Buad 331 Exam 1 UTK Questions and Answers 2024

Planning - Correct Answer This involves predicting and forecasting the future demand for a product or service to secure capacity, materials, and talent to fulfill the expected demand in a way that meets a customers expectation. (MOST UPSTREAM) Sourcing - Correct Answer aka procurement activities that involve identifying, acquiring, and managing the goods and services needed to run a business or organization. Inbound Logistics - Correct Answer Involves the management of materials from suppliers and vendors into production processes or storage facilities. Manufacturing and Service Operations - Correct Answer The processes and activities involved in transforming resources into finished products, as well as those involved in planning and controlling the systems that produce goods and services. Order Management - Correct Answer Encompasses planning, directing, monitoring, and controlling the processes related to customer orders, manufacturing orders, and purchase orders. Outbound Logistics - Correct Answer The process related to the movement and storage of finished products from the end of the production line to the end user. Customer Service and After-sales Support - Correct Answer Services provided after delivery, such as repairs, maintenance, and/or telephone support. Returns Management - Correct Answer Processes related to returning goods from the customer to the manufacturer due to obsolescence, performance problems, customer preferences, or reduction of waste and environmental concerns. MOST DOWNSTREAM! Supply Chain Management Definition (UTK) - Correct Answer The design and coordination of a network through which organizations and individuals get, use, deliver, and dispose of material goods; acquire and distribute services; and make their offerings available to markets, customers, and clients. Three Values of the Supply Chain - Correct Answer Form, Time, and Place How Organizations Create Value - Correct Answer - Plan - Source - Make - Deliver