Supply Chain Management Reviewer PDF

GROUP 1 GROUP 2 1. What is the primary goal of Supply Chain Management (SCM)? 1. Purchasing - key business function for acquiring materials, services, b) To create net value, streamline processes, and synchronize sup...

GROUP 1 GROUP 2 1. What is the primary goal of Supply Chain Management (SCM)? 1. Purchasing - key business function for acquiring materials, services, b) To create net value, streamline processes, and synchronize supply with & equipment demand 2. Supply Management - a newer term to describe the expanded set 2. Which of the following is NOT one of the key elements of SCM? of responsibilities of purchasing professionals. c) Financial Elements 3. Purchase Order - Is the buyer’s offer & becomes a binding contract 3. How does effective SCM enhance customer satisfaction? when accepted by supplier. When initiated by the supplier on their a) By improving product availability own terms, the document is a sales order. 4. Where and when did the concept of Supply Chain Management 4. Outsourcing - Buying materials and components from suppliers emerge? instead of making them in-house. The trend has moved toward b) U.S. in the late 20th century outsourcing. 5. Which trend is focused on reducing the environmental impact of the 5. Quality - Suppliers have better technology, process, skilled labor supply chain? and the advantage of economy of scale. b) The Greening of Supply Chains 6. Cost advantage - Especially for components that are non-vital to 6. What does the logistics element of SCM primarily deal with? the organization’s operations, suppliers may have economies of b) Movement and storage of goods scale. 7. Which of the following is a challenge faced by companies managing 7. Purchasing Organization - is dependent on many factors, such as global supply chains? market conditions & types of materials required. b) Logistics across different time zones 8. Tariff - An official list showing the duties, taxes, or customs imposed 8. Which component of SCM involves the day-to-day activities of by the host country on imports or exports. manufacturing and production scheduling? 9. Incoterms – International Commercial Terms - uniform rules that a) Operations Elements simplify international transactions of goods with respect to shipping 9. What technology is improving supply chain responsiveness by predicting costs, risks, and responsibilities of buyer, seller and shipper. demand more accurately? 10. Counter purchase - the original exporter agrees to sell goods or a) Artificial Intelligence and Automation services to a foreign importer and simultaneously agrees to buy 10. Why is supply chain integration important? specific goods or services from the foreign importer. a) It allows for the seamless flow of information, materials, and products between suppliers and consumers. GROUP 3 GROUP 4 1. It enables organizations to share valuable information, devote time and 1. What is VMI? VENDOR MANAGED INVENTORY resources to understand each other's business, and achieve results 2. Managing the firm’s external resources to support firm’s long-term goals.? STRATEGIC SOURCING beyond what could have been done individually. Trust 2. Both partners must share the same vision and have objectives that are 3. Ensures products and services are obtained in a way that adheres to ethical standards.? ETHICAL SOURCING not only clear but mutually agreeable. Shared vision 4. Enable the concentration of a large volume of small purchases with a few 3. Are software modules due to the wealth of information that can be suppliers in electronic catalogues. E-PROCUREMENT SYSTEMS derived from these systems. SRM software 5. Is a practice that ensures the procurement of goods and services in a way that 4. It needs not only create an environment Mutual benefits meets the needs of the present without compromising the ability of future 5. Commitment must start at the highest management favorable for generations to meet their own needs. SUSTAINABLE SOURCING collaboration but opportunities for increased innovation. Continuous 6. A Negative Reward? PUNISHMENT improvement 7. Practice of conducting a business activity or process internally, rather than 6. It provides the basis for implementing improvements in other processes, outsourcing it to an external supplier.? INSOURCING which in turn will lead to even more success. level. Partnerships tend to 8. Most require ISO or similar certifications as one part of the certification be successful when top executives are actively supporting the process. ISO 9000 partnership. Top management support 9. What is ESI? EARLY SUPPLIER INVOLVEMENT 7. Organizations must develop the right _____________ for creating long- 10. is a business strategy where a supplier establishes a physical presence at a customer's location. SUPPLIER CO-LOCATIO term relationships with their suppliers. Capabilities 8. The Phrase “You can’t Improve what you can’t measure “ comes to mind. Performance metrics 9. Both formal and informal lines of communication should be set up to facilitate free flows of information. Any conflict that occurs can be resolved if the channels of communication are open. Information sharing 10. Enables an organization to track supplier interactions such as order planning, order payment and returns. Transactional SRM GROUP 5 6.Which production strategy adjusts production rates to match fluctuating 1. What is the meaning of CPFR? Collaborative planning, Forecasting and demand? Chase Production Strategy Replenishment. 7. What is the purpose of the Bill of Materials (BOM) in manufacturing? 2. Are due to unexpected or unpredictable event. Random Variation To list all materials, components, and subassemblies needed for 3. Is an important element of demand managment. Demand Forecasting production 4. Are wavelike movements that are longer than a year. Cyclical Variation 8.Which time zone in Master Production Scheduling (MPS) allows full flexibility 5. A forecasting models use mathematical techniques that are based on historical for changes? Liquid Zone data and can include casual variables to forecast demand. Quantitative Method 9. What does Available to Promise (ATP) quantities refer to? Uncommitted inventory available for sale 10. Which capacity planning strategy involves increasing capacity after demand is observed? Lag Strategy GROUP 6 1.What is the primary purpose of an ERP system?To integrate business processes and streamline operations 2.Which of the following is NOT a component of ERP? Social Media Management 3. What is the main advantage of real-time insights in ERP systems? Immediate decision-making capabilities 4.Which ERP system is known for managing business processes across finance, manufacturing, sales, procurement, and human resources? SAP 5.What is an Aggregate Production Plan (APP)? a) A high-level plan to balance supply and demand