AD 680 test study

Question 1

Global Supply Chain:

Answer 1

The network created among different worldwide functions and activities that contribute in the production and delivery of a product or service.

Question 2

Manufacturing and Service Supply Chains:

Answer 2

: The sequence of processes involved in the production and distribution of goods or services.

Question 3

Operations Management

Answer 3

The administration of business practices to create the highest level of efficiency within an organization.

Question 4

Supply Chain Strategy:

Answer 4

An iterative process that evaluates the cost-benefit trade-offs of operational components.

Question 5

Push-Pull Strategy:

Answer 5

A strategy that involves “pushing” the product through the supply chain to consumers and then “pulling” it back in the form of demand.

Question 6

Bullwhip Effect:

Answer 6

A distribution channel phenomenon in which forecasts yield supply chain inefficiencies.

Question 7

Supplier Management:

Answer 7

The process that ensures value is received for the money spent with suppliers.

Question 8

Supplier Selection:

Answer 8

The process of finding and choosing the suppliers who can meet the company’s requirements.

Question 9

Procurement Management:

Answer 9

The process of planning, executing, and controlling procurement.

Question 10

Sourcing Strategies:

Answer 10

Decisions and processes relating to how an organization sources its goods and services.

Question 11

Forecasting Framework:

Answer 11

A plan for predicting future numbers, quantities, or trends.

Question 12

Time Series Forecasting Model:

Answer 12

A model that predicts future values based on previously observed values.

Question 13

Mean Absolute Deviation (MAD):

Answer 13

A measure of the average magnitude of errors in a set of forecasts.

Question 14

Extended Enterprise:

Answer 14

The concept that a company does not operate in isolation because it is part of a larger process that includes many other business entities such as suppliers, intermediaries, logistic providers, and customers

Question 15

Newsvendor Model:

Answer 15

A mathematical model in operations management and applied economics used to determine optimal inventory levels in the presence of uncertain demand.

Question 16

Business Model Integration Business Model Integration:

Answer 16

An approach where a business aligns its processes and goals with both its internal operations and external business environment.

Question 17

Inventory Holding Cost:

Answer 17

The cost associated with keeping a certain amount of stock in storage. This may include storage costs, insurance, depreciation, and opportunity costs.

Question 18

Supply Chain Incentives Alignment:

Answer 18

The process of ensuring all parties involved in a supply chain are motivated towards achieving the common goals of the supply chain.

Question 19

Cross-Company Integration:

Answer 19

The process of bringing together different organizations to work collaboratively, share resources, knowledge, and skills, to achieve common business goals.