Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

Supply Chain > Exam 1 > Flashcards

Exam 1 Flashcards

1
Q

What is supply chain management?

A

Firms cooperating to create value for customers

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

What is operations management?

A

Managing transformation processes to convert inputs into products and services

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

What does SC&O?

A

Supply Chain and Operations (combining supply chain and operations to serve customers)

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

What is the difference between outsourcing and nearsourcing?

A

Outsourcing is the process of moving production to another firm.

Nearsourcing is moving production geographically closer to where products are sold.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

Define Sustainability

A

Sustainability is proactively managing to save resources and to “green” production.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

What is the difference between supply chain management and operations management?

A

SCM is the cooperation of multiple firms to create value but OM is the transformation process of one firm to create value.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

Define Processes

A

The means by which work is performed.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

Define Process Design

A

Configuring inputs and resources in a way that provides value, enhances quality, and is productive

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

Define Process Management

A

The act of executing and controlling the productive functions of a firm.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

Define Process Control

A

The act of monitoring a process for its efficacy.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

Define Process Improvement

A

A proactive effort to enhance process performance.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

What is globalization?

A

Increasing global presence by establishing operations in other parts of the world.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

What is the value chain?

A

Inbound logistics, transformation processes, and outbound logistics, the core of what a firm does

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

What are Primary Flows of a supply chain?

A

1) product flows
2) monetary flows
3) information flows

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

What are product flows?

A

Unidirectional flows of products from upstream to downstream

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

What are monetary flows?

A

The movement of money from downstream to upstream

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
17
Q

What are information flows?

A

Data that moves throughout the supply chain.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
18
Q

What is the complexity of service supply chains?

A

Customer are also the suppliers (ex: hospitals)

Bidirectional supply chain-product resources flow from customers to producers and then back to those same customers

Customers are more likely to create variation in services which makes it difficult for managers to assess and improve customers’ experience

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
19
Q

How to handle complexity?

A

Integration: collaboration and cooperation between stakeholders in a supply chain.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
20
Q

What are the Four I’s?

A

1) impacting
2) improving
3) innovating
4) integrating

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
21
Q

What is impacting?

A

Effectively managing core processes that affect customers.

22
Q

What is improving?

A

That act of making processes, products, and people better.

23
Q

What is innovating?

A

large-scale, sudden improvement

24
Q

What is integrating?

A

collaboration and cooperation between stakeholders in a supply chain.

25
Q

What is the difference between upstream and downstream collaboration?

A

Upstream collaboration is working with suppliers.

Downstream collaboration is dealing with customer relationships and other downstream processes.

26
Q

What are Porter’s Generic Strategies?

A

Cost, Differentiation, Focus

27
Q

Cost Strategy

A

A generic strategy that focuses on reducing cost. Example Walmart

28
Q

Focus Strategy

A

A generic strategy that emphasizes select customers or markets. Example Amazon

29
Q

Differentiation Strategy

A

A generic strategy that emphasizes providing special value to customers in a way that is difficult for competitors to replicate. Example Apple

30
Q

What is Fischer’s Supply Chain Alignment Model?

A

A model developed by Marshall Fisher that matches capabilities with customer needs. Efficient Supply Chains are matched with Functional Products and Responsive Supply Chains are with Interactive Products.

31
Q

Functional Products

A

products such as kitchen appliances tend to be more mass produced

32
Q

Interactive Products

A

interactive products such as tailored clothing or custom-made shoes, tend to be more customized.

33
Q

Define Agility

A

The ability of a supply chain to respond quickly to short-term changes in demand or supply.

34
Q

Define Adaptability

A

The capability to adjust a supply chain’s design (i.e. the supply network, manufacturing capabilities, and distribution network) to meet major structural shifts in the market.

35
Q

What are dynamic capabilities?

A

abilities that allow a firm to adapt quickly to market changes

36
Q

What are the three types of relationships?

A

Transactional, complementary, synergistic

37
Q

How do you calculate the profit impact of purchased items?

A

The result of either the sheer volume of spend for a particular item or the unique added value from an item. Criteria to use: volume purchased, expected growth in demand, percentage of total purchase cost, effect on product quality.

38
Q

What is the result of improving quality?

A

increased profitability

39
Q

Portfolio Model

A

A framework for making purchasing-related strategic management decisions.

40
Q

What is the portfolio approach to strategic sourcing?

A

category segmentation, once all items are segmented, a sourcing strategy is developed based on the quadrant assignment and whether the items are routine, leverage, bottleneck, or critical.

41
Q

How do you categorize different types of spend?

A

Direct spend, indirect spend, capital spend

42
Q

Direct Spend

A

includes any material or service that is part of the final product.

43
Q

Indirect spend

A

Includes all the spending that supports the operations of a firm, encompassing everything from cafeteria services to spare parts for factory equipment.

44
Q

capital spend

A

Includes all spending for buildings, large equipment, and anything that will be depreciated.

45
Q

When do you use the price analysis?

A

the process of comparing supplier prices against one another or against external benchmarks. This analysis is most useful when there are many suppliers available in the marketplace, meaning the purchases categorized as either routine or commodities in the portfolio mode.

46
Q

When do you use Cost Analysis?

A

The process of analyzing each of the individual cost elements that make up the final price. Managers should perform cost analysis when price analysis is impractical or when price analysis alone does not allow a buyer to reach the conclusion that a price is fair and reasonable.

47
Q

When do you use Total Cost of Ownership Analysis?

A

The total cost of ownership (TCO) is the combination of all costs involved in a product. When you want an exact detailed report in the case of comparisons or in complex decisions.

48
Q

What are the total cost of ownership categories?

A

Acquisition: Includes purchasing costs related to identifying, selecting, ordering receiving, and paying for an item

Ownership: Costs related to the quality and maintenance of products

Postownership: Costs related to the customer’s use and disposition of purchased item

49
Q

Acquisition Costs

A

Includes all purchasing costs related to identifying, selecting, ordering, receiving, and paying for a purchased item

50
Q

Ownership Costs

A

A pricing method that includes maintenance and operation of products.

51
Q

Post-ownership costs

A

All costs related to the customer’s use and disposition of a purchased item.

52
Q

Calculate an effective price with differing payment windows

A
  1. Longest days to pay - shortest days to pay
  2. Annual cost of capital (%) / 365
  3. (1) x (2) x purchase price
  4. Purchase price + (3) = Effective Price

Supply Chain (1 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2024 Bold Learning Solutions. Terms and Conditions