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Supply Chain and Operations Concepts
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Supply Chain and Operations Concepts
Supply Chain and Operations Concepts
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1
Question
What is Competitive Advantage?
Answer
Achieved through Cost Leadership or Differentiation.
2
Question
What is Materials Requirement Planning (MRP)?
Answer
Used for goods with dependent demand.
3
Question
What are the types of Inventories?
Answer
Inputs - Purchased goods (cost-based classification); Outputs - Sold goods (value/sales-based classification).
4
Question
How can companies demonstrate flexibility as a strategy?
Answer
By responding quickly to customer needs and problems.
5
Question
What are Lot Sizing Techniques?
Answer
1. L4L (Lot for Lot) - Match production to demand. 2. EOQ (Economic Order Quantity) - Minimize total inventory cost.
6
Question
What are the Seven Deadly Wastes in Lean Operations?
Answer
1. Overproduction 2. Waiting 3. Transport 4. Overprocessing 5. Inventory 6. Motion 7. Defects.
7
Question
What are Semi Averages in forecasting?
Answer
Divide data into two halves to observe trends.
8
Question
What are the core principles of Quality Management?
Answer
Quality is based on measurable standards. Statistical methods are essential for process control.
9
Question
What is Just in Time (JIT)?
Answer
Produce only what is needed when it's needed.
10
Question
What is Differentiation?
Answer
Delivering unique products or services valued by customers.
11
Question
Match the utility to its description: Possession.
Answer
Ensuring products are available at the most convenient time.
12
Question
Match the utility to its description: Form.
Answer
Conversion of the product or service to a usable state.
13
Question
Match the utility to its description: State.
Answer
The usefulness or value perceived from owning a product.
14
Question
What is Bill of Materials (BOM)?
Answer
A structured list of components for product assembly.
15
Question
What are External Factors influencing Forecasting?
Answer
Controllable Market strategies, pricing; Non-Controllable Economic trends, environmental factors.
16
Question
What does ABC Analysis focus on?
Answer
The Pareto principle - 80/20 rule.
17
Question
What is a Causal Model in advanced forecasting?
Answer
Use regression analysis e.g., multiple regression.
18
Question
Provide an example of high productivity.
Answer
Producing 100 units with 10 hours of labor.
19
Question
What is Optimal Order Quantity?
Answer
Balancing Order Costs and Carrying Costs, including Lead Time considerations.
20
Question
Define Value Added in the context of Supply Chain and Value Chain.
Answer
Understanding the value added at each stage of the chain.
21
Question
What is Life Cycle Analysis in forecasting?
Answer
Analyze product demand across its lifecycle.
22
Question
What does Market Flexibility require?
Answer
Uncertainty requires greater flexibility in distribution and supply channels. Businesses must adapt to unexpected market changes.
23
Question
What is a key aspect of building a supply chain?
Answer
Alignment of the organization in the chain. Aligning all parts of the supply chain ensures smooth operations and efficiency.
24
Question
What tool is used for Process Simplification?
Answer
Process flow charts. These help simplify procedures, reduce effort, and minimize costs.
25
Question
Match the utility to its description: Place.
Answer
Making goods or services available to customers physically.
26
Question
What is Work Study?
Answer
Focuses on finding better methods and controlling outputs based on time standards.
27
Question
Match the utility to its description: Time.
Answer
How well the product meets the customers needs.
28
Question
What value does Coca-Cola offer with its personalized 8 fl. oz. bottle?
Answer
Quality.
29
Question
What risk is associated with Coca-Cola's production?
Answer
Quality control risk due to variability.
30
Question
What factors are considered in Optimal Order Quality?
Answer
Lead Time Cost, Order Cost, Carrying Cost.