Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

SUPPLY CHAIN MANAGEMENT > Chapter 4 > Flashcards

Chapter 4 Flashcards

1
Q

Refers to the process or method of finding and procuring quality goods, services, or works through cost- effective methods

A

Procurement strategy

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

Key strategies of procurement/Types of procurement strategies

A

-cost reduction
-sustainable purchasing
-risk management
-supplier relationship management
-global sourcing
-total quality optimization

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

This type of strategy is beneficial to organizations in accounting for company expenditure and improving organizational functions

A

Cost reduction

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

Also known as green purchasing, sustainable purchasing highlights the procurement of quality goods and services with low environmental impact

A

Sustainable purchasing

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

Is an ideal option for businesses striving toward minimizing their carbon footprint

A

Sustainable procurement

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

Are a part of any business transaction or process

A

Risk

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

Concentrates on minimizing risks related to the procurement of goods and services

A

Risk mitigation

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

Emphasizes forming robust supplier relationship and empowering them to enhance their capabilities

A

Supplier relationship management

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

Is a well-defined strategy that entails procuring products and services from an expansive range of international suppliers

A

Global sourcing

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

Is a method of strategy that ensures quality procurement by way of acquiring the right products that adhere to the highest standards

A

Total quality optimization

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

Involves the gathering of facts, data, observations and trends about the marketplace in which suppliers conduct business

A

Supply chain market analysis

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

Involves an assessment of multiple key areas that impact the full sourcing and procurement spectrum

A

Spend management

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

Involves all of the common processes that you would expect-data retrieval, cleansing, classification, interpretation and presentation

A

Spend Analysis

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

2 Factors considered while developing this model

A
  1. Annual Expenditure Value of the SKU/Service
  2. Criticality to the business
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

Strategic tools used by procurement and supply chain professionals to identify and minimize supply risks

A

Kraljic Matrix

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

This quadrant is represent by items which are least critical to your business and account for least expenditure value

A

Routine

17
Q

SKUs/Service in this quadrant are similar to routine quadrant but the spend value is very high for these items

A

Leverage

18
Q

Different quadrants

A

-Routine
-Leverage
-Bottleneck
-Critical

19
Q

These SKUs/Service are characterized by high risk and low annual expenditure value

A

Bottleneck

20
Q

Similar to bottleneck items, these items are very critical to your business

A

Critical

21
Q

Was developed in the 1970s to improve the purchasing process

A

Electronic Data Interchange (EDI)

22
Q

Benefits derived from implementing an e-procurement system

A

-Time saving
-Cost saving
-Accuracy
-Real time use
-Mobility
-Trackability
-Management benefits
-Supplier benefits

23
Q

Is essential in creating strong and mutually beneficial relations with vendors

A

Strategic sourcing

24
Q

Benefits include lower barriers to entry and transaction costs access to more buyers, and the ability to instantly adjust to market conditions, this making e-procurement attractive to most suppliers

A

Supplier benefits

25
Q

The system can be designed to store important supplier information, including wether suppliers are minority or locally owned, thus allowing the buyers to support such businesses

A

Management benefits

26
Q

The e-procurement system allows submitters and buyers to track each purchase requisition electronically through the process-from submission to approval and finally conversion to a purchase order

A

Trackability

27
Q

The buyer can submit, process, and check the status bids as well as communicate with supplier regardless of the buyer’s geographical location and time of day

A

Mobility

28
Q

Buyers have a real-time access to the purchase requisition once it is prepared

A

Real-time use

29
Q

The system eliminates double-key inputs-once by the material users and then once again by the buyers

A

Accuracy

30
Q

Buyers can handle more purchases, and the manual tasks of matching bids to purchase requisition is reduced

A

Cost savings

31
Q

E-procurement is more efficient when (a)selecting and maintaining a list of potential suppliers (b) processing requests for quotation and purchase orders, and (c) making repeat purchase

A

Time savings

32
Q

Formula for total assets

A

=net income/ROA

33
Q

Profit leverage effect formula

A

=Cost Savings/Current Profit

34
Q

Process of acquiring goods and services from a third party member

A

Procurement

35
Q

Supply Chain Market Analysis

A

-Comprehensive Assessment
-Characteristics of a market
-Develop effective procurement strategies
-insight needed

36
Q

Advantages of Supply chain market analysis

A

-It helps to identify market opportunities
-It helps guide interaction with suppliers
-It can help reduce expenses
-It improves efficiency

SUPPLY CHAIN MANAGEMENT (4 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2024 Bold Learning Solutions. Terms and Conditions