all of value chains

Question 2

what is inspection

Answer 2

after the fact checking verification counting grading sorting

Question 3

what is quality controll

Answer 3

upstream activities designed to prevent problems,s from occurring controlling quality of outputs rather than detecting it

Question 4

quality assurance

Answer 4

providing assurance that quality systems are in place and that quality is being controlled.

quality control is not quality assurance. but quality assurance requires quality control

Question 5

quality management

Answer 5

once the inspection and quality controls are set up

applying the whole quality system across the entire value chain

Question 6

what does HACCP stand for

Answer 6

Hazard

Analysis

Critical

Control

Point

Question 7

why define and map a process

Answer 7

helps everyone understand what the process is and how it does it
breakdown the process steps and pinpoint where problems can be introduced

It provides a clear, agreed-upon, common picture of the flow of operations for auditors

helps identify redundant stages and thus help continuously improve the process

Question 8

why hold stock

Answer 8

1. it enables a firm to achieve economies of scale
2. balances supply and demand
3. specialisation in manufacturing
4. provides protection from uncertainties in demand
5. acts as a buffer between critical interfaces within the channel of distribution

Question 9

the objective of inventory management

Answer 9

increase corporate profitability by increasing sales or decreasing costs.

decreasing costs: reducing back orders, purging obsolete stock improve accuracy of forecasts

increasing profit: occurred if an increase in inventory leads to better in stock availability and consistent service levles

Question 10

what is logistics

Answer 10

support functions that allow for infrastructure that can control and manage the flow of goods and information through the chain

Question 11

what are the 5 types of transport and their charactoristics

Answer 11

road: direct but small volumes

rail

sea: large quantities

Air: Fast and long distance capable small volumes

pipeline: direct/.large volume not flexible

wireless

Question 12

activities of in warehousing logistics

Answer 12

storing finished goods until they are sold.

Decide on: location, number of warehouses, size, layout, design and ownership

Question 13

activities covered by inventory management in logistics

Answer 13

the purpose of the activities is to enable the supplier to meet the demand of the consumer, in total, at the point of time that it is requested. designed to capture this information and develop policies to meet the patterns of demand

Question 14

activities covered by information management in logistics

Answer 14

Aids and facilitates decision making, complementary or contributory to product flow. Triggers separate activities, helps plan the process, control performance, coordinate and link internal factors and those factors to external contractors/consumers.

Question 15

activities covered by procurement management in logistics

Answer 15

defining and specific source options and which ultimate suppliers are selected. then define and confirm the contract of under which the purchasing will occur

Question 16

activities covered by distribution management in logistics

Answer 16

delivery of goods, services and information across parties located at different locations

Question 17

what is the speculation strategy

Answer 17

a business obtains and holds inventory in anticipation of future demand rather than meet current demand

savings created through economies of sale

suits fast moving consumer goods

large production batches

Question 18

what is the postponement strategy

Answer 18

delaying the production or supply of the item as long as possible to more directly meet consumer demands

requires an integrated and agile supply chain

Question 19

5 functions of logistics

Answer 19

distribution management

information management

inventory management

warehouse management

procurement vmanagement

Question 20

5 types of inventory

Answer 20

cycle stock: This is the stock the replenishment process and is required to meet demand under conditions of certainty

in transit inventories: items on the route from one destination to the other.

safety or buffer stock: stock that is held in excess of cycle stock due to the uncertainty of demand

speculative stock: inventory held for reasons other than satisfying current demand. such as obtain a discount on stock for a larger purchase and or produced for seasonal consumption

dead stock: stock that no longer has a demand through the whole business or in a certain location. if the latter then this stock can be transferred