P3 operations Revision Summary

Question 1

Supply chain

Answer 1

A supply chain is a network of companies and people that are involved in the production and delivery of a product or service.

Question 2

Procurement

Answer 2

The action of obtaining or procuring something

Question 3

effective procurement and logistics

Answer 3

-Cost reduction
-Improved Supply Chain Efficiency
-Enhanced Production and Delivery Speed
-Risk Migration
-Sustainable Operations
-Competitive Advantage

Question 4

Explain why a good relationship with suppliers is a benefit of managing a supply chain effectively?

Answer 4

-Consistent and Reliable Supply
-Better Pricing and Cost Savings
-Improved Quality Control
-Faster Problem Resolution
-Supply Chain Flexibility and Agility
-Innovation and Competitive Advantage
-Risk Managemnet and Business Continuity
-Enhanced Corporate Reputation

Question 5

Why is it important that a firm reduces waste and unnecessary costs in its supply chain?

Answer 5

-To reduce unnecessary costs
-To have a faster production time

Question 6

Job production

Answer 6

A type of production which manufactures individual and unique products

Question 7

An example of a product made by job production

Answer 7

Furniture making

Question 8

Flow production

Answer 8

A type of production where all products are identical and the aim is to produce as many as possible along an assembly line.