Study guides, Class notes & Summaries

What is the lifeline of supply chains? : information Supply chain managers can only derive valuable insight from data that is (key requirements): : -Accurate -Accessible -Relevant -Reliable -Timely -Transferable -Usable key requirement of SC info that says data must be current & depict reality : accurate 2 | P a g e key requirement of SC info that says data must be readily available for decision making purposes : accessible key requirement of SC info that says data must contai...

What is a supply chain? : Organizations and activities involved with the flow of products from raw materials to the customer What is supply chain management? : the art of managing the flow of materials and products, information, and financial resources from source to user Why is supply chain management important to companies ? : helps companies outpace the competition by managing their materials, product, and information flows Importance of scm to companies : -BETTER,FASTER,CHEAPER ...

What are the Goals of Technology for SCM (why is it needed)? : Optimization - Peak performance of a supply chain requires alignment of resources within and across organizations. Cross-chain Visibility - visibility to events occurring across the supply chain is a prerequisite for effective decision making. Speed to Market - Properly implemented technologies capture customer requirements, prioritize them, and recommend alternatives to ensure product velocity aligns with customer needs. ...

What is procurement? : The purchase of merchandise or services at the optimum possible total cost in the correct amount and quality What is strategic sourcing? : an institutional procurement process that continuously improves and re-evaluates the purchasing activities of a company What is the difference between traditional purchasing and strategic sourcing? : strategic sources seeks for continuous improvement What are the steps in the procurement process and why is it important to foll...

T/F: supply chains are not really linear linked chains, they are actually networks of related organizations that serve customer requirements : true which of the following is not a primary flow in a supply chain product information financial resources equipment : equipment T/F: managing a supply chain is a fairly simple task. activities occur sequentially, customers know what they need, and the companies involved share common goals : false when we talk about a supply chain being eff...

what is scm : The "art" of managing the flow of materials and products, information, and financial resources from source to user. Who's involved in the supply chain? : suppliers, manufacturers, distributors, retailers, consumers Who is the most important participant in the supply chain? : the consumer What does SCM involve? : all the activities that take place to get a product in your hands - from the time of raw materials extraction to the minute you pull out your credit card and...

what are the key supply chain data requirements : 1. Accurate 2. Accessible 3. Relevant 4. Timely 5. Transferable 6. Reliable 7. Usable what are the goals of supply chain planning : solutions support the forward-looking process of coordinating assets to optimize the delivery of goods, services and information from supplier to customer, balancing supply and demand. SCP software sits on top of a transactional system to provide planning, what-if scenario analysis capabilities and rea...

What is logistics? : The part of supply chain management that focuses on the planning, implementation, and control of the flow and storage of goods, relevant info., and related services What is fulfillment? : The primary method of distributing product to a store. The process that begins with an order inquiry and ends with the delivery of a product to a customer. Why have logistics and fulfillment grown in importance? : Promotes activity and strategic integration, boosts demand, promot...

supply chain technology goals : 1. automated decision making 2. exception management 3. cross-chain visibility 4. planning and execution infrastructure ***underneath have: - scorecards & dashboards - automated data collection - data synchronization - supply chain expertise then - synchronized tools (technology), standard methods (process), relevant skills (people) SCM Software 2 | P a g e : - enterprise resource planning application - supplier relationship management - customer...

What is procurement? : The purchase of merchandise or services at the optimum possible total cost in the correct amount and quality. How does procurement differ from strategic sourcing and supply management? : Procurement is buying the merchandise or services while SS tries to improve the buying process and SM is setting up in order to attain what it needs. What is strategic sourcing? : The process of analyzing an organization's spending and using the analysis to make effective decis...