Exam 1: Introduction to Supply Chain Management

Supply chain management includes the planning and management of all activities involved in sourcing and procurement, conversion, and all logistics management activities.It also includes:

Encouraging or helping a firm's suppliers to perform in a desired fashion can be referred to as:

There are many definitions for supply chain management. a.Define supply chain management in your own words. b.What is the goal of supply chain management?

List three concepts used by supply chain managers in an attempt to make a firm more flexible and responsive to customers' changing needs:

According to the textbook, conditions which must be present for successful supply chain management include:

Which of the following acronyms is NOT paired with its correct "translation?"

Trucking companies, airfreight shipping companies, and information system providers can all be considered service providers to the supply chain.

One definition of supply chain management is "Coordination and collaboration with channel partners, which can be suppliers, intermediaries, third-party service providers, and customers."

Explain the concept of 'value-enhancing benefits' by giving THREE examples of benefits that may be realized by a firm that successfully manages its supply chain.

Supply chain management is concerned about how suppliers' products are designed, produced, and transported.

Which of the following can happen as a result of the bullwhip effect?

According to the textbook, the keys to successful supply chain management include trust, cooperation, collaboration and honest, accurate communications between supply chain partners.

According to the textbook, third-party logistics providers (3LPs) do not offer assistance with helping products clear customs.

An internal or external event that causes a disruption or failure of supply chain operations is an example of

According to the textbook, supply chains include raw material suppliers, intermediate component manufacturers, end-product manufacturers, wholesale distributors, retailers and end-product consumers.

According to the text, the FOUR important elements of the supply chain are:

According to the textbook, the order of product & service flow is as follows:

Highly valued customers with large purchasing budgets who achieve moderate supply chain management success have been known to lower purchasing and inventory carrying costs, and create better quality products with higher levels of customer service.

The bullwhip effect is the result of companies producing excessive defective products; defective items are whipped back from the end customer toward the manufacturer of the defect.

Supply chain analytics can be used along the supply chain to schedule production according to expected supplier deliveries