SCM MIDTERM QUIZZIZ

The push system in supply chain management focuses on responding to actual customer orders.

FALSE

The demand-driven strategy involves using real-time customer demand data to inform production and inventory decisions

TRUE

One of the benefits of supply chain integration is improved risk management through real-time data and transparency.

TRUE

A key element of a global supply chain is the transportation of goods across international borders.

TRUE

The demand forecasting process in hospitality management does not rely on sales figures or revenue data.

FALSE

Demand forecasting in hospitality aims to predict the supply of raw materials to meet customer demand.

TRUE

One of the challenges in demand forecasting for hotels is the lack of historical data

FALSE

Forecast error can result in a surplus, which is both wasteful and costly.

TRUE

COVID-19 has made future trends and demands in the hospitality industry easier to predict

FALSE

The pull method in Distribution Requirements Planning (DRP) involves shifting demand for finished goods upward in the system to fulfill customer orders.

TRUE

A revenue-sharing contract reduces the cost for the retailer by offering a lower wholesale price per unit and sharing revenue with the supplier.

TRUE

In a quantity-flexibility contract, the retailer is compensated for unsold inventory up to a maximum threshold.

TRUE

Exponential smoothing forecasting methods give more importance to older data compared to recent data.

FALSE

Real-time data analytics in supply chain management help improve forecasting accuracy and operational efficiency.

TRUE

The use of ERP systems in supply chain management helps integrate various business functions like HR, procurement, and finance into one platform.

TRUE

Which tool helps hotels in forecasting and planning based on real-time data?

Property Management System (PMS)

Which is a key challenge in the global supply chain for hospitality?

Shipping flexibility

Which supply chain strategy focuses on making decisions based on actual customer demand rather than predictions?

Demand-Driven Strategy

What is an example of a company that uses a just-in-time system for production?

Toyota

What is a significant risk for global supply chains?

Cybersecurity threats and data breaches

What approach to supply chain management involves collaboration and data sharing between retailers and suppliers?

Collaborative Planning, Forecasting, and Replenishment (CPFR)

What is a key element in effective hotel supply chain management?

Demand forecasting accuracy

Which technology tool is essential for real-time tracking in hotel supply chains?

Internet of Things (IoT)mmission fees

Which of the following is a characteristic of the Global Supply Chain?

Cross-border movement of goods

  What is one advantage of a global supply chain?

Access to cheaper labor and better prices for raw materials

REVIEWABLE

Should be monitored regularly and be updated as needed to reflect the changing trends

RELIABILITY

Consistently performs walk across different situations and time periods

ACCURACY

Should reflect real demand as closely as possible to avoid under or over prep

SEGMENT SPECIFIC

Recognizes different demand patterns across room types, guest segments and channels.

 FLEXIBILITY

Able to adapt to unexpected changes like events, cancellations, or disruptions

Leverages the knowledge and experience of a company’s sales team to aggregate historical data on customer demand.

Collective Opinion

Provide key information on customer expectations, desires and needs.

Customer Survey

Involves using economic indicators to predict trends and measure current, past, and future activity

Barometric

Allows a company to identify and analyze the relationships between different variables

Statistical

 Utilizes market experiments carried out under controlled conditions to inform retailers on consumer behavior

Market Experiment