PROCUREMENT AND LOGISTICS EXAM #5 REVIEW
QUESTIONS AND ANSWERS
Council for supply chain management professionals - correct answer Council of Supply
Chain. Management Professionals. Founded in 1963, the Council of Supply Chain
Management Professionals (CSCMP) is the preeminent worldwide professional
association dedicated to the advancement and dissemination of research and
knowledge on supply chain management.
Purchasing Consortium - correct answer - Two or more independent organizations
coming together to purchase their required materials in bulk quantities
- benefits include saving money, reduced workload, and better quality
- costs include set-up costs, longer lead times and reduced flexibility
VMI - correct answer - inventor maintenance method
- demand data is provided by a buyer
- vendor then stocks that buyer based on demand
- Pros: removes safety stock, lowers inventory levels, reduce costs related to the
administrative side of purchase, helps suppliers forecast more accurately
- Cons: lack of control, difficult to diversify there sources
- Walmart and amazon
Expediting - correct answer - Securing the quality and timely delivery of
goods/components. Provides emergency and time sensitive transportation services to
customers in the business, government and non profit sectors.
- Guaranteed delivery time
- cost more more tho
RFID - correct answer - form of wireless communication that incorporates the use of
electromagnetic or electorstatic coupling in the radio frequency portion of the
electromagnetic spectrum or uniquely identify an object, animal or person
- Pros: enhances efficiency of production
- combined with sensors real time information
- Cons: more expensive, application specific and information can be taken without
knowledge
Industry 4.0 - correct answer industry 4.0 is the trend towards automation and data
exchange in manufacturing technologies and processes which include cyber-physical
systems (CPS), the internet of things (iot), industrial internet of things (IIOT), cloud
computing, cognitive computing and artificial intelligence.
Current capabilities of 3D printing - correct answer - process of creating 3d objects from
digital files
- complex shapes with less material
- become vital part of supply chain
- iterations are easier and cheaper to make
, - saves money by eliminating the need to produce many parts for one thing
Smart Automation/RPA - correct answer - robotic process automation (builds supply
chain speed and accuracy)
- an advanced technology that can be programmed to perform a series of defined
processes to automatically handle high volume repeatable tasks
- smart process automation (RPA 2.0)
- Pros: eliminates human error, cost savings, improved compliance, reduced handling
time, fast implementation of new processes
- Cons: threat of unemployment and complexity of implementation
- used in data entry, business process management, invoicing exceptions
Machine Learning in Manufacturing - correct answer - is the scientific study or
algorithms and statsisical models that computer systems use to perform a specific task
without using explicit instructions, relying on patterns and inferences instead
- "smart manufacturing"
- monitor, record and analyze everything from design to delivery
- General electric
- KUKA
3PL - correct answer - third party logistics and supply chain management is an
organizations use of third party businesses to outsource elements of distribution,
warehousing and fulfillment services
- specialize in operations of warehousing and transportation that can customized to
specific customer needs
- on time with quality is key when the supply chain is dynamic and demanding
Six Sigma - correct answer - set of management techniques intended to improve
business processes by greatly reducing the probability that an error or defect will occur
- no standard body for certification
- reduce costs
- eliminates variability/defects/waste
- increase customer satisfaction
SOX - correct answer - Passed on July 30, 2002
- Helped protect investors from fraudulent financial reporting by corporations
- Mandated strict reforms to existing securities regulations and imposed tough new
penalties
-
ISO 9000 - correct answer - set of standards that helps organizations ensure they meet
customers and other stakeholder needs within statutory and regulatory requirements
related to a product or service
- reduce the need for supplier development by establishing basic requirements for
suppliers
-
QUESTIONS AND ANSWERS
Council for supply chain management professionals - correct answer Council of Supply
Chain. Management Professionals. Founded in 1963, the Council of Supply Chain
Management Professionals (CSCMP) is the preeminent worldwide professional
association dedicated to the advancement and dissemination of research and
knowledge on supply chain management.
Purchasing Consortium - correct answer - Two or more independent organizations
coming together to purchase their required materials in bulk quantities
- benefits include saving money, reduced workload, and better quality
- costs include set-up costs, longer lead times and reduced flexibility
VMI - correct answer - inventor maintenance method
- demand data is provided by a buyer
- vendor then stocks that buyer based on demand
- Pros: removes safety stock, lowers inventory levels, reduce costs related to the
administrative side of purchase, helps suppliers forecast more accurately
- Cons: lack of control, difficult to diversify there sources
- Walmart and amazon
Expediting - correct answer - Securing the quality and timely delivery of
goods/components. Provides emergency and time sensitive transportation services to
customers in the business, government and non profit sectors.
- Guaranteed delivery time
- cost more more tho
RFID - correct answer - form of wireless communication that incorporates the use of
electromagnetic or electorstatic coupling in the radio frequency portion of the
electromagnetic spectrum or uniquely identify an object, animal or person
- Pros: enhances efficiency of production
- combined with sensors real time information
- Cons: more expensive, application specific and information can be taken without
knowledge
Industry 4.0 - correct answer industry 4.0 is the trend towards automation and data
exchange in manufacturing technologies and processes which include cyber-physical
systems (CPS), the internet of things (iot), industrial internet of things (IIOT), cloud
computing, cognitive computing and artificial intelligence.
Current capabilities of 3D printing - correct answer - process of creating 3d objects from
digital files
- complex shapes with less material
- become vital part of supply chain
- iterations are easier and cheaper to make
, - saves money by eliminating the need to produce many parts for one thing
Smart Automation/RPA - correct answer - robotic process automation (builds supply
chain speed and accuracy)
- an advanced technology that can be programmed to perform a series of defined
processes to automatically handle high volume repeatable tasks
- smart process automation (RPA 2.0)
- Pros: eliminates human error, cost savings, improved compliance, reduced handling
time, fast implementation of new processes
- Cons: threat of unemployment and complexity of implementation
- used in data entry, business process management, invoicing exceptions
Machine Learning in Manufacturing - correct answer - is the scientific study or
algorithms and statsisical models that computer systems use to perform a specific task
without using explicit instructions, relying on patterns and inferences instead
- "smart manufacturing"
- monitor, record and analyze everything from design to delivery
- General electric
- KUKA
3PL - correct answer - third party logistics and supply chain management is an
organizations use of third party businesses to outsource elements of distribution,
warehousing and fulfillment services
- specialize in operations of warehousing and transportation that can customized to
specific customer needs
- on time with quality is key when the supply chain is dynamic and demanding
Six Sigma - correct answer - set of management techniques intended to improve
business processes by greatly reducing the probability that an error or defect will occur
- no standard body for certification
- reduce costs
- eliminates variability/defects/waste
- increase customer satisfaction
SOX - correct answer - Passed on July 30, 2002
- Helped protect investors from fraudulent financial reporting by corporations
- Mandated strict reforms to existing securities regulations and imposed tough new
penalties
-
ISO 9000 - correct answer - set of standards that helps organizations ensure they meet
customers and other stakeholder needs within statutory and regulatory requirements
related to a product or service
- reduce the need for supplier development by establishing basic requirements for
suppliers
-
