Lecture 1

Question 1

Explain Supply Chain Management (SCM)

Answer 1

Coordinating everything needed to get products from suppliers to customers effeciently

Question 2

Inventory management

Answer 2

Keeping track of how much stuff you have and where it is, so you don’t run out or have too much

Question 3

Warehousing

Answer 3

Storing and moving goods in a building until they’re needed

Question 4

Transportation management

Answer 4

Planning and organizing how products will be moved from one place to another, choosing the best routes and carriers

Question 5

Logistics network design

Answer 5

Deciding where to put warehouse and how to connect them to suppliers and customers

Question 6

Demand forecasting

Answer 6

Guessing how much stuff customets will want in the future based on past data and trends

Question 7

Order fullfilment

Answer 7

Taking orders from customers and making sure they get what they ask for, quickly and accurately

Question 8

Supply Chain Visibility

Answer 8

Being able to see and track where products are at every step of the progress (supply chain) By doing this, you know what happening and can make decisions accordingly

Question 9

Explain how one supply chain can compete in Time-management (be better than the rest)

Answer 9

Minimizing lead times, reducing delivery times, and increasing speed throughout the supply chain.

Question 10

Explain how one supply chain can compete in cost (be better)

Answer 10

Minimizing expenses throughout the supply chain while still maintaining profitability, by reducing production costs, optimizing transportation routes and managing inventory effecient to minimize holding cost

Question 11

Explain how one supply chain can compete in Quality

Answer 11

Delivering products or services that meet or exceed customer expectations in terms of reliability, performance and consistency.

Question 12

Explain how one supply chain can compete in sustainability

Answer 12

Minimizing enviromental impact, promoting ethical practices and addressing social responsibility concerns throughout the supply chain, by for instance reducing carbon emission and ensuring fair labor work conditions

Question 13

What are two factors that play a crucial role in enhancing a long-term success in a supply chain management?

Answer 13

Supportive capabilities and soft objectives

Question 14

What is meant by supportive capabilities?

Answer 14

It refers to the skills, resources and technologies which enable a company to effectively manage it’s supply chain activities and therefor improve responsivness and decision-making across the supply chain.

Question 15

What is meant by soft objectives?

Answer 15

Often relates to aspects such as relationships, collaborations and organizational culture, and play a crucial role in shaping the overall success and effectiveness of the supply chain.

Supplier Relationship Management for instance is about buildning strong and collaborative relationships with suppliers to foster trust and mutual benefits, soft objectives in this area would include improving communication, sharing infomation and resolve conflicts

Question 16

Customizations vs standardization

Answer 16

Some supply chains offer personalized products (customized) while others focus on mass production etc fast food (standardization)

Question 17

Speed vs cost efficency

Answer 17

Certain supply chains focus on quick response to market changes (fashion etc) while others focus on cutting costs, like basic household goods

Question 18

Innovation and differentiation

Answer 18

Certain supply chains focus om investing in new technologies and unique products (innovation) while others focus on efficient operations, like established industries

Question 19

Sustainability and CSR

Answer 19

Certain supply chains focus on increasing eco-friendly practices and social responsebility to attract customers to meet for instance new regulations

Question 20

Global vs local focus

Answer 20

Supply chains may either adapt on a global scale or focus on local needs, depending on the choosen market and resources

Question 21

How can Supply Chains compete effectively?

Answer 21

By understanding it’s strengths and market demands!

Question 22

How are a supply chain most commonly structured and what are the different parts in the supply chain?

Answer 22

1. Suppliers
2. Manufacturers
3. Distribution centers/warehouse
4. Transportation
5. Retailers/distributors
6. Customers

These parts work together to get products from suppliers to customers.

Question 23

What are the 10 different ways supply chains can compete in?

Answer 23

1. Cost - offering products cheaper
2. Quality - providing better product/service
3. Speed - delivering quickly to customers
4. Adaptability - adjusting fast to changes
5. Sustainability - being eco-friendly and ethical
6. Global expansion - expanding to new markets
7. Partnerships - collaborating with others
8. Innovation - using new tech and ideas
9. Customer experience - pleased customers and good reviews
10. Risk management - handling new and unexpected challenges well

By implementing these stratergies will supply chains stand out and succeed!

Question 24

Aligning supply chain capabilities with competetive priorities is important why?

Answer 24

1. It understands and easilier meet customer demands
2. Standing out from competetiors
   3 Using resources more carefully

Overall it ensures the supply chain stays effective and competetive