Supply Chain Exam 2 - Personalized study plan concept questions

Chapter 7 - supply management

​_______________ refers to the broad set of activities carried out by organizations to analyze sourcing​ opportunities, develop sourcing​ strategies, select​ suppliers, and carry out all the activities required to procure goods and services.

supply management

​_______________ is the purchased cost of goods from outside suppliers

Cost of goods sold (COGS)

​_______________ shows us how much the company paid for the inventory it had on hand at the time of the report.

Merchandise inventory

​"The ratio of earnings to sales for a given time​ period" is the definition of

Profit margin

A document that authorizes a supplier to deliver a product or service is known as

a purchase order

​"The set of activities required to first identify a​ need, assign a supplier to meet that​ need, approve the specification or​ scope, acknowledge​ receipt, and submit payment to the​ supplier" is the definition of

procure-to-pay-cycle

​_______________ are terms and conditions for a purchased service that​ indicate, among other​ things, what services will be performed and how the service provider will be evaluated.

statements of work (SOW)

Communicating your needs can be difficult when purchasing services. The document that communicates this need is called a

Statement of Work

Chapter 8

​"That part of supply chain management that​ plans, implements, and controls the​ efficient, effective forward and reverse flow and storage of​ goods, services and related information between the point of origin and the point of consumption in order to meet​ customers' requirements" is the definition of

logistics management

​"Performing activities in a manner that meets the needs of the present without compromising the ability of future generations to meet their own​ needs" is the definition of

sustainability

True or false? Depleting all of our natural resources this generation is considered sustainable

false

​_______________ are transportation solutions that seek to exploit the strengths of multiple transportation modes through​ physical, information, and monetary flows that re as seamless as possible.

multimodal solutions

"An operation that​ stores, repackages,​ stages, sorts, or centralizes goods or​ materials" is the definition of

warehousing

A​ _______________ ensures that an​ organization's logistics choices are consistent with its overall business strategy and support the performance dimensions that target costumers most value.

logistics startegy

The​ _______________ attempts to identify the​ "best" location for a single​ warehouse, store, or​ plant, given multiple demand points that differ in location and importance.

weighted center of gravity method

_______________ are a class of mathematical models used when decision makers seek to optimize some objective function subject to some constraints.

optimization models

Which of these statements about the assignment problem is​ best?

A typical constraint is the capacity of the warehouse must exceed the number of units shipped from it.

Chapter 9 - forecasting

"An estimate of the future value of some​ variable" is the definition of

a forecast

Refrigerant​ R-12 was to be phased out as manufacturers switched systems to the environmentally friendly but more expensive GHG. Refrigeration repairmen consulted their forecasting models and unanimously concluded that they should stockpile​ R-12 while it was still affordable.

These forecasting models could be classified as

price forecasts

Which of the following statements about forecasts is​ true?

• Forecasts for the near term tend to be more accurate

• forecasts are almost always wrong

• Forecasts for groups of products tend to be more accurate.

• Forecasts are no substitute for calculated values

True or false? Every week a bakery forecasts demand for each of the 15 varieties of cookies they produce. These forecasts will probably be more accurate than a single forecast for​ "cookies" (all varieties lumped​ together).

false

The situation is vague and little data​ exists, as in the case of new products or technologies. In this​ case, which of the following forecasting approachs is​ used?

qualitative method

The situation is stable and historical data​ exists, as in the case of mature products or technologies. In this​ case, which of the following forecasting approachs is​ used?

quantitative method

Structured questionnaires submitted to potential​ customers, often to gauge potential​ demand, are

market surveys

A qualitative forecasting method which utilizes structured questionnaires submitted to potential customers soliciting opinions about potential products to estimate likely demand is

market surveys

One qualitative forecasting method bases the forecast for a new product or service on the actual sales history of a similar product or service. An example is forecasting demand for the newest model of iPod by using the demand history from the previous model of iPod. This method is

life cycle analogy

A qualitative forecasting method which utilizes individuals familiar with specific market​ segments, has them estimate the demand within these​ segments, and adds the forecasts together to get an overall forecast is

build-up forecasting

A qualitative forecasting method which brings experts together to jointly discuss and develop forecasts is

panel consensus forecasting

One qualitative forecasting method uses experts working individually. The individual forecasts are shared among the​ group, after which each participant is allowed to modify his or her forecast based on the shared information. This method is

Delphi

Your employer is developing a breakthrough product under a veil of secrecy. This product is unlike anything currently available and also different from your​ employer's existing product line. You have been tasked with developing a forecast. A good choice of technique would be

the life cycle analogy method

Which of these can NOT be the first value for a tracking​ signal?

10

​"A set of business​ processes, backed up by information​ technology, in which supply chain partners agree to mutual business objectives and​ measures, develop joint sales and operational​ plans, and collaborate to generate and update sales forecasts and replenishment​ plans" is the definition of

collaborative​ planning, forecasting, and replenishment​ (CPFR).

Collaborative​ planning, forecasting, and replenishment systems perform many necessary supply chain processes. Which of the following typically does NOT fall under the scope of a CPFR​ system?

development of a layout and process choice

Chapter 10 - Sales & Operations Planning (S&OP)

Sales and operations planning helps develop​ _______ plans.

tactical

​_______________ covers a short​ period, usually 12 to 24 months​ out, although the planning horizon may be longer in industries with very long lead times.

tactical planning

_______________ covers time periods ranging from weeks down to just a few hours.

detailed planning and control

_______________ takes place at the highest levels of the​ firm; it addresses needs that might not arise for years into the future.

strategic planning

Which of the following statements about sales and operations planning​ (S&OP) is​ best?

S&OP indicates how the organization will use its tactical capacity resources to meet expected customer demand.

​"A planning approach in which an organization updates its sales and operations plan​ regularly, such as on a monthly or quarterly​ basis" is the definition of a

rolling planning horizon

The natural progression of time periods that enter the planning horizon as the current period fades into the past is called

a rolling planning horizon

A rolling planning horizon means that as production periods are​ realized, they cycle back to the period farthest in the future.

false

When considering sales and operations planning for​ services, "a strategy to vary workforce​ levels, where additional​ full-time or part time employees are hired during peak demand periods while a​ smaller, permanent staff is maintained​ year-round" is known as

tiered workforce

When considering sales and operations planning for​ services, "an approach commonly used with highly perishable​ 'products,' such as airline seats and hotel​ rooms, in which prices are regularly adjusted to maximize total​ profit" is known as

yield management

When considering sales and operations planning for​ services, "a strategy for reducing and smoothing out workforce requirements by having the customers perform part of the work themselves​ (such as IKEA having customers assemble their own​ furniture)" is known as

offloading

The hospitality industry cannot quickly add a room to a lodge.​ Instead, lodge managers use yield​ management, which varies a parameter directly under the managers control. Which parameter is changed under yield​ management?

the price per room

Which of the following constitutes offloading as presented in this​ chapter?

Mandating that simple deposits and withdrawals are performed at an ATM rather than with a live teller.

Linking the​ S&OP process with supply chain partners can help improve​ performance, particularly in the area of cost.

true

linking​ S&OP throughout the supply chain often helps increase uncertainty.

false

A class of mathematical models used when the user seeks to optimize some objective function subject to some​ constraints" is the definition of

an optimization model

​"A quantitative function that an optimization model seeks to optimize​ (i.e., maximize or​ minimize)" is the definition of

an objective function

A sales and operations planner decides to deploy an optimization model to address the planning period at hand. The availability of labor is most likely a component of the objective function.

false