Part 1 : Mod 1 : Section A

Question 1

Key parts of a supply chain?

Answer 1

Global Network, applies to products and services, operates through the flow of info, distribution, and cash

Question 2

Key parts of Supply Chain Mgmt?

Answer 2

Net value, competitive infrastructure, worldwide logistics, sync supply & demand, global performance measurement.

Question 3

In which ways do returns, refunds, info, and cash flow in an operational model?

Answer 3

Returns = from the consumer all the way to the supplier
Refunds = from the supplier to the consumer
Cash = Customer to the supplier
Information = Both ways

Question 4

What 4 external environmental influences impact SC?

Answer 4

Customer expectations, Regulations, Economic conditions, Competitors

Question 5

Company vision?

Answer 5

Is shared perception of the future, supported by strategic objectives and action plans

Question 6

Company mission?

Answer 6

Purpose and scope of the business, communicated by goals, consistent with the business, scope and purpose

Question 7

Company values?

Answer 7

The defining principles communicated in the code of ethics and culture

Question 8

What are pros of a functionally oriented organization?

Answer 8

Lowest price and purchasing, inventory, buffers, how are utilization, long runs, low cost, safety, stocks, for truckloads, low, shipping rates, safety stocks 

Question 9

What are negatives of a functionally oriented organization?

Answer 9

Adverse buying, inflexible supply chain, high inventory cost, and departments are incentivized to maximize their own metrics at the expense of others

Question 10

Cross functional organizations, what is the value chain?

Answer 10

Value chain combines strategic supply chain departments in the hierarchy model

Logistics = procurement, production, distribution

Question 11

Why is risk management necessary in a value chain?

Answer 11

Because there are many involved systems

Question 12

Why are there strategic buffers in planning?

Answer 12

Tip off are between supply and demand, customer demand of finish goods, finish goods and components, operational requirements, and outputs from other operations, parts, and materials to begin production by suppliers

Question 13

Speed in terms of performance objectives is time to market and lead times, but what are some trade-offs? 

Answer 13

Fast equipment maybe less flexible, speed has a cost

Question 14

Dependability in terms of performance objectives is a promise to fulfill, on-time delivery, and the durability of product; what are some trade-offs?

Answer 14

Unused or redundant capacity, adds flexibility and disruption resilience, but at a cost

Question 15

Flexibility in terms of performance objectives is the bills ramp up or down in volume and change production without significant disruption; what are some trade-offs?

Answer 15

Flexibility can reduce economies of scale specialized versus generalized

Question 16

Quality in terms of performance objectives is fitness for use. What are some trade-offs?

Answer 16

Tighter specifications limits may limit speed or flexibility, lower long-term cost

Question 17

Cost in terms of performance objectives is goods at the lowest price relative to competition; what’s a trade off?

Answer 17

Competitive price as a qualifier, lowest price limits priorities

Question 18

What’s a smart goal?

Answer 18

S is for specific, M is for measurable, A is for attainable, R is for relevant, T is for time bound

Question 19

Why should we use smart goals?

Answer 19

Smart goals translate strategy into results, what if analysis determines the strategy, probability, tactics and operations must always link back to strategy