BUAD 331 Exam 1 (A+ GRADED) What is a supply chain? correct answers A supply chain consists of the organizations, people, activities, information, and resources involved in moving a product or service from the origins of supply all the way to point of final consumption, and, increasingly, re-entering material that was not consumed back into the supply chain for reuse or recycling.How long have supply chains been around? correct answers They have been in existence for many centuries, although the term "supply chain" was not commonplace until the mid 1990's.Examples of ancient supply chains correct answers Well-known supply chains of antiquity include the trading networks established by the ancient Phoenicians, Egyptians, Greeks, Chinese and Indian empires.How were goods transported before proper roads and routes were established? correct answers In the absence of proper roads, goods were primarily transported by water.What was the supply chain traditionally conceived? correct answers Classical conceptions of the supply chain are generally limited to the operational activities involved in mining, extracting or growing raw materials, moving them to locations where they are converted into sub-components and then finished goods, and then distributing them to markets for sale and consumption What sparked the creation of the modern, manufacturing-based supply chain? correct answers The technological advances of the Industrial Revolution fostered the explosion of such "manufacturing" supply chains, with a consequent focus on the physical transformation, movement and storage of goods Name the core supply chain activities correct answers Core supply chain activities are procurement, inbound logistics, manufacturing and service operations, order management, outbound logistics, customer service and after sales support, and returns management What is Procurement? correct answers The identification, acquisition and management of the goods and services needed to run a business or other organization What is Inbound Logistics? correct answers The management of materials from suppliers and vendors into production processes or storage facilities.What is Manufacturing and Service Operations? correct answers The processes and activities involved in transforming resources into finished products, as well as those involved in planning and controlling the systems that produce goods or services.What is Order Management? correct answers The planning, directing, monitoring, and controlling the processes related to customer orders, manufacturing orders, and purchase orders.What is Outbound Logistics? correct answers The process related to the movement and storage of finished products from the end of the production line to the end user. 1 / 2
What is Customer Service and After Sales Support? correct answers The services provided after delivery such as repairs, maintenance, and/or telephone support.What is Returns Management? correct answers The processes related to returning goods from the customer to the manufacturer; this may be due to obsolescence, performance problems or customer preference How has the scope of the supply chain changed? correct answers Today, the scope of supply chain has expanded to include not only these physical flows that go into providing a product or service for consumption but also the activities and processes associated with managing relationships, information and financial flows What is Supply Chain Management? correct answers The systematic coordination of traditional business functions within a particular organization and across organizations within the supply chain for the purposes of improving the long-term performance of the individual enterprises and the supply chain as a whole How has the scope of Supply Chain Management expanded? correct answers The scope of activities and processes that fall within SCM includes such things as relationships, information, talent, financials, performance measurement, and risk What areas do Top Supply Chain Managers focus on? correct answers Maximizing relevant value creation, innovation and transformation, continuous improvement, integration and collaboration How are technological innovations affecting the supply chain? correct answers Technology innovations are also enabling companies to digitize the supply chain such that physical movement is being minimized. For example, the digitization of the music industry by Apple through Itunes.
- Ways Organizations Create Value? correct answers Understanding exactly what the customer's
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need is and what they are willing to exchange to have the need filled and satisfying that need through providing the right form, in the right time, at the right place. Essentially, the role played by SCM What discipline does understanding customer needs form? correct answers Marketing What is Marketing? correct answers The activities and processes involved in determining and generating customer demand.How does competition impact the development of supply chains? correct answers Competition forces organizations to create exchange, form, time and place in such a way that is better that competitors.
