OMIS 320 EXAM 1 (COPE) QUESTIONS WITH CORRECT ANSWERS LATEST UPDATE 2026

OMIS 320 EXAM 1 (COPE) QUESTIONS WITH CORRECT ANSWERS LATEST UPDATE 2026 Supply Chain Management - Answers the integration of key business process regarding the flow of material from raw material suppliers to final customers vertically integrated firm - Answers a firm whose business boundaries include former suppliers and or customers first tier suppliersIt's - Answers A company that sells and delivers materials or goods to a customer's factory or shop first tier customers - Answers one that buys products directly from the operations (grocery stores) second tier suppliers - Answers one that send materials to a first tier supplier second tier customers - Answers one that gets products from a first tier customer, people like you and me 1950s & 1960s SCM - Answers focused on mass production techniques as their principal cost reduction and productivity improvement strategies 1960s & 1970s SCM - Answers introduction of new computer technology lead to development of MRP to coordinate inventory and improve internal communication 1980s & 1990s SCM - Answers intense competition led to SCM, JIT, TQM, BPR 2000s & Beyond - Answers industrial buyer rely more 3rd party service providers to improve purchasing and supply management Elements of SCM - Answers -supply -operations -logistics -integration Foundations of SCM - Answers -supply management -operations -distribution -integration lean production - Answers a system that takes time but usually results in faster delivery times, lower inventory levels and better quality TQM - Answers total quality management JIT - Answers just in time MRP - Answers material requirements planning ERP - Answers enterprise resource planning Business process reengineering - Answers the radical rethinking and redesigning of business process to reduce waste and increase performance supplier mangement - Answers helping firms suppliers to perform in some desired fashion supplier evaluation - Answers determining the current capabilities of suppliers ISO 9000 - Answers a series of management and quality assurance standards in design, development, production, installation, and service A supply chain consists of flow of products and services from - Answers -Raw materials manufacturers -Component and intermediate manufacturers -Final product manufacturers -Wholesalers and distributors and -Retailers who benefits most from SCM? - Answers Firms with: -Large inventories -Large number of suppliers -Complex products -Customers with large purchasing budgets reduced bullwhip effect - Answers the magnified reduction of safety stock costs based on coordinated planning and sharing of information strategic partnerships - Answers successful and trusting relationships with top-performing suppliers demand management - Answers match demand to available capacity transportation management - Answers tradeoff decisions between cost & timing of delivery/customer service via trucks, rail, water & air customer relationship management - Answers strategies to ensure deliveries, resolve complaints, improve communications, & determine service requirements network design - Answers creating distribution networks based on tradeoff decisions between cost & sophistication of distribution system benchmarking - Answers improve over competitors' performance what capabilities are used for retaining customers and driving growth - Answers Reliable service, demand driven supply and affordable differentiation. purchasing - Answers Obtaining merchandise, capital equipment; raw materials, services, or maintenance, repair, and operating (MRO) supplies in exchange for money or its equivalent merchant buyers - Answers Wholesalers and retailers who purchase for resale industrial buyers - Answers Purchase raw materials for conversion, services, capital equipment, & MRO supplies supply management - Answers - a newer term that encompasses all acquisition activities primary goals of purchasing - Answers 1.Ensure uninterrupted flows of raw materials at the lowest total cost, 2.Improve quality of the finished goods produced, and 3.Optimize customer satisfaction. material requisition - Answers request for material travel requisition - Answers used for materials and standard parts that are requested on a recurring basis supplier development - Answers firms assist existing or new suppliers to improve their capabilities, quality, delivery, and cost performance by providing the needed technical and financial assistance purchase order - Answers Is the buyer's offer & becomes a binding contract when accepted by supplier. benefits of implementing e-procurement systems - Answers -Time savings -Cost savings -Accuracy -Real time -Mobility -Trackability -Management -Benefits to the suppliers backward integration - Answers refers to acquiring sources of supply outsourcing - Answers buying materials and components from suppliers instead of making them in-house. The trend has moved toward outsourcing forward integration - Answers refers to acquiring customer's operations. reasons to outsource - Answers -cost advantage -insufficient capacity -lack of expertise -quality reasons for making - Answers -Protect proprietary technology -No competent supplier -Better quality control -Use existing idle capacity -Control of lead-time transportation, and warehousing cost -Lower cost