Brainscape's Knowledge GenomeTM

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


See full index

Practical Business Knowledge > Operations and Supply Chain Management > Flashcards

Operations and Supply Chain Management Flashcards

1
Q

What is the primary goal of operations management?

A

To ensure that business operations are efficient and effective.

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

True or False: Supply chain management only involves the production phase.

A

False

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

Fill in the blank: The __________ is a network of all the individuals, organizations, resources, activities, and technology involved in the creation and sale of a product.

A

supply chain

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

What are the three main components of supply chain management?

A

Planning, sourcing, and logistics.

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

Multiple Choice: Which of the following is NOT a key objective of supply chain management? A) Reducing costs B) Increasing inventory levels C) Improving customer satisfaction D) Enhancing product quality

A

B) Increasing inventory levels

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

What does the acronym ERP stand for in operations management?

A

Enterprise Resource Planning

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

True or False: Lean manufacturing aims to minimize waste without sacrificing productivity.

A

True

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

What is just-in-time (JIT) inventory management?

A

A strategy that aligns raw-material orders with production schedules.

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

Fill in the blank: The __________ is a graphical representation of the flow of materials and information in a supply chain.

A

supply chain diagram

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

Multiple Choice: Which of the following is a key benefit of supply chain integration? A) Increased lead time B) Better information sharing C) Higher costs D) Fragmented processes

A

B) Better information sharing

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

What is the purpose of demand forecasting in supply chain management?

A

To predict customer demand to optimize inventory levels.

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

True or False: A pull-based supply chain is driven by actual customer demand.

A

True

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

What does the term ‘bullwhip effect’ refer to?

A

The phenomenon where small fluctuations in demand can cause larger fluctuations in supply chain orders.

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

Fill in the blank: __________ involves the process of managing the flow of goods from suppliers to customers.

A

Logistics

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

Multiple Choice: Which of the following is a key performance indicator (KPI) in supply chain management? A) Customer satisfaction B) Employee turnover C) Marketing spend D) Office supplies cost

A

A) Customer satisfaction

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

What is a supply chain risk?

A

Any potential event that can disrupt the normal flow of goods and services.

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

True or False: Continuous improvement is a philosophy that encourages ongoing efforts to improve products, services, or processes.

A

True

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

What is the role of procurement in supply chain management?

A

To acquire goods and services necessary for production.

19
Q

Fill in the blank: __________ is the practice of managing and optimizing the flow of goods, services, and information from supplier to customer.

A

Supply chain management

20
Q

Multiple Choice: Which of the following technologies is commonly used in supply chain management? A) Blockchain B) Word processing software C) Spreadsheet applications D) None of the above

A

A) Blockchain

21
Q

What is the significance of total cost of ownership (TCO) in supply chain management?

A

TCO considers all costs associated with the purchase, use, and disposal of a product.

22
Q

True or False: Outsourcing is the practice of delegating certain business processes to third-party companies.

A

True

23
Q

What is a vendor-managed inventory (VMI) system?

A

A system where the supplier manages the inventory levels for the customer.

24
Q

Fill in the blank: __________ refers to the process of tracking and managing inventory levels in real time.

A

Inventory management

25
Q

Multiple Choice: Which of the following is a common tool used for quality management in operations? A) Six Sigma B) SWOT analysis C) PEST analysis D) BCG matrix

A

A) Six Sigma

26
Q

What does the term ‘capacity planning’ refer to?

A

The process of determining the production capacity needed to meet changing demands.

27
Q

True or False: Supply chain visibility refers to the ability to track products as they move through the supply chain.

A

True

28
Q

What is the purpose of a supply chain audit?

A

To evaluate the effectiveness and efficiency of the supply chain processes.

29
Q

Fill in the blank: __________ is a strategy that focuses on minimizing waste and maximizing productivity.

A

Lean management

30
Q

Multiple Choice: Which of the following is a challenge in global supply chain management? A) Language barriers B) Cultural differences C) Regulatory compliance D) All of the above

A

D) All of the above

31
Q

What is an example of a qualitative forecasting method?

A

Expert judgment or focus groups.

32
Q

True or False: The service level agreement (SLA) defines the expected level of service between a service provider and a customer.

A

True

33
Q

What does the term ‘lead time’ refer to?

A

The time it takes from placing an order to receiving the product.

34
Q

Fill in the blank: __________ is the practice of managing supplier relationships to ensure quality and reliability.

A

Supplier relationship management

35
Q

Multiple Choice: Which of the following is a method for improving supply chain efficiency? A) Reducing inventory B) Increasing lead time C) Fragmenting suppliers D) Ignoring customer feedback

A

A) Reducing inventory

36
Q

What is the primary focus of operations strategy?

A

To align production capabilities with business objectives.

37
Q

True or False: E-commerce has no impact on supply chain management.

A

False

38
Q

What is the main advantage of using technology in supply chain management?

A

Improved efficiency and accuracy in tracking and managing supply chain activities.

39
Q

Fill in the blank: __________ is the process of analyzing the supply chain to identify areas for improvement.

A

Supply chain analysis

40
Q

Multiple Choice: What is a common method for inventory valuation? A) FIFO B) LIFO C) Weighted average D) All of the above

A

D) All of the above

41
Q

What is the purpose of a demand planning process?

A

To forecast future customer demand and align supply chain activities accordingly.

42
Q

True or False: Supply chain management is only relevant for manufacturing companies.

A

False

43
Q

What does the term ‘supply chain network design’ involve?

A

The configuration of facilities, distribution centers, and logistics based on demand and supply.

Practical Business Knowledge (13 decks)

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