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Environmental Engineering Sciences > Supply Chain Management > Flashcards

Supply Chain Management Flashcards

1
Q

*refers to a specific organizational unit within a company that is responsible for managing procurement and sourcing activities.
*is to streamline and optimize the procurement process to ensure that the company acquires the goods and services it needs efficiently, cost-effectively, and in alignment with its strategic goals.

A

purchasing organization

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2
Q

system where a single team or a department handles all the purchasing of goods and services for the organization.

A

Centralized purchasing also known as centralized procurement

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3
Q

SIGNIFICANT REDUCTION IN OVERHEAD EXPENSES

A

advantage

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4
Q

NOT SUITABLE FOR ORGANIZATIONS WITH BRANCHES WORLDWIDE

A

disadvantage

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5
Q

INCREASED VISIBILITY AND CONTROL

A

advantage

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6
Q

ENHANCED PURCHASING POWER AND COST SAVINGS

A

advantage

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7
Q

CULTIVATES STRONG SUPPLIER RELATIONSHIPS

A

advantage

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8
Q

EFFICIENT TEAMWORK AND COLLABORATION

A

advantage

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9
Q

usually adopted by businesses that are geographically diverse because it can be beneficial for the long-term development of the firm.

A

decentralized purchasing model

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10
Q

REDUCED BUREAUCRACY

A

advantage

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11
Q

DIMINISHED PURCHASING POWER

A

disadvantage

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12
Q

EFFORTLESS COLLABORATION

A

advantage

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13
Q

LOCAL SOURCES AND SUPPLIERS

A

advantage

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14
Q

INADEQUATE VISIBILITY AND CONTROL

A

disadvantage

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15
Q

ACCELERATED PURCHASING PROCESS

A

advantage

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16
Q

INVENTORY REFERS TO THE TOTAL COSTS ASSOCIATED WITH ACQUIRING, PRODUCING, AND HOLDING ONTO PRODUCTS. THIS INCLUDES EVERYTHING FROM RAW MATERIALS TO WORK-IN-PROCESS INVENTORY TO FINISHED GOODS

A

PROCUREMENT COST

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17
Q

THE MAIN DRIVERS OF PROCUREMENT COST IN INVENTORY ARE:
the higher the price the higher the cost of products produced with those materials

A

RAW MATERIAL PRICES

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18
Q

THE MAIN DRIVERS OF PROCUREMENT COST IN INVENTORY ARE:
anything necessary to keep products in stock like warehouse space etc.

A

STORAGE COSTS

19
Q

THE MAIN DRIVERS OF PROCUREMENT COST IN INVENTORY ARE:
these include things like energy bills, wages and insurance premiums related to manufacturing operations

A

FACTORY OVERHEAD COSTS

20
Q

THE MAIN DRIVERS OF PROCUREMENT COST IN INVENTORY ARE:
these include anything spent on advertising or public relations related to selling products

A

MARKETING COSTS

21
Q

WAYS TO REDUCE PROCUREMENT COST IN INVENTORY

A

USE ANALYTICS TO TRACK INVENTORY LEVELS AND IDENTIFY AREAS THAT ARE OVER- OR UNDER-SUPPLIED.

  1. CREATE A PROCUREMENT PROCESS THAT IS ALIGNED WITH YOUR COMPANY’S OVERALL STRATEGY.
  2. OUTSOURCE CERTAIN PROCUREMENT FUNCTIONS, SUCH AS BUYING MATERIALS OR SERVICES FROM THIRD-PARTY SUPPLIERS.
  3. IMPLEMENT LEAN PROCUREMENT TECHNIQUES, SUCH AS USING QUICK TURNAROUND TIMES FOR PURCHASING DECISIONS AND REDUCING THE NUMBER OF PURCHASE REVIEWS.
22
Q

also known as supplier evaluation or supplier performance management.

A

SUPPLIER APPRAISAL

23
Q

Making sure the stuff a supplier gives the company is good.

A

CHECKING QUALITY

24
Q

Ensuring that the products or services supplied meet the required quality standards is a crucial aspect.

A

QUALITY CONTROL

25
Q

Timely delivery of goods or services is essential to prevent disruptions in production or operations

A

ON-TIME DELIVERY

26
Q

Evaluating the cost-effectiveness of suppliers is important to ensure that a company is getting value for its money.

A

COST AND PRICING

27
Q

The effectiveness of communication and collaboration with suppliers is often evaluated.

A

COMMUNICATION AND COLLABORATION

28
Q

Assessing the risk associated with a supplier is crucial.

A

RISK MANAGEMENT

29
Q

Supplier appraisal is not a one-time event; it should be an ongoing process.

A

CONTINUOUS IMPROVEMENT

30
Q

Many organizations use supplier scorecards to quantitatively assess and rank suppliers based on their performance in various categories.

A

SUPPLIER SCORECARDS

31
Q

Timely delivery of goods or services is essential to prevent disruptions in production or operations

A

SUPPLIER RELATIONSHIPS

32
Q

Supplier appraisal often ties back to contractual agreements. Suppliers are expected to meet the terms and conditions specified in their contracts, and non-compliance may have consequences.

A

CONTRACTUAL AGREEMENTS

33
Q

7 R’s of Purchasing
This refers to purchasing the correct product or service that aligns with the organization’s requirements and specifications.

A

Right Product:

34
Q

Procure the appropriate quantity of goods or services to meet current and future demand without excessive overstocking or shortages.

A

Right Quantity:

35
Q

Negotiate and secure the most favorable price for the product or service, considering market conditions, supplier relationships, and cost analysis.

A

Right Price:

36
Q

Choose reliable and reputable suppliers who can consistently provide high-quality products or services on time and according to the agreed-upon terms and conditions.

A

Right Supplier:

37
Q

Ensure that goods or services are delivered promptly to meet production schedules or customer demands, avoiding disruptions in the supply chain.

A

Right Time:

38
Q

Have a logistics strategy in place to ensure that purchased items are delivered to the correct location within the organization, minimizing logistical challenges and expenses.

A

Right Place:

39
Q

Implement quality assurance and control processes to guarantee that the purchased products or services meet the required quality standards and specifications.

A

Right Quality:

40
Q

Centralized key Characteristics

A

Consistency
Efficiency and standardization
Reduced duplication

41
Q

Decentralized Key Characteristics

A

Suitability
variability
responsibility

42
Q

3 types of purchasing cost

A

Direct cost
indirect cost
unplanned cost

43
Q

12 criteria to evaluate

A

Quality
Price or Cost
Performance
Service
Financial Strength
Lead Time
Technical Ability
Flexibility
Development
Management Approach
Geographic Location
Environmental Regulation Compliance

44
Q
A

Environmental Engineering Sciences (6 decks)

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