1: SUPPLY CHAIN MANAGEMENT

Question 1

Business model

Answer 1

A business model is a framework that outlines how a company creates, delivers, and captures value in the supply chain context. It defines the products or services offered, target customer segments, revenue streams, and key partners and resources within the supply chain.

Question 2

Core capability

Answer 2

A core capability is a unique skill or capability that a company possesses within the supply chain context that sets it apart from its competitors and enables it to create value.

Question 3

Core competency

Answer 3

A core competency is a specific area of expertise or proficiency within the supply chain context that a company has developed and honed over time that allows it to excel in its industry or field.

Question 4

Customer service

Answer 4

In supply chain, customer service refers to the actions and processes a company undertakes to support and assist its customers before, during, and after the sales process. It involves providing assistance and support to customers in order to meet their needs and improve their satisfaction.

Question 5

Efficient supply chain

Answer 5

An efficient supply chain is one that minimizes waste, maximizes productivity, and effectively utilizes resources to meet customer needs in a timely and cost-effective manner.

Question 6

External stakeholder

Answer 6

An external stakeholder within the supply chain context is anyone outside of the business who is affected by the business, such as investors, lenders, communities, and government.

Question 7

Horizontal integration

Answer 7

Horizontal integration within the supply chain context refers to the merging of companies at the same stage of the supply chain, such as two manufacturers merging.

Question 8

Keiretsu

Answer 8

A keiretsu is a type of business group in Japan consisting of a central company and its affiliated companies and suppliers, typically with cross-shareholdings.

Question 9

Lateral integration

Answer 9

Lateral integration within the supply chain context refers to the integration of companies at different stages of the supply chain, such as a manufacturer partnering with a distributor.

Question 10

Primary stakeholder

Answer 10

A primary stakeholder within the supply chain context is usually an internal stakeholder (employee, supplier, customer, or creditor) who is engaged in an economic business activity within the business itself.

Question 11

Responsive supply chain

Answer 11

A responsive supply chain is one that is able to quickly and effectively respond to changes in customer demand, market conditions, and other external factors.

Question 12

Stakeholder

Answer 12

A stakeholder within the supply chain context is anyone who has an interest or concern regarding an organization’s objectives, goals, actions, or policies. Examples of stakeholders include customers, employees, investors, suppliers, the government, and the community at large.

Question 13

Supply chain

Answer 13

A supply chain is the network of organizations, people, activities, information, and resources involved in moving a product or service from the initial raw materials stage to the end customer.

Question 14

Supply chain management (SCM)

Answer 14

Supply chain management is the management of the flow of goods, services, and information from the initial raw materials stage to the end customer. It involves coordination and collaboration among all the parties involved in the supply chain, from suppliers to manufacturers to distributors to retailers to customers.

Question 15

Supply chain resilience

Answer 15

Supply chain resilience refers to the ability of a supply chain to anticipate and respond to disruptions, such as natural disasters, pandemics, and other crises, in a timely and effective manner.

Question 16

Value

Answer 16

In the supply chain context, value is defined by the customer, and it’s more than the monetary worth of an asset, item sold, or service rendered. The customers compare their perception against perceived cost benefits.

Question 17

Value chain

Answer 17

In the context of supply chain and APICS CSCP exam, a value chain is the series of activities that a company undertakes to create and deliver a product or service. It includes all the activities involved in designing, producing, delivering, and supporting a product or service, from sourcing raw materials to delivering the finished product to the customer.

Question 18

Value stream

Answer 18

A value stream is the series of activities involved in creating and delivering a product or service, from the initial raw materials stage to the end customer. It includes all the steps involved in the production and delivery process, including design, planning, sourcing, manufacturing, logistics, and customer service.

Question 19

Value stream mapping (VSM)

Answer 19

Value stream mapping is a technique used to visualize and analyze the flow of materials and information in a value stream. It helps to identify and eliminate non-value-adding activities, reduce waste, and improve efficiency and effectiveness in the supply chain

Question 20

Value-added activities

Answer 20

Value-added activities are the steps in the value stream that directly contribute to the creation of value for the customer. These activities are typically those that are necessary to design, produce, deliver, and support a product or service.

Question 21

Velocity

Answer 21

In the context of supply chain and APICS CSCP exam, velocity refers to the speed at which products move through a supply chain, order process, manufacturing process, or get delivered to a customer. It is an important metric in measuring the efficiency and effectiveness of a supply chain.

Question 22

Vertical integration

Answer 22

In the context of supply chain and APICS CSCP exam, vertical integration refers to a company’s control over multiple stages of the supply chain, such as owning its own suppliers, manufacturers, and distributors.

Question 23

Visibility

Answer 23

In the context of supply chain and APICS CSCP exam, visibility refers to the ability to see from one end of the supply chain to the other, including the ability to track products and materials as they move through the supply chain. Enhanced visibility improves velocity throughout the supply chain, and allows companies to better predict and respond to changes in demand, market conditions, and other external factors.