GLOBAL MANUFACTURING & MATERIALS MANAGEMENT QUESTIONS AND ANSWERS WITH SOLUTIONS 2024

GLOBAL MANUFACTURING & MATERIALS MANAGEMENT QUESTIONS AND ANSWERS WITH SOLUTIONS 2024 production - ANSWER activities involved in creating a product supply chain management - ANSWER integration and coordination of logistics, purchasing, operations, and market change activities from raw materials to end customer purchasing - ANSWER part of supply chain involves worldwide buying of raw material, component parts, products used in manufacturing of company's products and services logistics - ANSWER part of supply chain that plans, implements, and controls the effective flows and inventory of raw materials, component parts, and products used in manufacturing strategic objectives of production and supply chain mgmt - ANSWER 1 -ensure that the total costs of moving raw materials to finished products is as low as possible for the value provided to the end customer strategic objectives of production and supply chain mgmt - ANSWER 2 - increase product quality by establishing prices -based quality standards and eliminating defective raw material, component parts, and products and products from the manufacturing process a nd the supply chain quality assurances should be embedded in - ANSWER both upstream and downstream supply chain - objectives of reducing cost are not independent of each other Improved quality control will also reduce its costs of value creation by: - ANSWER 1 - increasing productivity (time not wasted producing poor quality) 2- lowering rework and scrap costs associated with defective products 3-reducing the warranty costs and time associated with fixing defective products principal tool that most managers use to increase RELIABILITY of their product offering: - ANSWER six stigma quality improvement methodology(direct descendant of TQM) TQM - ANSWER management philosophy that takes as its central focus the need to improve the quality of a company's products and services six stigma - ANSWER //tool used to increase reliability of product offering// statistically based methodology for improving product quality - reduce defects, boost productivity, eliminate waste, cut costs throughout a company ; goal to strive toward ISO 9000 - ANSWER certification process that requires certain quality standards must be met - proven to be bureaucratic and costly, it does focus management attention on the need to improve the quality of products and processes 2 other objectives in int'l business - ANSWER 1 - production and supply chain functions must be able to accommodate demands for local responsiveness(standardization) 2-production and supply management must be able to respond quickly to shifts in customer demand(flexibility) 3 factors about WHERE TO PRODUCE - ANSWER country factors technological factors production factors COUNTRY factors - ANSWER -should locate various manufacturing activities were economic, political, and cultural conditions are conducive to the performance of those activities -presence of global concentrations of activities at certain locations -formal and informal trade barriers -expected future movements in its change rate TECHNOLOGICAL factors (3 characteristics of a manufacturing technology) - ANSWER 1) level of fixed costs 2) minimum efficient scale