SCM 410 - Week 2 Multiple Choice

What is Supply Chain Management (SCM)? - Multiple choice

• Encompasses the planning and management of all activities involved in sourcing and procurement, conversion, and all the logistics management activities. Importantly, it also includes coordination and collaboration with channel partners, which can be suppliers, intermediaries, third party service providers, and customers.

In essence, SCM integrates?

• Supply and demand management within and across companies.

What is Supply Chain (SC)?

• A minimum set of three or more entities (organizations or individuals) directly involved in the upstream and downstream (←forward/downstream→) (backward/upstream) flows of products, services, finances, and/or information from a source to a customer.

• Lecture notes:

  • 4 walls of operations

  • dyad

  • 3 entities makes things a lot more complex

  • Supplier←→ mfg ←→ Retailer (3 or more entities)

What is Supply Chain Orientation (SCO)?

• The recognition by an organization of the systemic, strategic implications of the tactical activities involved in managing the various flows in a supply chain.

• Lecture notes:

  • ARE they all managed? No. Should they be? Yes. It is difficult to be achieved as you’re often working with suppliers and they try to cut corners and the other party ends up at fault.

  • Each organization/entity needs Supply Chain Orientation.

  • We are only as strong as our weakest link in the Supply Chain.

  • Supply chains often need to “take one for the team” to be properly managed, as in contracts or rewards of a kind.

What is Supply Chain Management (Short-write for midterms study this)?

• Is an integrating function responsible for linking major business functions and business processes within and across companies into a cohesive, high-performing business model.

• Lecture notes:

  • Long-production run = more output

  • Impacts a whole bunch of areas like inbound: planning/procurement

  • All other departments have to be involved

    • Suppliers bc you need stock/retailers

  • Integrating you’re not looking at the best interest it spreads across the entire supply chain not just your own company

Integrating?

• Across boundaries of several companies means that the supply chain needs to function similar to a single company in satisfying the ultimate customer.

Closed-Loop Supply Chain?

• A system that integrates both forward and reverse logistics to maximize product value and minimize waste. Enables products, materials, or components to circulate back into a supply chain after use, through reuse, repair, refurbishment, recycling, or remanufacturing.

Council of Supply Chain Management Professionals (CSCMP)?

• The process of planning, implementing, and controlling procedures for the efficient and effective transportation and storage of goods including services, and related information from the point of origin to the point of consumption for the purpose of conforming to customer requirements.

Seven R’s of Logistics (Customer Perspective)?

• Getting the right product, to the right customer, in the right quantity, in the right condition, at the right place, at the right time, and the right cost.

Logistics?

• In its simplest form, includes inbound logistics of materials management as well as the outbound logistics of physical distribution.

Materials Management (Inbound)?

• The movement and management of materials and products from procurement (suppliers) through the production process.

Physical Distribution (Outbound)?

• The movement and storage functions associated with finished goods from manufacturing plants to warehouses and to customers.