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3rd Year (1st Sem) > HM08- L3- L5 > Flashcards

HM08- L3- L5 Flashcards

Applied Busines Tech

1
Q

entity that supplies goods (raw materials) and services (deliver service) to businesses

A

suppliers

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2
Q

provides the bulk of value contained within products

A

suppliers

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3
Q

suppliers are also known as

A

vendors

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4
Q

an entity paid for goods provided

A

vendor

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5
Q

TRUE/ FALSE: it is impossible for the vendor to operate as both supplier/ seller of goods and manufacturer.

A

FALSE (impossible- possible)

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6
Q

determines the cost of the product

A

price

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7
Q

terms of payment refer to:

A

cash, debit, credit

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8
Q
  • it is when the product evolves
  • as a supplier, there is innovation
  • it is earned
A

competency

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9
Q

manufacturing always refers to __

A

tangible products

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10
Q

example of wholesale

A

department stores

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11
Q

efficient vs. effective

A

efficient- high-quality work without error and on-time

effective- on-time but has errors

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12
Q

all about efficiency

A

streamline of products

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13
Q

refers to the one who provides people/ staff needed

A

manpower agency

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14
Q

six (6) factors in choosing the best supplier

A

price
terms of payment
reliability
location
stability
competency

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15
Q
  • affordable but of good quality
  • the PRIMARY consideration in choosing a supplier
A

price

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16
Q

with flexible terms

A

terms of payment

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17
Q

ship the right no. of items, as promised on time so that they arrive in good shape

A

reliability

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18
Q

find a comparable supplier close to home to present cost savings and ordering flexibility

A

location

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19
Q
  • long-term contract with a supplier and with a solid reputation
  • can MAKE OR BREAK a business
A

stability

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20
Q
  • who can offer the latest, most advanced products & services
  • knowledgeable and trained
A

competency

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21
Q

four (4) types of suppliers:

A

manufacturer and vendor
wholesalers and distributors
independent craftspeople & trade show
importers

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22
Q

helps create positive buyer-suppler relationships and determine which activities to engage with each supplier

A

supplier relationship management (SRM)

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23
Q

a SYSTEMATIC approach in addressing the supplier’s contribution and influence on success and determining tactics to maximize the supplier’s performance in developing the STRATEGIC approach for executing the determinations

A

supplier relationship management (SRM)

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24
Q

goal of supplier relationship management (SRM)

A

to streamline and implement processes between buyers and its suppliers

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25
Q

not only the supplier makes the effort but also the buyer (wherein buyer should motivate the supplier)

A

supplier relationship management (SRM)

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26
Q

the supplier relationship management process:

A
  1. supplier segmentation
  2. developing governance and performance management models for suppliers
  3. improving relationships with suppliers
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27
Q

it categorizes suppliers based on their importance to the business

A

supplier segmentation

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28
Q

identify standards that will help the business evaluate the effectiveness of the supplier

A

developing governance and performance management models for suppliers

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29
Q

possibility of working with strategic partners to increase innovation either through process improvement and product development or both

A

improving relationships with suppliers

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30
Q

process of managing a business’ inventory and stock

A

inventory management

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31
Q

includes aspects like storage of inventories, overseeing the orders for stock inventory, and controlling the no. of items in stock

A

inventory management

32
Q

four (4) benefits of inventory management

A
  • to achieve economies of scale
  • to balance demand & supply
  • to protect from uncertainty and order cycles
  • to act as a buffer between the various stages of supply chain
33
Q

five (5) types of inventories:

A
  1. cycle inventory
  2. safety inventory
  3. speculative inventory
  4. seasonal inventory
  5. dead stock
34
Q
  • refers to goods/ supplies that a business keeps on-hand to meet its minimum product requirement
  • you keep stocks until time of event
A

cycle inventory

35
Q
  • carried to satisfy demands subject to unpredictable demand fluctuations
  • reduce product shortages
  • not hoarding since you store for your safety (price changes)
A

safety inventory

36
Q

it means buying in bulk and there is an intent/ greed

A

hoarding

37
Q

stocks that a company purchase in anticipation of future demands

A

speculative inventory

38
Q
  • products that sell at a higher velocity during a particular period
  • law of supply-demand
A

seasonal inventory

39
Q

inventory that is unsellable

A

dead stock

40
Q

costs or expenses associated with inventory management

A
  1. cost of capital
  2. spoilage cost
  3. handling cost
  4. occupancy cost
  5. miscellaneous cost
41
Q
  • anything bought that is expensive
  • land and heavy equipment
A

