Operations and Supply Chain Management Flashcards
What is the primary goal of operations management?
To ensure that business operations are efficient and effective.
True or False: Supply chain management only involves the production phase.
False
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.
supply chain
What are the three main components of supply chain management?
Planning, sourcing, and logistics.
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
B) Increasing inventory levels
What does the acronym ERP stand for in operations management?
Enterprise Resource Planning
True or False: Lean manufacturing aims to minimize waste without sacrificing productivity.
True
What is just-in-time (JIT) inventory management?
A strategy that aligns raw-material orders with production schedules.
Fill in the blank: The __________ is a graphical representation of the flow of materials and information in a supply chain.
supply chain diagram
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
B) Better information sharing
What is the purpose of demand forecasting in supply chain management?
To predict customer demand to optimize inventory levels.
True or False: A pull-based supply chain is driven by actual customer demand.
True
What does the term ‘bullwhip effect’ refer to?
The phenomenon where small fluctuations in demand can cause larger fluctuations in supply chain orders.
Fill in the blank: __________ involves the process of managing the flow of goods from suppliers to customers.
Logistics
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) Customer satisfaction
What is a supply chain risk?
Any potential event that can disrupt the normal flow of goods and services.
True or False: Continuous improvement is a philosophy that encourages ongoing efforts to improve products, services, or processes.
True
What is the role of procurement in supply chain management?
To acquire goods and services necessary for production.
Fill in the blank: __________ is the practice of managing and optimizing the flow of goods, services, and information from supplier to customer.
Supply chain management
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) Blockchain
What is the significance of total cost of ownership (TCO) in supply chain management?
TCO considers all costs associated with the purchase, use, and disposal of a product.
True or False: Outsourcing is the practice of delegating certain business processes to third-party companies.
True
What is a vendor-managed inventory (VMI) system?
A system where the supplier manages the inventory levels for the customer.
Fill in the blank: __________ refers to the process of tracking and managing inventory levels in real time.
Inventory management
