SCO 3001 Questions – 100% Correct,
Expert Verified Answers with A+
Grade Assurance
What is Supply Chain? ANSW ✔✔ consists of a network of organizations
outside the firm that supply the materials and services to the firm and
distribute the product or service to the ultimate customer
What is Operations Management? ANSW ✔✔ managing the production of
goods and services
What is Supply Chain Management? ANSW ✔✔ deals with managing the flow
of materials, information, and money across multiple organizations from the
suppliers to operations to distribution to the final customer, along with reverse
flows
What is Operations and Supply Chain Management? ANSW ✔✔ deals with
the sourcing, production and distribution of the product or service along with
managing the relationships with supply chain partners
What is Sourcing? ANSW ✔✔ works with manufacturing and service suppliers
of the firm and is part of the larger definition of operations and supply chain
management
What is Distribution? ANSW ✔✔ concerned with transporting materials into
operations and taking the output of operations to the ultimate customer
What is Productivity? ANSW ✔✔ - the amount of output form a given amount
of inputs or vice versa
- output divided by inputs, all in constant dollars
,- productivity = output / (capital + labor)
Three aspects of Operations and Supply Chain Management ANSW ✔✔ 1.
Decisions
2. Function
3. Process
Five Major Decision Responsibilities ANSW ✔✔ process, quality, capacity,
inventory, and supply chain
4 Ps of Marketing ANSW ✔✔ Product, Price, Place, Promotion
What is Analytics? ANSW ✔✔ the analysis of data to make better decisions;
used in operations and supply chains for a variety of decisions, including
quality control, forecasting, capacity, scheduling, inventory, logistics, and
sourcing
Three Primary Functions in an Organization ANSW ✔✔ 1. Marketing
- typically responsible for creating demand and generating sales revenue
2. Operations
- responsible for the production and distribution of goods or services
(generating supply)
3. Finance
- responsible for the acquisition and allocation of capital
What are example of Social Sustainability? ANSW ✔✔ hiring diverse
workforce, ethical practices, providing equal opportunity, and safe working
conditions
, What is Economic Sustainability? ANSW ✔✔ making a sufficient profit for firm
survival into the future
Operations Strategy ANSW ✔✔ is a consistent pattern of decisions for
operations and the associated supply chain that are linked to the business
strategy and other functional strategies, leading to a competitive advantage for
the firm
What is Corporate Strategy? ANSW ✔✔ defines the business that the
company is pursuing
What is Business Strategy? ANSW ✔✔ follows from the corporate strategy
and defines how each particular business will compete
3 Generic Business Strategies ANSW ✔✔ Differentiation: associated with a
unique and frequently innovative product or service
Low cost: pursued in commodity
Focus: refers to the geographical or product portfolio being narrow or broad in
nature; can be combined with either a differentiation of a low-cost strategy
4 common objectives of operations ANSW ✔✔ Cost: a measure of the
resources used by operations, typically the unit cost of production or the cost
of goods or services sold
Quality: the conformance of the product or service to the customers'
requirements
Delivery: providing the product or service quickly and on time
Flexibility: ability to rapidly change operations
Expert Verified Answers with A+
Grade Assurance
What is Supply Chain? ANSW ✔✔ consists of a network of organizations
outside the firm that supply the materials and services to the firm and
distribute the product or service to the ultimate customer
What is Operations Management? ANSW ✔✔ managing the production of
goods and services
What is Supply Chain Management? ANSW ✔✔ deals with managing the flow
of materials, information, and money across multiple organizations from the
suppliers to operations to distribution to the final customer, along with reverse
flows
What is Operations and Supply Chain Management? ANSW ✔✔ deals with
the sourcing, production and distribution of the product or service along with
managing the relationships with supply chain partners
What is Sourcing? ANSW ✔✔ works with manufacturing and service suppliers
of the firm and is part of the larger definition of operations and supply chain
management
What is Distribution? ANSW ✔✔ concerned with transporting materials into
operations and taking the output of operations to the ultimate customer
What is Productivity? ANSW ✔✔ - the amount of output form a given amount
of inputs or vice versa
- output divided by inputs, all in constant dollars
,- productivity = output / (capital + labor)
Three aspects of Operations and Supply Chain Management ANSW ✔✔ 1.
Decisions
2. Function
3. Process
Five Major Decision Responsibilities ANSW ✔✔ process, quality, capacity,
inventory, and supply chain
4 Ps of Marketing ANSW ✔✔ Product, Price, Place, Promotion
What is Analytics? ANSW ✔✔ the analysis of data to make better decisions;
used in operations and supply chains for a variety of decisions, including
quality control, forecasting, capacity, scheduling, inventory, logistics, and
sourcing
Three Primary Functions in an Organization ANSW ✔✔ 1. Marketing
- typically responsible for creating demand and generating sales revenue
2. Operations
- responsible for the production and distribution of goods or services
(generating supply)
3. Finance
- responsible for the acquisition and allocation of capital
What are example of Social Sustainability? ANSW ✔✔ hiring diverse
workforce, ethical practices, providing equal opportunity, and safe working
conditions
, What is Economic Sustainability? ANSW ✔✔ making a sufficient profit for firm
survival into the future
Operations Strategy ANSW ✔✔ is a consistent pattern of decisions for
operations and the associated supply chain that are linked to the business
strategy and other functional strategies, leading to a competitive advantage for
the firm
What is Corporate Strategy? ANSW ✔✔ defines the business that the
company is pursuing
What is Business Strategy? ANSW ✔✔ follows from the corporate strategy
and defines how each particular business will compete
3 Generic Business Strategies ANSW ✔✔ Differentiation: associated with a
unique and frequently innovative product or service
Low cost: pursued in commodity
Focus: refers to the geographical or product portfolio being narrow or broad in
nature; can be combined with either a differentiation of a low-cost strategy
4 common objectives of operations ANSW ✔✔ Cost: a measure of the
resources used by operations, typically the unit cost of production or the cost
of goods or services sold
Quality: the conformance of the product or service to the customers'
requirements
Delivery: providing the product or service quickly and on time
Flexibility: ability to rapidly change operations
