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SCMN 2150- Junior Year > Chapter 1: SCM Concepts and Tools > Flashcards

Chapter 1: SCM Concepts and Tools Flashcards

1
Q

an integrated collection of organizations, people, activities, information, and resources

A

supply chain

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2
Q

Who are the key participants in a supply chain?

A
  1. Manufacturers
  2. Retailers
  3. Suppliers
  4. Customers
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3
Q

What type of supply chains tend to be fairly straightforward?

A

local supply chains (ex: say you want to buy corn. So, you go to your local farmers market and buy the corn directly from the farmer who grows it, harvests it, delivers it to the market, and sells it to you)

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4
Q

What type of supply chains tend to be very complex and involve long distances?

A

global supply chains (looks more like a spider web with multiple paths, connections, participants, and international flows)

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5
Q

encompasses the planning and management of all activities involved in sourcing and procurement, conversion, and all logistics management activities. Also includes coordination and collaboration with channel partners (can be suppliers, intermediaries, third party service providers, and customers); it integrates supply and demand management within and across companies.

A

supply chain management

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6
Q

What are the 7 rights of supply chain management (companies must get these things for no errors, delay, or do-overs)?

A
  1. Right product
  2. Right quantity
  3. Right customer
  4. Right time
  5. Right place
  6. Right condition
  7. Right cost
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7
Q

What are the 4 key goals of SCM?

A
  1. Customer care
  2. Industry competitiveness
  3. Efficiency (not overspending)
  4. Responsiveness and resilience
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8
Q

By meeting the key goals of SCM, organizations can create _________, ________, _______ and more responsive supply chains than the competition.

A

better, faster, cheaper

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9
Q

What are the 4 essential activities of SCM?

A
  1. Planning and forecasting activities
  2. Procurement activities
  3. Operations Management
  4. Logistics and Transportation
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10
Q

help companies decide what they want to build, buy, or sell.

A

planning and forecasting activities

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11
Q

help companies determine what should be bought vs. made in house (how will we buy or make it?)

A

procurement activities

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12
Q

all the things that go into transforming input into output. (ex: transforming crude oil into gasoline)

A

operations management

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13
Q

What are the 3 key flows of SCM?

A
  1. Product
  2. Information
  3. Money
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14
Q

What are the 5 primary processes of SCM?

A
  1. Plan
  2. Buy
  3. Make
  4. Move
  5. Service
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15
Q

What part of the integrated processes of SCM does this describe:
Questioning how much are we going to make? When and where will we make it/deliver it?

A

Plan

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16
Q

What part of the integrated processes of SCM does this describe:
focuses on logistics and the fulfillment of customer demand

A

move

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17
Q

What part of the integrated processes of SCM does this describe: takes place after the customer buys a product and takes it home. (customer satisfaction from customer service for returns, repairs, etc)

A

service

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18
Q

What are the 4 challenges of SCM?

A
  1. Product life cycles are shrinking
  2. Customers demanding customized products
  3. Competition is intensifying
  4. Companies need to be much more efficient
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19
Q

What are the 3 components for Supply Chain Success?

A
  1. Supply chain strategy (the 7 principles of SCM)
  2. Utility for customers
  3. Cross-chain alignment
20
Q

What are the 3 types of utility? Describe them.

A
  1. Time utility (like putting sunscreen on shelves at the right time)
  2. Place utility (having the product where demand actually exists)
  3. Form utility (more customization than ever before, which leads to high customer expectations)
21
Q

What are the 3 benefits of SCM?

A
  1. Lowered (operating) costs
  2. Increased revenue
  3. Asset utilization
22
Q

What are the 5 basic components in a supply chain management system?

A
  1. Planning (forecasting demand)
  2. Sourcing (strategic sourcing)
  3. Making
  4. Delivering
  5. Returning
23
Q

What are key supply chain information requirements? (7 things)

A

High quality data is essential and is:
1. Accurate
2. Accessible
3. Relevant
4. Timely
5. Transferable
6. Reliable
7. Usable

24
Q

What are the benefits and capabilities that are created by supply chain information technology (goals of technology; 8)?

A
  1. Optimization
  2. Cross-chain visibility
  3. Speed to market
  4. Agility (recalibrate plans to adjust to volatility in supply and demand)
  5. Collaboration (access to a common data pool)
  6. Adaptability
  7. Differentiation (org’s. must align demand & supply to optimize profit)
  8. Risk management (use predictive analytics and risk management technology)
25
Q

What are the 5 major categories of supply chain software?

