The first step the supply chain must take after an order is transmitted is to ask: where and when should we position the product or service, how much should we produce or purchase, what should we produce or purchase?

All of these answer choices are correct

Which of the following are included in the cost of carrying inventory? Insurance and taxes, The cost of handling inventory, The cost of the facility where inventory is held, Utility costs for holding facilities

All of these answer choices are correct

Anticipatory and lean systems work well for items that are _____________.

All of these answer choices are correct

Which of the following best describes predictive analytics?

The practice of extracting information from existing data sets to identify patterns and trends to predict future events or outcomes.

Which of the following best describes inventory and network optimization tools?

The models and tools to help companies design networks to produce, store, and distribute inventory efficiently and effectively to serve customers.

Which of the following best describes sensors and automatic identification? Options: The practice of extracting information from existing data sets to identify patterns and trends to predict future events or outcomes, The technologies to automatically identify, locate, and profile supply chain objects and to capture and communicate associated data and information across the supply chain, The design and use of computer-controlled machines to automatically perform a series of actions or tasks traditionally performed by humans, The models and tools to help companies design networks to produce, store, and distribute inventory efficiently and effectively to serve customers, The use of network architecture of remote internet servers to host, store, manage, and process data and applications rather than a local server or computer

The technologies to automatically identify, locate, and profile supply chain objects and to capture and communicate associated data and information across the supply chain

Which of the following best describes ERP?

A reporting system that leverages a centralized repository, which contains organizational and transactional data.

Which of the following best describes SRM? A reporting system that facilitates a shared understanding of product ideation, development, and launch by storing product data and history, A reporting system that leverages a centralized repository, which contains organizational and transactional data, a reporting system that compiles historical sales trends to better predict future demand, A reporting system meant to help personnel identify and nurture leads, convert leads to customers, and retain new and existing customers, A reporting system that allows companies to optimize their procurement strategy, to work more effectively with their supplier pool, and to gain long-term benefits from all supplier relationships

A reporting system that allows companies to optimize their procurement strategy, to work more effectively with their supplier pool, and to gain long-term benefits from all supplier relationships.

Which of the following best describes cloud computing and storage?

The use of network architecture of remote internet servers to host, store, manage, and process data and applications rather than a local server or computer

Electronic Data Interchange does which of the following?

All of these answer choices are correct

What system would help better manage their storage facility and track the inventory they hold there?

Enterprise Resource Planning (ERP) system.

How would an integrated information system create value for KT’s business?

Faster response to customer demand with reduced inventory and operating costs.

What solution did Kai and Thea consider to meet the expectations of their new investors? Options: Opening more stores, Increasing their marketing spend, Implementing an integrated information system, Expanding their product range.

Implementing an integrated information system.

How does investment in an integrated information system bring ROI?

Reduced cost of goods sold through better supplier management, Reduce operating costs through better managing the store, transportation, and warehousing, Increase revenue through better customer service, Improve asset management through better management of inventory.

How could KT’s mitigate the risk of a supply disruption due to the failure of a key dive equipment supplier? Options: Nothing needs to be done; failure of a key supplier is unlikely. Diversify the supply base by increasing the number of suppliers in varied locations. Hold excessive levels of inventory to hedge against failure without regard to carrying costs. Sole source; reduce the number of suppliers for each item/category.

Diversify the supply base by increasing the number of suppliers in varied locations.

Which of the following are possible risks which Kai and Thea may be exposed to? Drop-off in demand for products, for which high levels of inventory are held. The instance of a hacker breaking into their order management system. Inability to find labor to work in their new storage facility. The failure of one of their key suppliers.

All of these answer choices are correct.

Which of the following are appropriate criteria for selecting a sourcing location? Both favorable trade partnerships plus low customs duties and tariffs and exchange rates, Suppliers with the best website and broadest product line, irrespective of their location, Low customs duties and tariffs, as well as a favorable currency exchange rate. Favorable trade partnerships (ex. United States-Mexico-Canada, USCMA agreement). Locations offering the lowest unit purchase price.

Both favorable trade partnerships plus low customs duties and tariffs and exchange rates

What risk mitigation strategy would best hedge against demand risk, where the demand for products with high levels of inventories suddenly drops off? Options: Increase the number of products held in inventory to ensure high availability., Shorten cycle time for supply orders to reduce inventory risk., Invest in more accurate demand forecasting tools., Any of these actions would be effective., Implement a more aggressive (and costly) marketing campaign to boost sales.

