BMGT 372 Midterm Exam Questions
With Correct Answers
Supply chain management (SCM) - ANSWER the design and management of
flows of products, information, and funds throughout the supply chain. It
involves the coordination and management of all the activities of a supply chain
(coordination, information sharing, collaboration)
Supply chain - ANSWER A supply chain is the network of all entities involved in
producing and delivering a finished product to the final customer. This includes
sourcing raw materials and parts, manufacturing, producing, and assembling
the products, storing goods in warehouses, order entry and tracking,
distribution, and delivery to the final customer
Value chain - ANSWER another term for supply chain
Value network - ANSWER another term for supply chain
Bullwhip effect - ANSWER If information is not shared between stages, but is
delayed or distorted, each stage may have a distorted view of final customer
demand. As a result, they will likely not produce the right quantities of items
needed, resulting in either shortages or excess inventory. Both situations result
in lowered profitability of the entire supply chain
Marketing - ANSWER the function responsible for linking the organization to its
customers and identifying what customers want in products and services. It is
the function that interfaces with the customer
Operations - ANSWER ensures that the exact products customers want are
produced efficiently and in a cost-effective manner. It is the function whose job
is to organize the transformation of raw materials into finished products
Sourcing - ANSWER the function responsible for linking the organization to its
suppliers, and ensuring an efficient supply of materials.
Logistics - ANSWER responsible for moving and positioning inventory
throughout the supply chain, and ensuring that the right products are delivered
to the right place at the right time.
Core competencies - ANSWER capabilities that serve as a source of competitive
advantage for a firm over its rivals. it is not advisable to outsource these
functions
, ERP - ANSWER Enterprise Resource Planning, a suite of applications called
modules, a database, and a set of inherent processes for consolidating business
operations into a single, consistent, computing platform. Ex: SAP and Oracle
Wireless communication technologies - ANSWER wireless homing devices and
wearable computers are being used in warehouses to quickly guide workers to
the locations of goods. This serves to significantly improve warehouse
operations and logistics. Wireless technologies, enhanced by satellite
transmission, can rapidly transmit information from one source to another.
GPS - ANSWER Global Positioning Systems: utilize a network of satellites, which
emit a measurable radio signal, when this signal is available from three or more
Navstar satellites, a GPS receiver is able to triangulate a coordinate location
and display map data for the user
RFID - ANSWER Radio Frequency Identification: tags/microchips are
everywhere . Inside these tiny tags is a predetermined code which can be read
by an RFID reader. These are used in credit cards, badges, passports, pet
tracking just to name a few
Postponement - ANSWER a hybrid production method whereby basic units of a
finished good are manufactured in advance of actual demand and held in
strategic form or location until demand occurs, when final customization takes
place (think HP!!)
Cash-to-cash cycle - ANSWER A measure of the number days between the time
a company pays their supplier for inventory and the time that same company is
paid for the same inventory by their customer. Essentially, the time it takes to
convert an order into cash
Business strategy - ANSWER a plan for the company that clearly defines the
company's long-term goals, how it plans to achieve these goals, and the way the
company plans to differentiate itself from its competitors. A business strategy
should leverage the company's core competencies, or strengths, and carefully
consider the characteristics of the marketplace
Supply chain strategy - ANSWER a long-range plan for the design and ongoing
management of all supply chain decisions that support the business strategy.
Consider that the design of a supply chain should differ based on how the
company intends to compete in the marketplace. In order to maintain
competitiveness companies must design their supply chains to be aligned with
their business strategy, to satisfy the needs of the customers, take advantage of
the company's strengths, and remain adaptive
With Correct Answers
Supply chain management (SCM) - ANSWER the design and management of
flows of products, information, and funds throughout the supply chain. It
involves the coordination and management of all the activities of a supply chain
(coordination, information sharing, collaboration)
Supply chain - ANSWER A supply chain is the network of all entities involved in
producing and delivering a finished product to the final customer. This includes
sourcing raw materials and parts, manufacturing, producing, and assembling
the products, storing goods in warehouses, order entry and tracking,
distribution, and delivery to the final customer
Value chain - ANSWER another term for supply chain
Value network - ANSWER another term for supply chain
Bullwhip effect - ANSWER If information is not shared between stages, but is
delayed or distorted, each stage may have a distorted view of final customer
demand. As a result, they will likely not produce the right quantities of items
needed, resulting in either shortages or excess inventory. Both situations result
in lowered profitability of the entire supply chain
Marketing - ANSWER the function responsible for linking the organization to its
customers and identifying what customers want in products and services. It is
the function that interfaces with the customer
Operations - ANSWER ensures that the exact products customers want are
produced efficiently and in a cost-effective manner. It is the function whose job
is to organize the transformation of raw materials into finished products
Sourcing - ANSWER the function responsible for linking the organization to its
suppliers, and ensuring an efficient supply of materials.
Logistics - ANSWER responsible for moving and positioning inventory
throughout the supply chain, and ensuring that the right products are delivered
to the right place at the right time.
Core competencies - ANSWER capabilities that serve as a source of competitive
advantage for a firm over its rivals. it is not advisable to outsource these
functions
, ERP - ANSWER Enterprise Resource Planning, a suite of applications called
modules, a database, and a set of inherent processes for consolidating business
operations into a single, consistent, computing platform. Ex: SAP and Oracle
Wireless communication technologies - ANSWER wireless homing devices and
wearable computers are being used in warehouses to quickly guide workers to
the locations of goods. This serves to significantly improve warehouse
operations and logistics. Wireless technologies, enhanced by satellite
transmission, can rapidly transmit information from one source to another.
GPS - ANSWER Global Positioning Systems: utilize a network of satellites, which
emit a measurable radio signal, when this signal is available from three or more
Navstar satellites, a GPS receiver is able to triangulate a coordinate location
and display map data for the user
RFID - ANSWER Radio Frequency Identification: tags/microchips are
everywhere . Inside these tiny tags is a predetermined code which can be read
by an RFID reader. These are used in credit cards, badges, passports, pet
tracking just to name a few
Postponement - ANSWER a hybrid production method whereby basic units of a
finished good are manufactured in advance of actual demand and held in
strategic form or location until demand occurs, when final customization takes
place (think HP!!)
Cash-to-cash cycle - ANSWER A measure of the number days between the time
a company pays their supplier for inventory and the time that same company is
paid for the same inventory by their customer. Essentially, the time it takes to
convert an order into cash
Business strategy - ANSWER a plan for the company that clearly defines the
company's long-term goals, how it plans to achieve these goals, and the way the
company plans to differentiate itself from its competitors. A business strategy
should leverage the company's core competencies, or strengths, and carefully
consider the characteristics of the marketplace
Supply chain strategy - ANSWER a long-range plan for the design and ongoing
management of all supply chain decisions that support the business strategy.
Consider that the design of a supply chain should differ based on how the
company intends to compete in the marketplace. In order to maintain
competitiveness companies must design their supply chains to be aligned with
their business strategy, to satisfy the needs of the customers, take advantage of
the company's strengths, and remain adaptive
