Module 5

Question 1

all elements that look for ways to enhance product value as it moves along supply chain

Answer 1

value chain

Question 2

networks of suppliers and outsourcing partners

Answer 2

value webs

Question 3

contracting business functions or operations to companies

Answer 3

outsourcing

Question 4

transferring a business function to a facility in another country

Answer 4

offshoring

Question 5

in commerce, business procedures, policies, and systems that convert supplies to finished products for customers, a chain

Answer 5

supply chain management

Question 6

sequence of processes to produce and distribute a supply, creating a chain

Answer 6

Supply chain

Question 7

goods/materials kept in stock for production or sale

Answer 7

inventory

Question 8

determining right quantities of supplies

Answer 8

inventory control

Question 9

purchasing of raw materials and products to produce goods/services, procuring something

Answer 9

procurement

Question 10

production planning to manage manufacturing materials (MRP)

Answer 10

Material requirements planning

Question 11

Software system that helps run business and support automation (ERP)

Answer 11

Enterprise resource planning

Question 12

ALL activities involved in producing goods and services

Answer 12

Production and operations management

Question 13

efficiency with converting inputs to outputs

Answer 13

productivity

Question 14

systems maximizing productivity

Answer 14

lean systems

Question 15

goods are delivered right before they are needed

Answer 15

just in time

Question 16

identical goods and services, usually in large quantities

Answer 16

mass production

Question 17

creation of unique good or service for a customer

Answer 17

customized production

Question 18

customizing mass produced products for each buyer

Answer 18

mass customization

Question 19

establishing level of resources to meet customer demand (Hint: if a pitcher was full of water, it’s at max c—)

Answer 19

capacity planning

Question 20

PERT network showing sequence of operations to complete something (a path)

Answer 20

critical path