Untitled Flashcards Set

What is a Supply Chain?

A supply chain consists of all the businesses, individuals, resources, and processes involved in the production and distribution of a product or service.

What are the key components of a supply chain?

Suppliers, Manufacturers/Producers, Warehouses, Distributors, Retailers, and Customers.

What is the difference between Agile and Lean Supply Chains?

Agile Supply Chains quickly respond to market changes, while Lean Supply Chains focus on reducing waste and improving efficiency.

What are the benefits of diversifying suppliers in supply chain management?

It reduces risk if one supplier fails.

What is Just-in-Time (JIT) production?

A stock control method where stock is ordered only when needed to reduce waste.

What is Just-in-Case (JIC) production?

A stock control method where extra stock is held as a buffer to prevent stock shortages.

What role does technology play in supply chains?

Technology improves efficiency and transparency through automation, ERP systems, RFID tracking, and big data analysis.

What are the transportation methods used in logistics?

Road, Rail, Air, and Sea.

How can businesses improve supply chain efficiency?

By strengthening supplier relationships, implementing automation, outsourcing, and focusing on sustainability and ethical sourcing.

What is the importance of measuring supply chain performance?

Measuring lead time, stock turnover ratio, and customer satisfaction helps businesses assess and improve their supply chains.

What supply chain strategy aligns with cost leadership?

Keeping supply chain costs low to offer lower prices.

How does Amazon enhance its supply chain performance?

By using advanced AI and robotics to streamline inventory and delivery.

Compare Just-in-Time (JIT) and Just-in-Case (JIC) stock control methods.

JIT focuses on ordering stock only as needed, reducing waste, while JIC holds extra stock to prevent shortages, increasing storage costs.

What are the potential advantages of global supply chains?

Lower costs and access to more suppliers.

What are the potential disadvantages of global supply chains?

Longer lead times, currency fluctuations, and political instability risks.