BUS 315 Final Exam

Question 1

The network of entities involved in producing, handling, and distributing a product or service.

Answer 1

Supply Chain

Question 2

The planning and management of the movement and storage of goods, services, and information.

Answer 2

Logistics

Question 3

The stock of goods held at various stages of production and distribution.

Answer 3

Inventory

Question 4

The time taken from the initiation of a process to its competition.

Answer 4

Lead Time

Question 5

The process of sourcing and acquiring goods or services.

Answer 5

Procurement

Question 6

Predicting future customer demand using historical data and market trends.

Answer 6

Demand Forecasting

Question 7

A strategy to minimize inventory by receiving goods only as needed.

Answer 7

Just-in-Time (JIT)

Question 8

The storage of goods in a controlled environment until needed.

Answer 8

Warehousing

Question 9

The process of receiving, processing, and delivering customer orders.

Answer 9

Order Fulfillment

Question 10

Determining the production capacity needed to meet demand.

Answer 10

Capacity Planning

Question 11

Categorizing inventory based on importance to prioritize management efforts.

Answer 11

ABC Analysis

Question 12

Demand fluctuations amplified as they move up the supply chain.

Answer 12

Bullwhip Effect

Question 13

Transferring goods directly from inbound to outbound transport without storage.

Answer 13

Cross-Docking

Question 14

Managing the return of goods from customers for reuse, recycling, and disposal.

Answer 14

Reverse Logistics

Question 15

A methodology for improving processing by reducing defects.

Answer 15

Six Sigma

Question 16

A production approach focused on minimizing waste.

Answer 16

Lean Manufacturing

Question 17

A management approach to long-term success through customer satisfaction.

Answer 17

Total Quality Management (TQM)

Question 18

Metrics used to evaluate supply chain performance.

Answer 18

Key Performance Indicators (KPIs)

Question 19

Suppliers manage inventory levels for their customers.

Answer 19

Vendor-Managed Inventory (VMI)

Question 20

The optimal order quantity to minimize total inventory costs.

Answer 20

Economic Order Quantity (EOQ)

Question 21

Software that integrates core business processes.

Answer 21

Enterprise Resource Planning (ERP)

Question 22

A system for planning production and inventory.

Answer 22

Material Requirements Planning (MRP)

Question 23

Technology for tracking goods using radio waves.

Answer 23

Radio Frequency Identification (RFID)

Question 24

A decentralized ledger for secure and transparent transactions.

Answer 24

Blockchain

Question 25

Connecting devices to collect and exchange data in real time.

Answer 25

Internet of Things (IoT)

Question 26

International trade terms of defining responsibilities of buyers and sellers.

Answer 26

Incoterms

Question 27

The process of moving goods through customs to enter a country.

Answer 27

Customs Clearance

Question 28

Coordinating the shipment of goods across borders.

Answer 28

Freight Forwarding

Question 29

Outsourcing logistics and supply chain functions to a third party.

Answer 29

Third-Party Logistics (3PL)

Question 30

Procuring goods or services from international suppliers.

Answer 30

Global Sourcing

Question 31

The total greenhouse gas emissions caused by a supply chain.

Answer 31

Carbon Footprint

Question 32

A system focused on reusing and recycling resources.

Answer 32

Circular Economy

Question 33

Strategies to reduce supply chain vulnerabilities.

Answer 33

Risk Mitigation

Question 34

Preparing for disruptions to maintain operations.

Answer 34

Business Continuity Planning

Question 35

Ensuring suppliers adhere to ethical labor and environmental practices.

Answer 35

Ethical Sourcing

Question 36

The time required to complete one cycle of a process.

Answer 36

Cycle Time

Question 37

The percentage of customers' orders fulfilled from available stock.

Answer 37

Fill Rate

Question 38

The percentage of orders delivered on or before the promised date.

Answer 38

On-Time Delivery (OTD)

Question 39

The total cost of delivering a product or service to a customer.

Answer 39

Cost-to-Serve

Question 40

The rate at which inventory is sold and replaced.

Answer 40

Inventory Turnover

Question 41

Extra inventory held to prevent stockouts.

Answer 41

Safety Stock

Question 42

The time between placing and receiving an order.

Answer 42

Order Cycle

Question 43

Producing goods in groups or batches.

Answer 43

Batch Processing

Question 44

A scheduling system for lean manufacturing.

Answer 44

Kanban

Question 45

Delegating business processes to external providers.

Answer 45

Outsourcing

Question 46

Real-time tracking of goods and processes.

Answer 46

Supply Chain Visibility

Question 47

Aligning supply chain activities with customer demand.

Answer 47

Demand Planning

Question 48

Managing interactions with suppliers.

Answer 48

Supplier Relationship Management (SRM)

Question 49

The direct costs of producing goods sold by a company.

Answer 49

Cost of Goods Sold (COGS)

Question 50

A contract defining service expectations between parties.

Answer 50

Service Level Agreement (SLA)

Question 51

1. Enter the scores in column A (A2). 2. Enter the weights (as percentages) in column B (B2). 3. Use the formula =SUMPRODUCT(A2:A4, B2:B4) / SUM(B2:B4) to calculate ________.

Answer 51

Weighted Average

Question 52

Sum up the products of x * their probabilities = _____

Answer 52

Expected Value