Supply Chain Management

Question 1

Supply Chain

Answer 1

A set of connected systems that coordinates the flow of goods and materials from suppliers all the way through to final customers

Question 2

Supply Chain Management (SCM)

Answer 2

The business procedures, policies, and computer systems that integrate the various elements of the supply chain into a cohesive system

Question 3

Strategic Impact of Supply Chain Management (SCM)

Answer 3

Managing risks
Managing relationships
Managing Trade-offs
Promoting sustainability

Question 4

Inventory

Answer 4

Goods and materials kept in stock for production or sales

Question 5

Inventory Control

Answer 5

Determining the right quantities of supplies and products to have on hand and tracking where those items are

Question 6

Procurement

Answer 6

The acquisition of the raw materials, parts, components, supplies, and finished products required to produce goods and services

Question 7

Material Requirements Planning (MRP)

Answer 7

helps a manufacturer get the correct materials where they are needed, when they are needed, without unnecessary stockpiling

Question 8

Manufacturing Resource Planning (MRP II)

Answer 8

Expands MRP with links to a company’s financial systems and other processes

Question 9

Enterprise Resource Planning (ERP)

Answer 9

Extends the scope of resource planning and management even further to encompass the entire organization