chapter 1

Question 1

supply chain

Answer 1

a network between a company and its suppliers
to produce and distribute a specific product to the final buyer.
This network includes different activities, people, entities,
information, and resources. The supply chain also represents the
steps it takes to get the product or service from its original state to
the customer.

Question 2

why do companies develop supply chains?

Answer 2

so they can reduce their costs and remain competitive in the business landscape

Question 3

why is supply chain management a crucial process?

Answer 3

optimized supply chain results in lower costs and a faster production cycle

Question 4

1 job of a supply chain manager?

Answer 4

continuity of supply

Question 5

6 major change drivers of SC

Answer 5

technology
globalization
empowered consumers
government policy and regulation
sustainability
organizational consolidation and power shift

Question 6

globalization

Answer 6

creates more economic and political risk,
shorter product life cycle, and the blurring of traditional
organizational boundaries.

Question 7

Globalization- Inventory management challenges

Answer 7

• Faster duplicability of products & services (China is nimble!!)
• Faster reduction in demand (The next shiny object)
• Requirement of new pricing policies
• Higher risk of obsolescence (Because everyone can copy)

Question 8

Technology

Answer 8

is a facilitator of internal process and supply
chain transformation. It is also a major force in changing the
dynamics of the marketplace.

Question 9

Organizational Consolidation/Power Shift

Answer 9

More collaboration among organizations in supply chains
Win-win, improved services such as:
* Scheduled deliveries
* “Rainbow” pallets
* Advance shipments notices (ASNs) shrink-wrapped pallets
Sharing of point-of-sale data to mitigate “bullwhip effect”

Question 10

Empowered consumers

Answer 10

Consumers are empowered by exponentially expanded
access to product sources and related information and
increased buying power due to high income levels

Question 11

Government Policy/Regulation

Answer 11

Deregulation has helped improve supply chains

Question 12

the transportation industry

Answer 12

Expanded services beyond transportation, with
service providers’ role evolving to outsourcing partners (FedEx)

Question 13

The financial sector

Answer 13

More flexible and responsive to customer needs, making
businesses more cognizant of supply chain management impact on efficiency
and cash flow (Factoring)

Question 14

the communications industry

Answer 14

A component of the information revolution,
leading to dramatic improvements and opportunities in logistics and supply
chains

Question 15

Sustainability aka ESG

Answer 15

The pursuit of sustainability is widely recognized as a key
element of successful supply chain management. This is critical to effective risk management and achieving
competitive advantage.

Question 16

issues in the supply chain

Answer 16

1. Supply chain networks
2. Complexity
3. Inventory deployment
4. Information
5. Cost and value
6. Organizational relationships
7. Performance measurement
8. Technology
9. Transportation management
   10.Supply chain security
   11.Talent management

Question 17

Supply chains are extended enterprises which require managing
four flows….

Answer 17

products, information, financials (cash), and demand on a collaborative basis.

Question 18

global supply chains of the best companies must be adaptive

Answer 18

adaptive, resilient, and responsive to meet the challenges of the global economy and develop mitigating strategies for disruptive forces.