1.Which of the following statements about supply chains is true? Choose the best
ID: 451837 • Letter: 1
Question
1.Which of the following statements about supply chains is true? Choose the best answer.
a)The supply chain and the vendors that make up the supply chain should be treated like a separate entity or almost like competitors that threaten your business. They need to be micro-managed to ensure the success of your business.
b)Supply chains are a group of disparate processes that take your final product and delivery it to your customer. You need to work together with the customer to develop your supply chain.
c) Supply chains are a synergist collection of processes that allow your company to gather the raw goods or services that are a prerequisite to making your final product or service
d)Supply chains are directly correlated with waiting line analysis in that you need to fully understand the supply of customers that are waiting in line for your service.
2.There is a double-edged sword (or catch 22) with supply chain uncertainty and inventory. Which of the following was mentioned in class in reference to the goal of supply chain and inventory? Choose the best answer:
a)If you don’t have enough inventory you could drive business to your competitors. The hardest customer to obtain is the one that you already lost.
b)You need quantitative forecasting to completely remove risk & uncertainty the supply chain and inventory. This is the only method available to ensure the appropriate level of inventory.
c)Use the trend with seasonal pattern forecasting technique to watch for periods of time that spike inventory requirements and periods of time that are steady state inventory requirements.
d)If you have too much inventory you have to pay to store this inventory, if you have too little you may not be able to fill customer requests. Your inventory stockpile should walk-the-line between these two extremes with a predetermined percentage of inventories on hand at all times for reserves. You need to determine the appropriate indicators and forecasting technique to find this balance.
3.Unfortunately many diagrams in general miss this key component which is an integral part of the diagrams supplier workflow. This applies to supply chain and inventory management diagrams as well. Unfortunately, this workflow line commonly missed when people are creating workflow diagrams or forecasting diagrams. What is the key component that is missing from many diagrams including inventory management diagrams?
a)A pipeline input of quantitative data from data scientists. Decisions should be made based on data.
b)A feedback loop specifically from the customer to early phases of the forecasting process phases. Too often feedback loops from the customer are missed on diagrams leaving out critical information.
c)A costs benefits analysis to ensure a proper return on investment (ROI). This will helps us know if this is a profitable endeavor
d)It’s missing swim lanes to help us identify the correct flow of work and who does what and when they do it.
4.As a manager you’re always on the lookout for metrics that show the success of your supply chain performance. Which of the following would give you the type of information you need to assess the health of your supply chain? Choose the best answer that will give you the metrics you need on the most important items.
a)Status reports with bar charts showing the health of your supply chain.
b)Enterprise Resource Planning (Software) reports on integrating components of the company.
c)Electronic Data Interchange Reports (which reduces paperwork) sent to your email inbox weekly.
d)Key Performance Indicators (KPI) used to measure supply chain performance such as Inventory Turnover (Cost of goods sold / Average aggregate value of inventory)
Explanation / Answer
1.Which of the following statements about supply chains is true? Choose the best answer.
Answer :
c) Supply chains are a synergist collection of processes that allow your company to gather the raw goods or services that are a prerequisite to making your final product or service
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2.There is a double-edged sword (or catch 22) with supply chain uncertainty and inventory. Which of the following was mentioned in class in reference to the goal of supply chain and inventory? Choose the best answer:
Answer :
c)Use the trend with seasonal pattern forecasting technique to watch for periods of time that spike inventory requirements and periods of time that are steady state inventory requirements.
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3.Unfortunately many diagrams in general miss this key component which is an integral part of the diagrams supplier workflow. This applies to supply chain and inventory management diagrams as well. Unfortunately, this workflow line commonly missed when people are creating workflow diagrams or forecasting diagrams. What is the key component that is missing from many diagrams including inventory management diagrams?
Answer :
b)A feedback loop specifically from the customer to early phases of the forecasting process phases. Too often feedback loops from the customer are missed on diagrams leaving out critical information.
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4.As a manager you’re always on the lookout for metrics that show the success of your supply chain performance. Which of the following would give you the type of information you need to assess the health of your supply chain? Choose the best answer that will give you the metrics you need on the most important items.
Answer :
d)Key Performance Indicators (KPI) used to measure supply chain performance such as Inventory Turnover (Cost of goods sold / Average aggregate value of inventory)
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