A
  1. Supply Chain Planning
  2. Supply Chain Execution
  3. Event Management and Visibility
  4. Business Intelligence
  5. Facilitating (Supporting) Tools
26
Q

What major category of supply chain software does this describe:
Extract key data across the supply chain and provide it for key decision makers. These tools improve access to data residing on multiple platforms.

A

business intelligence

27
Q

What major category of supply chain software does this describe:
provide accurate, detailed information about issues that affect planning and development of supply chain activities.

A

supply chain planning

28
Q

What major category of supply chain software does this describe:
facilitate improved performances of day-to-day operating tasks. They help the supply chain operate smoothly and cost-efficiently.

A

supply chain execution

29
Q

What major category of supply chain software does this describe:
systems that monitor processes inside a facility or across the supply chain for unexpected events that are out of tolerance and inform managers about it (ex: the shortage of parts on an assembly line or the breakdown of equipment in a distribution center)

A

event management and visibility

30
Q

What major category of supply chain software does this describe:
includes tools such as enterprise resource planning, supplier relationship management, customer relationship management, and automatic identification.

A

Facilitating (Supporting) Tools

31
Q

business process management software that allows an organization to use a system of integrated applications to manage the business and automate many back office functions related to technology, services and human resources.

A

enterprise resource planning

32
Q

software enables businesses to manage the relationship between buyers and suppliers. Procurement personnel use SRM software to define replenishment strategies, manage contracts, evaluate supplier performance, and establish strategic sourcing relationships. Event management tools such as alerts and notifications help minimize inventory stock-outs and stockpiles.

A

supplier relationship management

33
Q

system for managing a company’s interactions with current and future customers. It often involves using technology to organize, automate, and synchronize sales, marketing, customer service, and technical support.

A

customer relationship management

34
Q

methods of automatically identifying objects, collecting data about them, and entering that data directly into computer systems (i.e. without human involvement). Technologies include bar codes, Radio Frequency Identification (RFID), biometrics, magnetic stripes, Optical Character Recognition (OCR), smart cards, and voice recognition

A

automatic identification

35
Q

Automatic identification is ________ and highly _________.

A

inexpensive; accurate

36
Q

What are the 3 capabilities of supply chain planning in regards to supply chain software?

A
  1. Configure (support a company’s efforts to design their supply chains, taking account of future alternative operating models and/or trade-offs between different configurations)
  2. Optimize (Creation and evaluation of optimal plans within the context of the company’s current operating model)
  3. Respond (Support the ability to profitably respond to changes in any aspect of execution in a near-real-time manner.)
37
Q

_________ is the lifeline of business.

A

information

38
Q

What are the 3 future drivers of supply chain software?

A
  1. Cloud Computing
  2. Mobile Technology
  3. Analytics
39
Q

_____ ______ makes access to supply chain tools more affordable for smaller companies and eliminates information time-lag.

A

cloud computing

40
Q

________, ________ mobile tools provide supply chain managers with ready access to critical decision making information, enhanced visibility and communication, capture/ track/ report data in real-time, inexpensive data terminals, and mobile applications for smart phone tablets.

A

smaller, cheaper

41
Q

the combination of skills, technologies, applications and processes used by organizations to gain insight into their business based on data and statistics to drive business planning; handles the vast amounts of data generated through quantitative analysis, data mining, and predictive modeling.

A

business analytics

42
Q

What are the 7 principles of SCM?

A
  1. Segment customers based on service needs
  2. Customize the logistics network
  3. Drive operations from demand (create products AFTER demand is established)
  4. Differentiate product closer to customer
  5. Source strategically
  6. Develop supply-chain side technology strategy
  7. Measure success by using supply chain spanning performance measures
43
Q

The first step in cross-chain alignment requires a company to achieve:

A

functional excellence

44
Q

_______________ will greatly enhance a supply chain professional’s ability to evaluate scenarios and understand future requirements for the purpose of forward-focused decisions.

A

predictive analytics

45
Q

T or F: Cloud computing is a viable option for on-demand access to supply chain software applications and data sharing. The model operates on a pay-as-you-go structure and offers a consistent environment for deployment.

A

True

46
Q

the _____________ component of a supply chain involves selecting suppliers who will provide the goods, raw materials, or services that create the product.

A

sourcing

47
Q

successful demand forecasting and inventory management will require a balance of artificial intelligence and:

A

human intuition

SCMN 2150- Junior Year (4 decks)

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