Shorten cycle time for supply orders to reduce inventory risk.

The goal of risk assessment is ______?

To discover potential disruptive events before they occur, organizing them based on probability and impact.

Some risk mitigation and management techniques include _____

Increasing suppliers, increasing inventory

Which of the following is the responsibility of GATT? Improve infrastructure and reduce poverty, Oversee the exchange rate system, Bridge difficulties and financial crises in individual member countries, Facilitate manufacturing sector growth, Reduce tariffs and bolster international trade

Reduce tariffs and bolster international trade

The goal of mitigation capabilities is _____?

To lessen the impact of disruptions via recovery mechanisms, prior to their occurrence.

The goal of risk management capabilities is _____?

To lessen the impact of disruptions via recovery mechanisms, after their occurrence.

Which of the following is an advantage of adopting a REGIONAL supply chain strategy? Sourcing, manufacturing, and selling products in close country groupings, Finding lower-cost manufacturing within country groups, Similar cultures that often want similar products, Managing inventory across countries within the region, All of these answer choices are correct.

All of these answer choices are correct.

Which of the following lowers the risk of supply chain vulnerability due to disruption or delay? Options: Pursuing emerging markets to increase sales, Increasing supply chain resiliency and flexibility, Increasing outsourcing to low cost countries, Decreasing supply chain inventory, Reducing the supplier base to just one supplier

Increasing supply chain resiliency and flexibility

Which of the following is an advantage of adopting a GLOBAL supply chain strategy? Lower inventory levels due to closeness to customers, Higher unit production cost due to labor arbitrage and increased volume, Lower transportation costs due to shorter distances, Expanded base of suppliers to cut costs or to gain access to materials not found domestically, Higher material costs due to supplier limitations

Expanded base of suppliers to cut costs or to gain access to materials not found domestically

How can Kai and Thea positively impact society through their supply chain operations?

Hire people with developmental disabilities to work in the storage facility to store, pick, and pack inventories.

How can KT's Wicked Dive Shop improve its social impact through its supplier relationships? Options: Require vendors to sign a code of conduct that upholds their commitment to ethical and sustainable business practices., Both work with vendors to ensure no child or slave labor plus require them to sign a code of conduct., Work with vendors to ensure they do not use upstream suppliers that utilize child or slave labor., Source products globally without regard to supplier labor practices to provide customers with the best value possible., None of these answer choices are correct.

Both work with vendors to ensure no child or slave labor plus require them to sign a code of conduct.

How can KTWDS utilize transportation to impact environmental improvement and also offer economic benefits?

Better materials management, ensuring inbound orders are consolidated to reduce the number of shipments.

What initiative could help KT’s reduce their environmental impact and potentially recover economic value from returned products?

Better managing returns and finding ways to return products to the shelf or resale market.

How can KT’s positively impact the environment and achieve economic benefits in their supply chain operations at the product level?

By emphasizing the sourcing and selling of sustainable products, encouraging customers to bring in their own reusable shopping bags, and reducing, reusing, and recycling product packaging.

buad331 Flashcards

Student preview

75 questions

Show all answers

1.

FLASHCARD QUESTION

Front

What prompted Kai and Thea to reevaluate their customer value strategy?

Back

Focus group feedback.

2.

FLASHCARD QUESTION

Front

What was the problem with KT's initial supply chain strategy?

Back

It treated all customers and products the same.

3.

FLASHCARD QUESTION

Front

What made Kai and Thea realize that their supply chain strategy needed adjustments?

Back

Varying customer expectations.

4.

FLASHCARD QUESTION

Front

Why did KT's Wicked Dive Shop order massive quantities of some products?

Back

To obtain quantity discounts and lower transportation costs.

5.

FLASHCARD QUESTION

Front

What is the main goal of adjusting the supply chain for different customer segments?

Back

Providing the correct form/time/place value for each segment.

6.

FLASHCARD QUESTION

Front

Responsive value creation is best for products characterized by which of the following: High customization and high demand uncertainty, Low customization and high demand uncertainty, High product value and long product life cycles, High demand uncertainty and long product lifecycles, Short product life cycles and low demand uncertainty?

Back

High customization and high demand uncertainty

7.

FLASHCARD QUESTION

Front

EOQ seeks to balance order costs; carrying costs and the cost of carrying inventory.

Back

Both of these answers are correct

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