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Supply Chain Management > Quiz 1 Ch 1-3, 17 > Flashcards

Quiz 1 Ch 1-3, 17 Flashcards

1
Q

Is the customer an integral part of the supply chain?

A

Yes

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2
Q

What is the primary purpose of the supply chain?

A

Satisfy customer needs and generate profit in the process

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3
Q

What is flowing through the supply chain and in what direction?

A

Information, funds, and product.

Both directions.

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4
Q

Typical supply chain stages? Do all stages need to be present?

A

Customers, retailers, wholesalers/distributors, manufacturers, component/raw material suppliers

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5
Q

Supply chain objective?

A

Maximize the overall value generated!! Supply chain surplus

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6
Q

How can value of final product for customer be estimated?

A

By maximum amount customer willing to pay for it

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7
Q

Supply chain profitability?

A

Diff between revenue generated from customer and overall cost across supply chain

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8
Q

How should supply chain success be measured?

A

By SC profitability not profit at individual stages

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9
Q

What is the one source of revenue for supply chains?

A

The customer

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10
Q

All flows of info, product, or funds within supply chain generate what?

A

Costs.

This is why the customer is only source of revenue. Everything else is a cost.

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11
Q

3 phases of supply chain decision making?

A

Supply chain strategy or design.
Supply chain planning.
Supply chain operation.

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12
Q

What does supply chain strategy or design phase entail?

A

Company decides how to structure SC over next several years

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13
Q

What does supply chain planning phase entail?

A

Establishes constraints within which planning must be done. Timeframe a quarter to a year.

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14
Q

What does supply chain operation phase entail?

A

Decisions made regarding individual customer orders. Timeframe weekly or daily

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15
Q

Two ways to view processes performed in supply chain?

A

Cycle view & push/pull view

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16
Q

Cycle view?

A

Processes in SC divided into series of cycles, each performed at interface between two successive stages of supply chain

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17
Q

Push/pull view?

A

Processes in SC divided into 2 categories:

  1. Those executed in response to customer order - pull
  2. Those executed in anticipation of customer orders - push
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18
Q

Benefit of cycle view?

A

Clearly specified the roles of each member of SC

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19
Q

Goal of push/pull view?

A

Identify appropriate push/pull boundary such that the supply chain can match supply and demand effectively

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20
Q

The three supply chain macro processes? What do they do?

A
  1. Customer relationship management (CRM)
  2. Internal supply chain management (ISCM)
  3. Supplier relationship management (SRM)

Manage the flow of info, product, funds require to generate, received and fulfill customer request

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21
Q

Customer relationship management macro process?

A

Focus on interface between firm and customers

22
Q

Internal supply chain management macro process?

A

Processes internal to the firm

23
Q

Supplier relationship management macro process?

A

Focus on interface between firm and suppliers

24
Q

A company’s competitive strategy?

A

Defines, relative to competitors, the set of customer needs that it seeks to satisfy through its products and services

25
Q

Product development strategy?

A

Specifies portfolio of new products that a company will try to develop

26
Q

Strategic fit?

A

Requires that both the competitive and supply chain strategies of a company have aligned goals

27
Q

3 steps to achieve strategic fit?

A
  1. Understand customer and supply chain uncertainty.
  2. Understand supply chain capabilities.
  3. Achieving strategic fit.
28
Q

Implied demand uncertainty?

A

Demand uncertainty imposed on SC because of customer needs it seeks to satisfy

29
Q

Scope of strategic fit?

A

Functions within the firm and stages across SC that devise an integrated strategy with an aligned objective

30
Q

Key to achieving strategic fit?

A

Finding balance between responsiveness and efficiency that best matches needs of target customer

31
Q

Return on equity (ROE)? Equation for it?

A

Measures return on investment made by a firm’s shareholders.

ROE = net income/average shareholder equity

32
Q

Return on assets (ROA)?

A

Measures return earned on each dollar invested by the firm in assets.

ROA = earnings before interest/average total assets

33
Q

Key components of asset turnover (3)?

A

Accounts receivable turnover.
Inventory turnover.
Property, plant, and equipment turnover.

34
Q

6 drivers of supply chain performance?

A

Facilities, inventory, transportation, information, sourcing, pricing

35
Q

The role of facilities in the supply chain? What happens to inventory inside of there?

A

Locations to and from which inventory is transported. Within facility inventory is either transformed into another state or stored.

36
Q

Why does inventory exist in a supply chain?

A

Because mismatch between supply and demand

37
Q

3 types of inventory?

A
  • Cycle inventory - average amount used to satisfy demand between receipts of supplier shipments
  • Safety inventory - held in case demand exceeds expectations; held to counter uncertainty
  • Seasonal inventory - built up to counter predictable seasonal variability in demand
38
Q

Role of transportation in supply chain?

A

Moves product between diff stages in a supply chain and impacts responsiveness and efficiency

39
Q

Role of information in supply chain?

A

Good info improves utilization of supply chain assets and coordination of supply chain flows to increase responsiveness and reduce costs

40
Q

The role of sourcing In a supply chain?

A

Set of business processes required to purchase goods and services

41
Q

Role of pricing in supply chain?

A

Process by which a firm decides how to charge customers for its goods and services

42
Q

What is information technology?

A

IT consists of the hardware, software, and people throughout a supply chain that gather, analyze, and execute upon info

43
Q

Characteristics of info needed to support effective supply chain decisions (4)

A
  1. Must be accurate
  2. Must be accessible in timely manner
  3. Must be of the right kind
  4. Must be shared
44
Q

Why focus on the 3 macro processes?

A

A good SC coordinates all macro processes across all stages

45
Q

What does customer relationship management entail (CRM)? (4)

A

Marketing
Sell
Order management
Call/service center

46
Q

What does internal supply chain management entail? (5)

A 
Strategic planning
Demand planning
Supply planning
Fulfillment
Field service
47
Q

What does supply relationship management entail? (SRM) (5)

A 
Design collaboration
Source
Negotiate
Buy
Supply collaboration
48
Q

3 trends that will impact IT in the supply chain?

A
  1. The growth in software as a service (SaaS)
  2. Increased availability of real time data
  3. Increased use of mobile technology
49
Q

What is SaaS?

A

Software owned, delivered, and managed remotely

50
Q

2 categories of risk in IT?

A
  1. Installing new IT systems
  2. The more a firm relies on IT to make decisions and execute processes, the higher the risk that any sort of IT problem can shut down a firm’s operations
51
Q

Ideas for making decisions regarding supply chain IT (5)

A
  1. Select IT system that addresses the company’s key success factors
  2. Take incremental steps and measure value
  3. Align the level of sophistication with need for sophistication
  4. Use IT systems to support decision making, not to make decisions
  5. Think about the future
52
Q

Supply chain?

A

All parties involved directly or indirectly in fulfilling a customer request.

Supply Chain Management (1 decks)

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