cost of capital

42
Q

cost that you incur when there is waste

A

spoilage cost

43
Q

costs that includes delivery and transportation

A

handling cost

44
Q

costs that include rent of the space and lease

A

occupancy cost

45
Q
  • costs that includes the rent of materials/ equipment and income of staff
  • anything that is incurred during the operation
A

miscellaneous cost

46
Q

two (2) inventory control systems

A
  1. order fixed quantities of stock at variable times
  2. order variable quantities at fixed times
47
Q

three (3) common inventory methods:

A

FIFO (First In, First Out)
LIFO (Last In, First Out)
LCM (Lower of Cost/ Market)

48
Q

this inventory method is applicable only to stocked items

A

FIFO

49
Q

this inventory method refrs to perishable products to assure freshness

A

LIFO

50
Q

this inventory method applies to technology (the latest and in-demand)

A

LCM (Lower of Cost/ Market)

51
Q
  • the act of obtaining/buying goods and services
  • involves searching and locating the raw materials at a reasonable price
  • AIM: find the right suppliers for the goods and services
A

procurement

51
Q

refers to all tasks involved in obtaining the optimal product from an optimal vendor, on optimal terms

A

procurement

52
Q

the preparation and processing of demands, all the way to the process of receiving and making payment of goods and services

A

procurement process

53
Q

4 (four) step procurement process:

A
  1. Planning the purchase + setting right standards to vendors
  2. Research and selection
  3. Analysis of value
  4. Price bargaining + financing
54
Q

this process is used when there is a need

A

Planning the purchase + setting right standards to vendors

55
Q

this process checks/ determines cost without compromising quality (costing)

A

analysis of value

56
Q

if the procurement process does not go through/ pass, one should go back to research and selection

A

price bargaining and financing

57
Q

part of procurement, specifically, on the DURING PURCHASE stage of the process

A

purchasing

58
Q

five (5) pre-purchase procurement activities:

A
  1. define organization needs
  2. search and review potential suppliers
  3. conduct research on solutions offered by potential suppliers
  4. compare prices offered by suppliers
  5. determine which options pose the best opportunity for success
59
Q

procurement during purchase involves

A

enter serious negotiations like pricing to chosen supplier
physically fill out and deliver POS to initiate purchase
fulfilling your end of agreement (ensure smooth payment of orders to supplier)

60
Q

about transactions that get you what you want when you need it

A

purchasing

61
Q
  • building long-term relationships to get the whole supply chain performing at the next level
  • about maximizing VALUE CREATION for the company
A

procurement

62
Q

purchasing vs. procurement

A

purchasing:
- about transactions that get you what you want when you need it

procurement:
- building long-term relationships to get the whole supply chain performing at the next level
- about maximizing VALUE CREATION for the company

63
Q

it is the 1st step in the supply chain

A

procurement

64
Q

in the sample procurement process (no partner supplier and with a partner), this step is done by the head/ accounting/ general manager

  • check with current stock
A
  1. request is accepted
65
Q

in the sample procurement process (no partner supplier), this involves contact or agreement finalization and signing

A
  1. choose the best supplier
66
Q

in the sample procurement process (no partner supplier), this step involves quality assurance and a 2-way match of PO from received orders

A
  1. delivery and receiving
67
Q

what does OPTIMAL mean in the supply chain?

A
  • best quality
  • needs to follow a process (no shortcut)
68
Q

TRUE/ FALSE: big businesses undergo a process called BIDDING and it is not prone to corruption due to commission fees.

A

FALSE (not prone- prone)

69
Q

bargaining =

A

negotiate

70
Q

in procurement, this is the last step.

A

purchasing

71
Q

what is the last process in purchase?

A

“which supplier will determine the business’ success?”

72
Q

TRUE/ FALSE: once you make a fill-out and payment, a business can back out.

A

FALSE (can back out- cannot back out)

note: payment is a form of agreement that is BINDING

73
Q

TRUE/ FALSE: businesses always follow the procurement process with supplier partner

A

TRUE

74
Q

businesses have them in searching for possible suppliers

A

supply officer

75
Q

For the sample procurement process, one product is received ____ inputs the orders received in the system.

A

inventory management

3rd Year (1st Sem) (13 decks)

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