Mastering Operations Skills

What is the primary goal of supply chain management?

• To increase production costs.

• To focus solely on customer service.

• To optimize the flow of goods, information, and finances.

• To limit the distribution of products.

How can data analytics improve supply chain efficiency?

• Increasing lead times by limiting supplier choices

• Enhancing product quality by ignoring customer feedback

• Data analytics improves supply chain efficiency by optimizing inventory management, enhancing demand forecasting, and improving supplier performance.

• Reducing transportation costs through manual tracking

What is the difference between push and pull supply chain strategies?

• Push strategies are always more cost-effective than pull strategies; pull strategies are only for large companies.

• Push strategies rely solely on customer orders; pull strategies do not consider inventory levels.

• Push strategies forecast demand and produce in advance; pull strategies respond to actual demand.

• Push strategies only focus on inventory management; pull strategies ignore demand forecasting.

Which metric is commonly used to measure supply chain performance?

• Customer Satisfaction

• Production Cost

• Delivery Time

• Inventory Turnover

What role does inventory management play in supply chain operations?

• Inventory management is only relevant for manufacturing companies.

• Inventory management plays a critical role in optimizing supply chain efficiency by balancing supply and demand.

• Inventory management has no impact on customer satisfaction.

• Inventory management is solely focused on reducing costs.

How can predictive analytics be used in supply chain forecasting?

• Predictive analytics is only useful for financial forecasting.

• It can predict weather patterns affecting supply chains.

• Predictive analytics can enhance supply chain forecasting by analyzing historical data to predict future demand and optimize inventory management.

• Predictive analytics eliminates the need for inventory management.

What is the significance of the bullwhip effect in supply chains?

• The bullwhip effect reduces costs in supply chains.

• The bullwhip effect is a strategy for demand forecasting.

• The bullwhip effect is significant as it leads to inefficiencies and increased costs in supply chains.

• The bullwhip effect ensures smooth inventory flow.

How do logistics and supply chain management differ?

• Logistics is a subset of supply chain management that deals specifically with the movement and storage of goods.

• Logistics focuses only on customer service and satisfaction.

• Logistics and supply chain management are the same thing.

• Supply chain management only involves procurement and purchasing.

What are the key components of a supply chain?

• Suppliers, manufacturers, and accountants.

• Suppliers, manufacturers, warehouses, distribution centers, retailers, and customers.

• Manufacturers, sales teams, and marketing agencies.

• Retailers, customers, and delivery trucks.

How can logic be applied to optimize supply chain decisions?

• Increase transportation costs without analysis

• Reduce inventory levels to zero for all products

• Ignore demand forecasting altogether

• Use data analysis and logical models to identify inefficiencies, forecast demand, and optimize inventory levels.