LSCM 3960 Ch 14 Exam Rated A+

LSCM 3960 Ch 14 Exam Rated A+ Recent data shows that sales of supply chain management and procurement software is on the rise in the U.S.—a 12.5 percent increase in 2018 alone. T/F - Answer- T Before selecting and implementing new software, managers must conduct a needs assessment, which includes addressing the links between effective business processes, appropriate technology, and supply chain performance. T/F - Answer- T Supply chain information technologies can provide timely, cost-efficient sharing of information between suppliers, manufacturers, logistics services providers, and customers. T/F - Answer- T It has been said that information is the lifeblood of business, driving effective decisions and action. Quality of information is less and less important, given advances in technology. T/F - Answer- F Companies with highly digitized supply chains and operations can expect efficiency gains of 6.2 percent annually, while boosting revenue by 4.9 percent a year. T/F - Answer- F A supply chain information system (SCIS) allows managers to monitor supply chain conditions and respond quickly with corrective actions to avoid problem escalation. T/F - Answer- T Technological capabilities ultimately determine the success or failure of SCIS, rather than the technology users. T/F - Answer- F Unless the technology components of an SCIS are properly linked, firms will not be able to capitalize on the benefits of systems integration, real-time data access, or process optimization. T/F - Answer- T There are three principle supply chain information requirements that support effective decision-making. First, the information in a system must meet quality standards to support fact-based decision making. Second, the information must readily flow within and between organizations. Third, the information must support multiple types of supply chain decisions. T/F - Answer- T Event management systems monitor the supply chain for events that are problems or exceptions, such as a shortage of parts at a manufacturing location or the breakdown of a truck delivering an important order. T/F - Answer- T The purpose behind digitized SCM networks is to collect data from disparate, siloed sources, cleanse the data, and aggregate it into a single version of the truth that reflects what is actually happening in the supply chain. T/F - Answer- T Enterprise resource planning (ERP) systems are internal applications that enable firms to monitor inventory levels. T/F - Answer- F Spreadsheets and database software no longer have a place in SCIS as newer tools have supplanted them. T/F - Answer- F SCIS software selection is relatively straightforward as the choices have been simplified. T/F - Answer- F A significant challenge in SCIS management is the integration of various applications created by different vendors, a problem that is exacerbated by the fact that these competing vendors refuse to address integration issues or to foster better synchronization. T/F - Answer- F RFID tags are growing in popularity in retail stores as a means of tracking inventory and point-of-sale activities. T/F - Answer- F Information is useful only if it can drive effective decision making. T/F - Answer- T Thanks to recent advantages in technology, there are many solutions available that will fix flawed supply chain processes and make effective use of even poor quality data. T/F - Answer- F Which of the following trends is the driving force in the growth of information technology in supply chain management? A : Globalization B : Increasing complexity C : Reliance on data D : All of these answers - Answer- D : All of these answers Which of the following is not part of the seven "rights" of logistics? A : Information B : Cost C : Quality D : Place - Answer- C : Quality There are three principle supply chain information requirements that support effective decision-making. Which of the following is not one of the three? A : Information must meet quality standards to support fact-based decision-making. B : Information must readily flow within and between organizations. C : Information must support multiple types of supply chain decisions. D : Information must be in the form of real-time data. - Answer- D : Information must be in the form of real-time data.