SCM 300 Exam 1 MODULE 1 with complete
solution
Supply Chain Management (SCM): - CORRECT ANSWER-"The effective and
efficient integration of the suppliers, manufacturers, transportation organizations
as well as the other parties responsible for collectively bringing products and
services to market."
Procurement - CORRECT ANSWER-"The branch of an organization responsible
for acquiring materials, equipment, products, and services. This would entail
finding suppliers, choosing the supplier that offers the best value, negotiating the
terms of the purchase, placing orders, and developing long-term relationships
with suppliers so that consistent and improved quality can be expected from their
suppliers over a long period of time."
Operations - CORRECT ANSWER-"The branch of the supply chain responsible
for making business processes effective and efficient. In essence, operations
seeks to help the organization create high quality products and/or services using
the fewest resources possible."
Logistics - CORRECT ANSWER-"The branch of the supply chain responsible for
developing the transportation itinerary and finding the appropriate transportation
and storage partners to successfully navigate the flow of materials from the point
of origin to the final destination."
Reverse Logistics - CORRECT ANSWER-"The management of products that
flow backward in the supply chain, away from the consumer and back in the
direction of manufacturers. (The management of materials moving upstream in
the supply chain)"
Global SCM - CORRECT ANSWER-"When suppliers, manufacturers,
transportation companies, warehouse and distribution centers, retailers, and
other supply chain partners span across multiple countries and/or continents,
those are considered global supply chains. Effective and efficient management of
, supply chain partners across multiple countries can offer both competitive
advantages as well as complicating circumstances."
1st-tier and 2nd-tier suppliers - CORRECT ANSWER-"A company's direct
suppliers. A firm that directly provides goods and/or services to a company."
2nd trier "A firm that provides goods and/or services to a company's first-tier
supplier."
Upstream - CORRECT ANSWER-"In a supply chain, the direction that points
toward the suppliers."
Downstream - CORRECT ANSWER-"In a supply chain, the direction that points
toward the end consumer."
Three SCM Flows - CORRECT ANSWER-"In order for supply chains to function
and develop, three things must continuously flow: Materials, Money, and
Information"
Business Model - CORRECT ANSWER-"A company's plan for how it will
purchase items, transform them, deliver them, and sell them in an effort to
produce a profit."
Supply Chain visibility - CORRECT ANSWER-"The ability to see what is
happening with inventory upstream and downstream in a supply chain."
Profit - CORRECT ANSWER-"Companies invest money to make and deliver
products and/or services. These expenditures are called costs. They then sell the
products and/or services for money. That money is revenue. The difference
between Revenue and Cost is Profit."
ROI's - CORRECT ANSWER-"Return on Investment - An economic measure that
helps evaluate the return of an investment. In its most simple form it is a ratio of
total profit to total invest money. (ROI = Total profit / Total investment)"
Competitive priorities - CORRECT ANSWER-"Companies, and supply chains
more specifically, are very often competing in these four areas. As a result,
solution
Supply Chain Management (SCM): - CORRECT ANSWER-"The effective and
efficient integration of the suppliers, manufacturers, transportation organizations
as well as the other parties responsible for collectively bringing products and
services to market."
Procurement - CORRECT ANSWER-"The branch of an organization responsible
for acquiring materials, equipment, products, and services. This would entail
finding suppliers, choosing the supplier that offers the best value, negotiating the
terms of the purchase, placing orders, and developing long-term relationships
with suppliers so that consistent and improved quality can be expected from their
suppliers over a long period of time."
Operations - CORRECT ANSWER-"The branch of the supply chain responsible
for making business processes effective and efficient. In essence, operations
seeks to help the organization create high quality products and/or services using
the fewest resources possible."
Logistics - CORRECT ANSWER-"The branch of the supply chain responsible for
developing the transportation itinerary and finding the appropriate transportation
and storage partners to successfully navigate the flow of materials from the point
of origin to the final destination."
Reverse Logistics - CORRECT ANSWER-"The management of products that
flow backward in the supply chain, away from the consumer and back in the
direction of manufacturers. (The management of materials moving upstream in
the supply chain)"
Global SCM - CORRECT ANSWER-"When suppliers, manufacturers,
transportation companies, warehouse and distribution centers, retailers, and
other supply chain partners span across multiple countries and/or continents,
those are considered global supply chains. Effective and efficient management of
, supply chain partners across multiple countries can offer both competitive
advantages as well as complicating circumstances."
1st-tier and 2nd-tier suppliers - CORRECT ANSWER-"A company's direct
suppliers. A firm that directly provides goods and/or services to a company."
2nd trier "A firm that provides goods and/or services to a company's first-tier
supplier."
Upstream - CORRECT ANSWER-"In a supply chain, the direction that points
toward the suppliers."
Downstream - CORRECT ANSWER-"In a supply chain, the direction that points
toward the end consumer."
Three SCM Flows - CORRECT ANSWER-"In order for supply chains to function
and develop, three things must continuously flow: Materials, Money, and
Information"
Business Model - CORRECT ANSWER-"A company's plan for how it will
purchase items, transform them, deliver them, and sell them in an effort to
produce a profit."
Supply Chain visibility - CORRECT ANSWER-"The ability to see what is
happening with inventory upstream and downstream in a supply chain."
Profit - CORRECT ANSWER-"Companies invest money to make and deliver
products and/or services. These expenditures are called costs. They then sell the
products and/or services for money. That money is revenue. The difference
between Revenue and Cost is Profit."
ROI's - CORRECT ANSWER-"Return on Investment - An economic measure that
helps evaluate the return of an investment. In its most simple form it is a ratio of
total profit to total invest money. (ROI = Total profit / Total investment)"
Competitive priorities - CORRECT ANSWER-"Companies, and supply chains
more specifically, are very often competing in these four areas. As a result,
