Exploring Supply Chain Management

What is the primary goal of logistics management?

• To ensure efficient and effective flow of goods and services.

• To maximize profit margins for suppliers.

• To minimize transportation costs only.

• To focus solely on inventory management.

Define inventory control and its importance in supply chain.

• Inventory control is irrelevant to supply chain management.

• Inventory control is only about tracking sales data.

• Inventory control is the process of managing inventory levels and orders to ensure product availability, which is vital for minimizing costs and enhancing supply chain efficiency.

• Inventory control focuses solely on employee management.

What methods are commonly used for demand forecasting?

• Sales promotion strategies

• Inventory management techniques

• Common methods for demand forecasting include qualitative methods (expert opinion, market research) and quantitative methods (time series analysis, causal models).

• Customer feedback analysis

How can effective supplier relationship management benefit a company?

• It increases supplier turnover rates.

• It complicates the procurement process.

• It reduces the need for quality control.

• It benefits a company by improving communication, quality, cost savings, innovation, and reliability.

List the different modes of transportation used in supply chain.

• Road, Rail, Air, Sea, Pipeline

• Horse-drawn Carriage

• Bicycle

• Cable Car

What factors influence the choice of transportation mode?

• Cost, distance, time, availability, environmental impact, and nature of goods/passengers.

• Weather conditions

• Color of the vehicle

• Personal preference

Explain the role of warehouses in supply chain operations.

• Warehouses serve as storage facilities that manage inventory, support order fulfillment, and optimize transportation in supply chain operations.

• Warehouses are not involved in inventory management.

• Warehouses are primarily used for manufacturing products.

• Warehouses only serve as retail spaces for selling goods.

What are the key components of warehouse management?

• Financial accounting practices

• Key components of warehouse management include inventory management, order fulfillment, shipping and receiving, warehouse layout and design, technology integration, and workforce management.

• Product marketing strategies

• Customer relationship management

How does just-in-time inventory affect inventory control?

• Just-in-time inventory increases storage costs by requiring more warehouse space.

• Just-in-time inventory improves inventory control by reducing excess stock and aligning inventory levels with actual demand.

• Just-in-time inventory has no impact on inventory control processes.

• Just-in-time inventory leads to overstocking to meet future demand.

What is the bullwhip effect in demand forecasting?

• The bullwhip effect is a strategy to stabilize prices in the market.

• The bullwhip effect refers to the increase in production costs due to inflation.

• The bullwhip effect is the phenomenon where small changes in consumer demand lead to larger changes in demand at the wholesale and supplier levels.

• The bullwhip effect is when suppliers overproduce due to high initial demand.