing necessary changes, and assessing the outcomes.

<p>Process Review and Improvement</p> Signup and view all the answers

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